Savannah morning news. [volume] (Savannah) 1868-1887, 1881-10-04
The SnIrit of Speculation.

Though the volume of business under
goes little, if any, Elimination there is
throughout the various trade centres a
stringency of money, which begets much
embarrassment, and the signs point to an
increase of the tIghtness rather than TO
its relaxation. In New York last week
money on call loaned every day at q
commission in excess of 6 per cent.
Many natural causes operate to bring
about this state of affairs, among which
NAV be noted the falling off in exports,
the stop of the flow Of gold from for
eign markets, and the swallowing up of
vast sums in remote railroad enterprises
These conditions of themselves produce
stringency, but when assisted by the
gigantic grain speculations, the most for
midable ever witnessed, and the colossal
corners in provisions, petroleum. cotton,
and other commodities, the effect is
UNNECESSARILY depressing.
The cost of running a corner of large
proportions is vast, and its continuance
entails for the time the withdrawal of
the amount required to maintain it from
legitimate trade A multiplication OF
these huge gambling operations puts the
honest tradesmen at the mercy OF the
money lenders, who do not scruple to
shave them bare. Did it happen that
only the gamblers themselves suffered
one might deplore their folly while safe
from its results. But all engaged in
commerce are more or less affected
by this fell spirit of speculation, and
there is a universal desire that it may be
prevented from working the harm it is
wont to entail.
There is a growing clamor for legisla-
ton, prohibitory or punitive. which
shall forbid "options" absolutely. 1t is
urged, however, that such laws could
not be enforced, as they would be con-
tlnually evaded. There are enactments
now in various localities fOrbidding the
circulation of false intelligence to affect
the credit ofpublic or corporate securities.
These are unheeded by the "bulls" and
"bears, and the average Spectator in
grain or cotton or provisions, instead of
observing similar enactments, would
probably strain his faculties to devise
methods for their evasion.
The evil is a moral one, and its RENE
dy is likewise. These artificial distur-
Dances of trade extend down from the
merchant prince to the humblest labOrer,
and it is upon the consumer that the bur
den falls heavily. and upon those to
whom the cornere1 commodities are ne
cessities it is most oppressive. While
one section of capital may Cypress an
other, labor is at the caprice of capital
wherever found, and the honorable,
straightforward business men owe it as a
public duty TO put an end to this gam
bling spirit, which, with an eye single to
the destinations of the game, heeds not
the claims of honest business and the
rights of humble industry. 1t rests with
the Boards of Trade, the Chambers of
Commerce and the Exchanges to set
their faces against the practice aud to
make cornering Odious.
Gambling at the dicebox, the faro
bank, or with the usual tools of the craft
is immoral, dangerous, and ever entails
hardships. But when it is INDUCED IN
at the expense of the public at large, and
the necessaries Of life are made the
stakes, it becomes an intolerable null
sance. When business men, in all other
respects good citizens and reputable
men, lend it their countenance it cannot
but flourish. When they shall vote it
disgracefnl, we shall be rid of it.