Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-03-18
THE FATE OF TsE eoRLEY BILL.


The Gorley bill has been rejected be-
cause it was an attempt to do too much.
1t was beaten by the votes of men many of
whom undoubtedly realize and deplore the
evil influences of stock gambling, but who
could not without outraging their reason
support measure which involved such
sweeping and tyrannical invasions of the
liberties of the citizen. The raid upon
stock gambling was begun from an alto
gether erroneous point of departure. 1t
ought to have been recognized as an indis-
pensible preliminary to any legislative ac-
ton, that the State has no right to inter
fere with the free scope of speculation, and
that it could not do SO if it desired to.
The prohibition of the purchase and sale
of interests in mines is as impractical
bic, and would be as unwarrantable,
as the prohibition of the purchase
and sale Of any other description of
property. The justification for legislative
interference can only arise when there is
clear question of fraudulent representations
or proceedings of any kind. In the public
interest it is both just and desirable that
iilegitimate stock-dealing should be put
under prohibition to the extent that its
suppression is possible All sham mining
enterprises, known as wildcat, =" for ex-
ample, are fair legislative game. So, also,
are whatever methods of making sham
sales and purchases are employed to de-
ceive stockholders. Wherever the faint of
fraud can be detected in the usages of the
stock-market, there the Legislature may
with good warrant put its finger Beyond
this, however, it cannot go without doing
more harm than good without, in fact,
so violating the freedom of action which
is the right of the individual that any law
of the kind would certainly be rejected
by the Courts. But it would be
absurd to suppose that the passion for ac-
QUESTION, which is the controlling influence
in stock speculation, can be eliminated by
an Act of the Legislature Whatever the
consequences of such passion upon the
progress and condition of society, they
will have to be endured until the tempta-
tions to gambling in stocks disappear. So
long as occasional prizes are won in the
lottery the public will buy tickcs Cor is
this local popularity, but I .ecsssity of
human nature. Speculation is the rule Of
all human undertakings, the enterprises
which are not speculative being the excep-
tions. Against that inherent disposition
the moralist and the lawmaker will shatter
their energies in vain. 1t does not follow,
however, that there is no room for reform
in the s,ock business. On the contrary,
there is ample opportunity for drastic
legislation in regard to the management
of mining companies, the keeping and publ
cation of accounts, the securing of full pub
Lefty for all developments, the creation of
remedies for the notorious frauds which
have occurred in the levying and disburse-
ment of assessments and dividends, the
protection of the stockholders against con-
spiracies in the direction, and many other
points the proper regulation of which is
imperatively demanded, and would do
much towards restoring the legitimacy of
the business. The failure of the Gorley
bill ought not to prevent the friends of
reform from urging better and more
practicable measure, and we hope that
such bill viii be introduced and pushed
forward. A rational and business-like
statute, covering such points as we have
indicated, is in fact strongly needed, and
while it could not be opposed by honorable
men, it would do much to protect the
public.