Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-06-17
MEMPHIS APPEAL


SPECULATION NOT GAMBLING.
The New York Bulletin is one of the besl
Commercial papers published in this coun
try, but unfortunately 1t sometimes seeks to
palliste, and occasionally to defend sbuses
in trade that ought TO be deplored and cor-
demned. The worst exis ing abuse ia ape.
cies of speculation that is hindrsDce and
curse to trade. Thers ia kind of specula.
ton that is commendabls and beneficial.
When wheat or oil or any other commodity
is likely to be supplied in quantity lower
than the demand, useful end ia brought
about by speculation in those products. By
buying them up ahead of the demand bet
ter price is given 10 the producers when
they seek the market than they would other
wise get. The article speculated in ia then
held for higher prices. The increase of price
leads to economy Of use, 80 that when tie
time OF feeling the deficient supply arrives
the economy OF use 10 consequence of ad-
vanced price has had the effect of making
the deficiency less marked, and the advance
been the case if a previous advance
had not taken place at an early date, the
consequence of the purchases of spectators.
The consequence is a comparative equaliza-
ton OF prices. When farmers are induced
by their necessities to bring their wheat 10
market as soon as it is threshed, speculation
gives them better price than they could
have obtained without it, and what the spec
ulators have held back prevents heavy de.
hciency, and consequently exlr2vagant
j7ri~-s before ti- ~s-' -esson's supply comes
around. Prices are higher in tbs fall, eaus-
ing economy of use; they are also lower in
the summer, in consequence OF that economy
preventing absolute scarcity before the new
crop is harvested. These are facts obvious
to the intelligent reader to-day, but in times
past to buy wheat in the fall that an ad-
vanced price might be got for it the succeed
ing summer, was Condemned by the popu-
lar voice, and preached against from
the public. Now we have learned to rec
ognize the beneiceDce and happy con-
sequence Of this legitimate and wise
speculation. But, unhappily, this recog-
milton OF what ia benefcent and wise is taken
advantage of to foist upon the public I'M
blushing frauds and devices becoming a
bandit. II has become practice to produce
by artifice and trickery artificial scarcity.
Articles that ii left to the open m arket would
produce constant and regular profit are ac-
cumula,ed in few hands; pools and corners,
and other ungodly nuisances are got up, and
the public at large is cheated and robbed in
order that few unscrupulous bandits may
grow suddenly rfS :. and exist curse TO
Themselves and to society. Bearing in mind
the difference between legitimate and fraudu-
lent speculation, what shall we think of
writers who undertake to shield speculation
az speculation, without regard to the clear
distinction here made? The paper we have
mentioned, on Wednesday last, condemned
IN reproachful and sarcastic words
"cheap invective about the demoraliz.
ing influences of commercial specula-
ton" In compliance with prev alent
custom we have spoken OF the fraudulent
proceedings 80 common at this time as
"sPeculations" They are really nothing of
the kind. They are not what The Bulletin
calls Commercial speculation" they are
gambling ventures upon commercial values.
A man bets $50 that certain horse will win
In certain race; if he lose, the money is
paid and the gambling affair is completed.
Another man who does not bet in 80 many
words, who perhaps belongs 10 a church and
views gambling with horror, undes the name
OF buying futures" bets that corn, or cotton
or pork, will, or will not, be a certain price
on given day. When the day arrive. the
bet is paid and that gambling affair, like the
race-course transaction, il completed. The
sanity or the merely moral gambler wipes
his mouth like the person mentioned in
Scripture, and say, ] have done no evil. /
did not bet, 1 only bought futures; 1 pu,
down no stake. Imerely put up m argiU."
Is the condemnation of this hyposriticsI
gambling Cheap invective about demoraliz-
ing InhuencesT Is that condemnsti of
the buying of options and finding use for the
rest OF the pharisaical cant of the gamblers Of
the day, to be coolly pooh pooh ed as "qualms
of conscience" as marrow standpoint of
suppositious moralityp To defend, and ex-
cuse, and justify the mean, underhand gam
bling that is now doing incalculable injury
TO trade, is not the act of true, conscientious
and enlightened friend of commerce. The
commercial newspaper must give the news,
and must report what is doing in illegitimate
as we'll as legitimate open commerce, and
those reports, by bringing the gambling
transactions to the light OF day, are doing
more toward their ultimate suppression than
any other direct influence, bu: to excuse and
defend, and commend these practices is in.
excusable, and is upholding, not commerce,
but hideous ulcer that has fastened itself
upon the forms of commerce, that is sspping
its vigor and iDjuring its interests. That
this evil is great and corrupting one is
never more evident than when the standard
of morality and manly honor must be low
cred in order that it may be defended. To
ridicule "qualms of conscience" and to de.
nounce advocacy of honest, open, legitimate
trading as "a narrow standpoint OF supposi-
tious morality" is the severest reflection that
could be made upon the system sought TO be
defended. Every breaker of the law, and every
despiser Of gentlemanly honor, has recourse
TO ust the same depository 10 find his vicious
weapons.