The Dawson journal. (Dawson, Ga.) 1878-18??, 1883-01-18

A. Always and inevitably the fools
who think they can speculate Without
masking speculation their business, and
who buy tho stoc~s, produce, or what
ever it may be, because il is Using, or
agree to deliver it at a futare silsg,
without having any in their possession
because the present price is lower than
the price offered for The future.
Q. Why are they sure to lose?
A. Because the property purchased
on rise is snre to fall baox again to
its natural value; and because su.all
mecuEators, who agreed to deliver pro
party yet to be purchased, a { pow -r-
less against the combinations of great
speculators who are able to make the
prices high or low at will.
Q. Is it right to make 'corner?''
A. Not if it is duty to love ones
neighbor as ones self.
Q. How docs it differ from ROB
berry?
A. The Aeeced lamb suffers no VIC
lence.
B. How does it differ from the soon
6dence camel"
A. The victim is not chaated he
takes his chances and atqey are always
ten to one against him.
Q. How does it differ FROM ganb-
ling?
A. Not materially:
@. What is a future?
A. 4 culture in the vernacnlar of
the street is term applied only to
cotton or produce, All contracts for
future delivery at fixed price are flu
lures"
O. Is dealing in futures right?
A. Yes, when it is Legitimate, b :
mess transaction. All business in
which success depends on foresight is
In the nature of Cultures"
.. When is it wrong?
A. When it is a mere gambling
transaction
Q. Explain what you mean by ''leg-
itimate business"
A. Every man is put into the world
to add to Its wellbelng, That onlT is
Legitimate business which is calculated
to add to the worlds seaita - po
cnniary, intellectual or moral -a.d IN
which the profit is fair c,.a .ensatioa
for the service read4vl INST is n
Legitimate in which one MAJ - res man.
ey out Of another mans pocket with.
out rendering him any equ valent there
for.
q Will you illustrate legitimate
"futurel"
A. b agrees in the winter to buy
wool OF the farmers in the spring, and
price is fixed. In the spring he
takes the wool at the price agreed up
on, and delivers it to the manufacturer.
Whether he makes or loses depends W
on the immediate change III prices
This Is q legitimate future. 1t is II. c.
essary to the carrying on Of trade.
q. Will you illustrate an ijieciti-
mate "futures'
A Bagrees in the winter TO bnv
wool of his conpaalon on the street,
in the spring, al Gxei price. Ills
companion has no wool; B saats no
wool. When settling day comes no
wool changes hands. Ii the price Las
gone up B pays his companion the DIFF
ference II it has gone dowa he re-
ceives the difference. This is an llieg-
ltimate future
y. Way is it illegitima.e!'
A. Because it is not productive IN
dustry and no business il .e itimat..
which does not directly or Indirectly
help on he productive industries Of The
co immunity.
Q. How does such transaction aif
fer trem betting?
A. Not at all
Q. Ia it dishonest
A. Not necessarily. Bmt it is not,
honest industry.
Q. What harm does it do?
A. 1t unsettles prices it makes ir-
regular markets; it prod, ces unnatu
raj ID lctatlons in trade it occu lie,
the time Of the parties concerned.
which might be proditably oceupi,a
but, worst of all it makes young mea
discontinued with the slow earnia IS nf
honesttProductive industry, and pro
duces spirit of gambling tlrougI out
the country.
O. What can the legislature do to
stop this form Of speculation.
Nnthiny a,;}4