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

exact Importance of its action upon this bill,
it probably will not regret If every Senator
upon this fioor who believes himself familiar
with the subject under consideration, gives
his views to the Senate with reference to
what action we ought to take upon it. The
new Consultation has made what consider a
wholesome provision. giving power to the
Legislature In a certain way and In a GER
tain manner, either to regulate certain sales
or to prohibit them altogether. The legisla-
ton which this Legislature Is called upon to
undertake under that section should not alone
conform to that, but should, in every meas
ure not tend to destroy anything that exists.
and which | believe [ am prepared to show
to be beneficial that this Legislature should
rather vote to sustain 1t, and to sustain 1t IN
such a manner that the people OF the State.
or any part of them, do not suffer by it. It
is true that in making a few remarks upon
the subject. [ shall have to come within the
duerulous complaints of the honorable gem
tlemsu from Santa Barbara thlr. Chase6
which gentleman is so far acquainted with
everything pertaining to the subject that he
does not desire to hear more upon it, but L
feel in this case as if l were defending good
case before u doubtful jury, so tar as part OF
the Senate are concerned, anyhow. L am,
with Senator Kane, opposed to this entire bill.
lam opposed to this billfrom beginning to end,
-. i eADSA
has been melted to passage, and to introduce
ton into the Legislature, either through ig-
norance or through malice, and so far as that
remark goes / have nothing to take back. L
attribute it, with that charity which distin-
cuisines me. to ignorance and not to malice.
1t is an unheard-of thing that any Legisla-
ture of any civilized country would for one
moment think of passing law Furnishing
what everybody understands to be venisl Of
L. b
and marking felon's brand upon the forehead
of a man who. without his own volition, may
be guilty of a technical violation of the Act.
[ may probably go further in my arguments
than | would be allowed to, for, as L under
stand the question before the Senate to be, it
is whether the substitute offered by the hon
orable gentleman from the Ninth (Mr. Con-
ger) is to be adopted by the Senate in lieu of
the original section, or the amendments rec
commended by the committee are to be
adopted But since the other Senators
properly, think, and in this l differ with
my friend. Senator Chase-have fully dis
cussed the merits of this bill, as well as the
influence which our action will have upon
this most important branch of industry and
business, | may be excused if | discuss this
bill at length at this time, and should forbear
doing it at another. 1t has been well said by
gentlemen who favor this bill, and those who
oppose it, that the entire force of the bill for
good or evil lies in the fourth section.
claim that the substitute offered by the gen
tleman from the Ninth is just as inefficacious
as the original bill, and differs from it only
in one thing, that it permits the Senate to
vote for something that is little more sem
sible, and less absurd, than the bill as sent to
us from the Assembly.
Now, l for one, believe that the members
of the Assembly are endowed with as much
wisdom as any other legislative body that
either has assembled now or has been assem-
bled before; but | do not for one moment
doubt that when this bill, III its deformity, in
its nakedness and in its unfinished state
was sent to this Senate, that when all the
amendments proposed by wise and thinking
legislators in the other House were rejected,
it came to us not for the purpose of passing it
In the way in which it was, but that solemn
trust has been confided to our hands to amend
it to suit both the Constitution and the inter
ests of the people. l think that those gentle
men who are in favor of passing the bill in
the shape in which it came to us from the
Assembly are impelled by motive of cur
ing an evil by means which never will reach
it. and they are inclined to vote that way
from a want of knowledge of the subject.
The interests involved in this State and
affected by this bill, [ opine, are more than
twenty millions of dollars II not reaching
gentlemen whom we have heard discussed.
| name no names; for Mr.. Flood is no more
to me than any other citizen-not aimed to
reach any man who has made money out of
this, but aimed to destroy and prohibit
business which, believe, has been conducive
of as much good and as little evil as any
other
ABUSES.
All the abuse it has given rise to is not
b1a 70 hot al nh ~
TO be affected by this bill. The abuse to
which it has given rise lies in the nature of
man greed, avarice, and every other motive
which has impelled man to wager, has i'm
PEELED people to lose their money, and they
have never-I am speaking of those who have
been most unfortunate-used their Judgment
in that business as they would in any other
business which they undertook. believe the
bill is pernicious; believe that the gentle
man who introduced it don't know how far it
bears. l know perfectly well that for Sen
ator to rise on this floor and to attack bill
like this, places him in the position of an
iconoclast have committed many errors
myself. Whenever | did, it was because-not
but that l meant well-but l did not know
well how, when or where to do it. In this
instance it is with some misgivings | have
taken this position and trampled upon
prejudices that are absurd, and which
find no room in the mind or heart
of any thinking man. We are not
assembled here as children we are not assem-
bled here as school boys; we are not assem-
bled here as idiots who can look at the ques-
ton only upon the surface-that is not the
trust that has been imposed upon us here. |
say this, Mr.. President, that the spirit of
speculation is not wrong in itself. claim
that the spirit of speculation springs from the
fact that there is always, in all the affairs of
men, cropping out of surplus funds which
have to find their vent. do not believe
startle anybody by advancing the theory,
which nevertheless is correct, that surplus
capital in community is like steam power
wholesome, good and useful when controlled;
destructive and bad whenever it gains the
mastery over the hand that should control it.
To follow that out, | claim that in all the
business that is usually done in the world the
result is usually gain, wherever the business
has been carried on with that application of
sense and judgment which is required for all
business. Whenever these gains arise it is to
find vent somewhere, and | claim specula-
ton does not in any way change the
aggregate of prices. 1t is only where it be-
comes unwholesome that these surplus gains,
which come into the hands of men,
are aggregated either into the hands
of individuals corporations, and are en-
ployed for their own ends and for the oppres-
sion OF Others III WOULD De worse tnan sole
cism to claim that this is the case with min
ing stocks only and nothing else. However,
as the simile has been preached by some
gentlemen-I forget who--it was said that
Mr.. Keene, a well-known character and
Spectator who lived on the Pacific coast,
had gone to the East and specialized in grain.
The speculation of MIR. Keene may have had
no effect upon the supply at large, but it
must have had one effect. Those men who
rushed in there blindly, and followed his lead
TO buy up grain, when he was holding it for
his own purposes, and the natural power of
aggregation had been given into his hands,
may have lost money; the people may have
suffered because it made grain dearer, but
whenever such surplus funds existing ia
community do not find the vent described, as
the Senator from Los Angeles (Mr. Vest
described it. viz, in some useful specula-
tons, it becomes dangerous but the Senator
from Los Angeles has not said that speculat-
,,,,pfrey ctnoEc IL NOT ,,uaf,,1 H. Ia.