The Waco daily examiner. [volume] (Waco, Tex.) 187?-1888, 1882-02-15
FUTURE SPECULATIONS.

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Is the character of speculation now
carried on in the various cities of this
country, under the protection, in the
metropolitan cities, of exchanges, and in
the smaller towns through the agencies
of bucket shops, benefit to material
prosperity? The whole country is seized
with the fever of speculation, and the
desire for quick action in money mat
/ tiers is assuming proportions that reduce
the thirst for speculation to the status of
a mania. There is material difference
III the profits realized by the conduct of a
regular business IN this country and the
uncertain gains arising from ventures
in cotton and stocks. In all specula-
tons of the character named, that which
is a matter of profit and personal gain
to one is the sure loss aud probable
financial destruction of another. In the
pursuit of this way of making money,
the fortunate to-day is the unfortunate
tomorrow, and those who prosper little
heed and seldom speculate" on the
misery that ensues upon their prosper
ity. The riches derived from a success
ful career at the exchange are tinged
with the bloody sweat of bankrupt
thousands and that favored
few may rest in the lap of
luxury, the lise-blood of millions is
sapped Safeguarding would lose
some of its deplorable character if there
were any criterion by which the average
speculator could be governed in placing
his funds. As an illustration, we will
take the transactions in cotton, these be-
ing the ones in which the south are
more directly interested and with which
we are more thoroughly acquainted. To
make future transactions in cotton le-
gitimate as business the price should
be regulated by the supply and demand,
and the fluctuations of the cotton market
should occur as the visible supply IN
creased or diminished. Can a reascna-
ble human being, after the experience
of the last three weeks, say that the New
York future market at present is in the
remotest degree influenced by the sup
ply and demand of cotton? If it is so
influenced the influence is paradoxical
IN its results The most bearish of all
the operators cOncede that the crop is
short and the demand unchanged, and
yet within the last thirty days the price
Of the staple has decreased a cent a
pound. Upon whom does the burden of
loss incurred by the depression of the
market fall? The question is answered
by the propounding of another.
Upon whom has the burden fallen
since the inauguration of exchanges in
this country Let the spectators
south of Mason and Dixon's line answer
the question. If the transactions alluded
to are not gambling made legal by Gus
tom, what are they? Are they not detri-
mental TO the interests OF the country
at large, and are they not III conflict
with the public policy? The courts of
the country have so decided, and
debt contracted in cotton futures is no
more binding, and of no more validity
legally than one contracted behind
bob-tailed flush, or one the result of los
ing at a faro bank Many men who
deal in futures would be insulted if they
We're denominated gamblers, and Justly
so since the custom of the country
lesitimatizes the business The amount
of money wrested from the south by the
recent manipulations of the New York
bears, cannot, with any degree of GER
tainty, be estimated, but the pension
clerks, SIX hundred and sevanty-nine
in number, would be occupied
some days in making the estimate
The south were all bulls and
as a consequence cotton declined. If
the south had been bearishly inclined,
the result would have been an advance
in cotton futures instead of the present
decline. Good men of the south, true
and honorable III all their dealings,
speculate in futures, and many of them
base their calculations upon the collated
reports and prospects for crop, and the
unfortu nate operations of years have
failed to persuade them that they but
furnish food to fatten the monopolies of
the north. How long Will the south re-
main hewers of wood and drawers of
water. To the spectators we would
say, come out from the vortex into
which you have plunged, shake off the
mania that has seized you and devote
your time talent, energies and capital
to the pursuit of a business not so ex-
citing and hazardous, but surer In
future speculations ultimate loss is a
certainty, It's always the northern mans
deal. the cards are stocked and the .
dealer wins.
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