New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-05

all. perhaps we should be thankful that
they devote only about three days week
70 the public business. What they could
ACCOMPLISH in the way of extravaganza ex-
nenditure by working steadily except on Sun
DAYS. the shuddering taxpayer VIII decline 10
contemplate.
! GAMBLING md OFFICIAL INTEGRlIT'
Another Treasurer of a repudiatipg State has
proved himself worthy son OF Such Ntato'
When Fagn the Jew saw the rapid progress
of his pupil, The Artful Dodger IN the science
of picking pockets. he beamed with Joy ana
pride. But the State of Alabama does not mani
fest a natural pride or pleasure IN the prom
cheney OF its pupil, perhaps because he has even
surpassed his teacher The whole State of Ala
hama has contrived to steal only twenty or
thirty milliuns-nOt over $500 each for It's
VOTERS. But Treasurer Vincent has made OIL
with $500. 600 more or less. Instructors do
not like TO be left 40 far behind in skill. The
crime of Mr.. Vincent, in Alabama eyes, Is that
he has IL anaged not only TO /" do = the State, but
to Guido the State.
No one can miss the more obvious lesson
which is taught by this performance ana that
of Treasurer Polk, of Tennessee. That States
which make their living 10y robblng those VINO
trust them should themselves be robbed by
those whom they trust-that is to be expected.
But there is another feature Of the matter
which deserves attention. The prevailing
mania for speculation offered the temptation
which these two officials, prepared Tor dlshon-
esty by the teachings OF their States, did not re-
sist. Treasurer Polk ruined himself in stocks
Treasurer Vincent went down with cotton. The
other officials who have ruined themselves IN
oil wheat com oats or lard have not yet been
heard FROM but we may be very sure that pub
lie money and trust funds have been uscd and
lost in other cases not yet detected. The fever
of speculation which has prevailed since 1879,
causing thousands of men To take part In deal
ings which no one can suppose To have any fcla-
ton to the real business OF the country, aud
the sight of enormous fortunes made 10y means
which public opinion has not sufficiently con-
demned, have proved too much for the nteg-
rity of great many stronger men than Treas
nrers Polk and Vincent. When man IL
tempted to speculate with what he has earned,
the individual may be almost the only lOsoI.
But in thousands of cases men have been led 10
use In speculation money not their own, aud III
CONSEQUENCE the failure of many firms, manu-
featuring establishments and banks has
brought rum upon vast number of honest and
industrious people who had no part in the fault.
Let any one consider how many of the fail
ures which have been recorded within the past
fonr months in unusual number have been due
TO this evil. Each Of these firms used money
which really belonged to its proper business
and It's creditors therein, and went down just a.
Vincent did, because the speculation failed to
return means for the repayment OF the money
thus used. How many banks have gone down,
involving disaster to multltudes, because some
officials could not resist the temptation either 10
speculate themselves or. to loan to specializing
friends without adequate security. Tho one
danger which hangs over the business world to-
day is that the available capital of the country
has become too much involved in tho gigantic
speculatons now in progress.
It is asserted by Mr. Butterworth al Washing
ton that the bonded whiskey extension bill
must be passed because banks have loaned
money on 9O,000,000 gallons of whiskey. If
So they have used trust funds just al Treas
urer Vincent did, doubtless believing that whls-
key would go up, just as he believed that cotton
would 20 up. Would it have been sensible to
plopose "a change of the laws OF Alabama in
order to prevent disaster TO Vincent or his as
sOciates? 1t is asserted that as much az
$50 900, 600 has been loaned on whiskey, but
this cannot lie the entire value of all the whis-
kew in the country less the tax not yet paid is
not half that sum. 1t is the Government that
has fOolishly loaned the amount of tax,
ISL OO0, 900 more or less, and the other holders
and lenders are now begging the Government
70 extend its loan indefinitely, lest they should
be driven into bankruptcy. But the case Ia not
much better in the oil speculation. About
81, 600, 600 barrels are now Oh hand-mOre
than this country would consume in four years.
Yet a great deal of money is loaned TO support
the speculation in oil. When Mr.. Vincents cot
ton ventures broke down, the stock held by
dealers in this country was about l 90 900
bales. 1t is now 1,193,036 bales, worth ut the
Add to this the grain carried III speculative
markets, and we have enormous sum of
money, not all employ ed 10y persons Of the gam
bling turn, but all of it in some degree Mt the
mercy of purely gambling operations.
| 1t Is high time to realize that official honesty.
fduciary integrity, commercial honor and in
dustrlal prosperity are all threatened and actu-
ally being undermined by the prevalence of
speculation. Ii rests with the Legislature OF
this State more than any other TO provide re-
| straints. Alabama had no market In which
| Treasurer Vincent could gamble rs re did. If
purely gambling transactions can DO checked in