New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-23
FPUJ7S OF SPECULATION.

Three banks exploded IN day. They were
not all important to the public, but each OF
them was especially important to some indl-
yiduals. whose resources have gone oil like
puff of smoke church organization suffers.
Hundreds of business men are suddenly en-
barrassed more or less in their arrangements
for meeting obligations about TO mature. Hun
dreds of poor men have been stripped of their
savings, and must begin over again to make
such provision as they can for families. That
is the meaning of the little paragraphs that
record the collapse of three not very important
hanks. The world goes on just as ii these little
incidents had not occurred. But the individual
suffering and loss are not easily measured, and
it all comes from speculation. The failures
come lust in time to serve as commentary on
the testimony of noted spectators, who
avowed their belief that speculation was good
thing, the ripest and best fruit of the ripest and
best civilization, and ought not to be and could
not be restrained.
Oil did it. men say Really, has the gambling
spirit suddenly assumed any new character
since the dealings in that particular product
became large? If a man had gone into gam
bling, would he not have found something else
to gamble in if not in oil Then comes the
philosophical speculator to assure US that
the passion of this people for gambling can
not be restrained. and that it will find
vent in one way or another, law on no
law. But this is short sighted view
of tie matter. The gambling spirit, as
q prevailing National craze, sis result
of certain methods of trace. These make wild
speculation possible for all sorts of people,
Ill ba They nlaPa
before everybody the temptation of great
wealth, rapidly acquired without labor. They
offer to everybody the opportunity of buying
quantity of stuff that he does not want, from
another man who has none to sell, without
paying anything except margin to cover pos
sible losses. The performance is nothing but
gambling, and it is incomparably more seduc-
tive than the vulgar betting ON cards or dice,
first because most men are egOtistical enough to
think that they judge wi at is gong TO happen
in the markets; and secondly, because the cloak
of Iespectability is thrown over the performance
by the use of terms belonging ~ legitimate
trade. SO men gamble by the thousand who
would never bet on card. Some succeed. and
kindle the fame in thousands more. Others
fail. and banks and firms thereupon collapse.
with ruin TO many.
IL is not true that this buying what one never
means to receive and selling what one never
expects to deliver is necessary to any leglti-
rIate business. II makes large Market"
but it would be more accurate to say
that /. destroys all markets. true, at
any given time there are ready. to bny,
not only the few men who want the actual stuff,
to consume it OIL to export it, but also thousands
more who do not want bushel OF barrel OF
it. Hence, we are told, it is always easy to sell
what one has. But it is also true that there
are at any given time, not only the few people
who have actual stuff to sell, but thousands
more who never had and neyAr expect to lave