Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-03-20

fortunately DeiOnS 10 bnat Class WHO Wan'
more than can use, for the more l earn the
more room find for my money, and 1 am
not satisfied with the Arcadian state.
Now, say, Mr. President, that there is a
way of stopping that and after having, as
claim to have, shown that there is folly in the
argument that has been used in support of this
bill, l assert that there is a way of putting
a stop to abuses, and not alone way, but
say it is a solemn duty of the Legislature to
enforce it. Whatever of wrong, whatever oi
disgrace. whatever of trouble, has fallen upon
the people of this State has never fallen upon
them by the work of any stock broker in the
CITY of San Francisco. It is true that there
have been men who have been dishonest, and
who have injuditiously speculated when their
business should have been the buying and
selling of stocks and collecting their per-
centages. These men have found their pun
ment without any Intervention of the law.
HONEST BROKERS.
But it is also true that the greater part OF
these men are as honorable and honest in
their dealings as any Senator upon this floor,
and, in fact, | say this, believing it-and not
iocularly-tha with the exception of the pro-
fessien of the law. considering the power that
is given into tneir hands, the confidence that
is necessarily reposed upon them in their
transactions, there are few men in any bust
ness who are as honest sud conscientious as
the stock brokers of San Francisco. Now,
say, let us, in lieu of passing this puerile meas
ure, and u am complDenting it when that is all
say to stign.atize it-let US go to the root
of the 4vil. and punish these men who have
manipulated Eiines-these Boards Of Di-
rectors, Of Trustees. Pass d law, and enforce
1t, and get unbribed juries to convict under
it. That will reach these men; and then
you will have done something to cure the
evil. Whatever has been done in the shape
of fraud-whatever has been done in the
shape of rascality, has always been done
through the Vaccinations of men who have
located wildcat mines and have Incorporated
companies without property; who have
placed them upon the stock boards-and Lo
stock board has right to refuse them, except
upon actual knowledge that it is a fraud. |
say that the remedy lies in that direction. L
say that wise Legislature should enact laws
for that purpose, for that protection which
we need and which we want. l am speaking
now as one of the people. Instances have
been innumerable where men have obtained
control of a mine, where they have spread
false reports for the purpose of inducing
people to invest in them; where they have
made their misrepresentation not alone
to the people, but to the very
brokers themselves, expecting that they
would report the false information given,
and when everything else failed, they have
committed the crime which the Senator from
the Thirteenth (Mr. Enos) has attributed to
the stock brokers-that of stealing from the
pockets of the people by levying fraudulent
We are told by Senator Enos,
and, | believe, Senator German, that the
enormous amount of SIS, 900, 600, in assess
ments, has been drawn from the pockets of
the people. Was this done by the Stock
Board? Was it ever countenanced by the
Stock Board? Have they not by rules of
their own framing stricken companies from
their lists and denied them the privilege of
having their stock bought or sold in their
board or by their members, for and on &C.
count of swindling and fraudulent practices
Not one single stock broker, except few
who have long since been sent over to the
other side of the financial Styx on
account of their thieving propensities,
have ever been reached by reproach-
that is, justly reached by reproach-such
as is conveyed in the arguments of the
friends of the bill. 1t is well known to us
from the city that the most unblushing frauds
have been committed in regard to the man.
agement of this class of mining companies (;
that mines have been stolen; that spurious
title deeds have been given that false re-
ports have been circulated, and they even
went so far as to steal and sell
the old candle ends, and scrap iron,
and | would like to know whether
we will punish the enemies of Mr.. Gorley for
that which the others have done. Let the
Director or President who does not act in
good faith be convicted of felony like any
other thief, when it is proven, and let those
people who cringe and fawn upon the rich
treat such a scoundrel as q thief when he has
stolen III that way, although you cannot prove
it but do not appeal to me as sne of the
right by fraud, which ] would call the en-
actment of this bill as it stands.
Mr. President, l hope that | will be for
given if | have swerved from the subject, but
it behooves me to state before the Senate
that. SO far as this bill is concerned, am not
alone unaterably opposed to it because
deem it reflection on the good sense and
fairness of this Senate, but l claim that no
strive how we may, will make
this decent measure. But l say that the
proposed by the committee will
at least remove this one stigma, that we are
not here to serve the purpose of some one
who wants to get even with somebody else.
1 shall be opposed to the amendment
offered by Senator Conger. 1t is well meant,
but badly drawn, and it has not the effect
which it ought to have. | shall vote for the
as proposed by the committee,
and it behooves me to state some OF my
reasons for that. Leaving aside the folly,
the Stiffness and the absurdity of the first
section altogether-and do not know what
ass has drawn it for Captain Gorley and
asked him to introduce it, for Captain Cor
ley is too bright a man to be guilty OF any
such production leaving aside the second sec
ton, which dramatically, geographically,
syntaxtically and any other way is no better /;
leaving aside Section 3, which Is, if any
thing, cruder still, 1 say this, that no law
that is proposed to me, which, obviously, Is
introduced to fraudulently take advantage of
anybody else, will gain my support. l feel
gratified to see-and l wish it understood that
| impute no improper motives to anybody
feel gratiied to see some of my friends, and L
have learned to love most of them, that can
not give their support to measure that has
nothing else in view. l wish to call the at
tention particularly of Senator West to this
subject, and see whether nay construction of
this sentence is correct or not. desire the
Senator to remember the language of the
that all sales of stock shall be
regulated or prohibited, and it may be proper
10 add that if some Senator were to propose
a bill entirely prohibiting the sale of mining
stocks, 1 might vote for it, for the sake Of
trying the experiment.
THE CONSTITUTION FURTHER SAYS:
GAIL contracts for the sale of shares, ETC.,
on margin, or to be delivered at a future
day. shall be void" ETC. The gentleman who
drafted this bill for Captain Gorley-for | do
not accuse him of having done it-reads it
this way, and I would like to call the atten-
ton of Senator Moreland and the rest of the
LAWYERS to 1.-THE wiseacre who drafted this
bill for Captain Gorley says. "All sales
where there is no money, or where there is
less than the full money consideration paid,
accompanied by surrender of the stock or
shares bought and sold, are hereby prohib-
tied. :"
1t is true that the man who drew this bill
for Captain Gorley meant exactly the reverse.
[ recite that as one of the instances of the
nature of the bill that has been sent to us
by the Assembly, and that it is advocated by
gentlemen, know, because they have not
looked at it and studied it particularly. L
cannot get force enough now to describe the
the stupidity, the asslninity of the
man who drew it. If Senator West will pardon
me, l wish to call his attention to this Sec