Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1883-02-01
COMMERCIAL.
GAZETTE OFFICE, January 81.

f'aivad in purchasing enormous STOCKS
Oh The purpose of forestalling the
VIZ J 81 and bulling prices, may be
nmusly comprehended by considering
se, The transactions In futures in New
LEE during the year 1882 numbered
,'a Grand total of thirty-two million
~ NJ The evil is uDdeniably a great
as Int no remedy adequate to destroy
los vet been suggested or discovered.
.r;slatiye wisdom and statesman
L;o bas been invoked to abate the
n,poral practice, but invariably all
..an,nts at interference on the part of
w. government have failed of posi-
w or practical reforms. The sug-
ost;on that penalties be prescribed by
~ for the punishment of spectators
no products of the toll of the
.ul;ons. has instantly been
nntroyerted by sticklers for "indi-
',Jual rights and the liberty of the
tiren.u 1t is somewhat mysterious
hat in view of the large number of
aiunes that are annually engulfed in
10 gamble with futures and posi-
ilities, and the multiplying throng OF
esnairing individuals, stranded and
,snniless, viewing the wreck made by
heir own adventurous folly, that the
Hrineiple finds even n negative sane
ian in the pulpit of the Plymouth
hurch. and earnest defenders in
,oral men. A commercial exchange
snroduces an article framed in vindi-
ation of the business of dealing in
,tures. which for unadulterated soph-
Etry surpasses anything that could
ave been invented. The following is
IN extract:
uSttements are often seen that
much cotton is sold in New York for
lture delivery in n week as is pro-
need in Il year. If true. then the cot
on crop, for commercial purposes, is
a. multiplied fifty-two times. Perhaps it
month; but it is not necessary to
q particular. La like manner they
Az the produce received at the prom
hing city of Chicago is multiplied for
be uses of commerce by the enterpris-
ma men of the Produce Exchange.
4 not this good? 1t is trade without
Effects, but trade all the same-some-
hing out of nothing. Shall il be said
hat it is trade in the wind? That is
he beauty of it. Behold the great city
II Chicago built up by trade in wind
Dr if the liberal allowance be made
nat one-tenth of the transactions of
he Produce Exchange are in actual
roduce, still nine parts are wind,
nd these nine parts are great COM
herce, keeping multitude of men in
he highest state of activity of body and
hind
The writer of the foregoing enthusic-
by plunges into the mazes of the sys-
bm of future dealing, and is evidently
ewildered and confused at its
igantic operations. In the tran
utility of his reasoning faculties, calm
elaboration might have dissipated the
rrors that befogged his intelligence.
Production is the basis and source of
Eealth. Multiplying imaginary sub
tances as medium of business does
BOT multiply values, but simply fur
ishes means for the exchange of
81 kealth. Ifthe system were abolished
he capital employed in the business
you'd be directed into the legitimate
hannels of commerce and its agency
Re the means of facilitating business
= nd increasing the profits of the CAPT
alists. If Chicago's dependence is
pom the element of business as in
icated by the quotation
bove, we cannot escape
|he conclusion that she is doomed to a
hopeless and recoverable downfall.
he writer proceeds with his defense
the gamblers, at this juncture in
Eoducing the specious augmentation
Mr. James II. Keene before the sen
te committee of the New York Legis-
hture
He denied the propriety of calling
he trade gambling; but he said that
pc trade of the bucket-shops is gam.
ping and he defined the distinction
= that in dealing in futures in the
foduce exchange there is contract
deliver, while in the bucket-shops
mere is none to deliver, but it is
merely a speculation on the fiuctua-
ions OF the market. In the regular
hing there may be no expectation tt
ehver or to receive, and the futures
nay be more in amount than can bt
existence, yet there is the ideality o.
contract to deliver and to receive
ld this makes the substance of trade
while the other is gambling
MI. keene's distinction between the
wo modes of gambling are so impalpa
ne aud utterly untenable as to pre-
iude the belief that he was honest in
rs statements to the committee. III
- az least aware that the distinction
,escribed by him was not recognized
courts of law, for numberless ju
aaal authorities have declared tina
ae@ contracts to deliver are null
au VOID. If there is moral distinc
"h, there Ia not Il lega
ae and such distinction mus
the creation of peculia
less of morality. The writer con
Mues; Perhaps the definition
fmieh by the Rev. DIR. Irenaus Prime
uitor Of the New York Observer, vii
,ound most distinct, as it also il
sner authority than that ola specu
sor he did not think the dealin
.lulures necessarily wrong, but
Ivy were not based upon suppose
lowledge of the probable movement
nssupply and demand, then he woul
isiuer them as 'partaking of tn
~aS of gambling; and he utterl
sauemns gambling. This seems
VIA and rational distinction, b
~,ch every trader in futures ma,
SsSOw whether he is reputable mel
@S OF disreputahle gambler
opposed knowledge" accordin
esta ats divine authority, is the del
dhi, umperceptible boundary whic
p @sues right and wrong in the bus
rev. " iuture transactions. III hi
s,sIence's logic were suh,,,ittad tn I'm