Smyrna times., 1883-01-03
Gbe Smprua Limss.
Smyrna, DeI.,
Wednesday Afternoon, Jan. 3, 1888
Gambling in Products.

The future prosperity and welfare of
this country are threatened more by
the growth of speculation than in any
other way. UnqestiOnably there is a
legitimate and helpful speculation
which is particularly beneficial, in the
long run, to the producers. Its proper
and sustaining influence has been
recognized by every modern student of
social or economic problems. But this
is not to be confounded with the rage
for gambling which has appeared of
late in the markets for nearly all i'm |
portant products, as well as in the |
market for stocks. The man who buys /
1000 barrels of pork, takes it and pro-
vides for it's storage, and keeps the !
stuff until he can realize a profit or
becomes satisfied that his judgement
was in error, takes part in very diff
ferent kind of business from him who
deposits as margin the cost of 1000
barrels, buys 10000 barrels which he
never wishes or expects to see, and
presently sells to other gamblers like
himself, giving or taking the difference
in price. The growing prevalence of
this kind of gambling is not generally
known. By many intelligent men it is
supposed that such dealings are in
some degree more reputable and safer
than mere speculation in stocks"
But the multiplication of grain, cotton,
provisions, oil, metal and other ex-
changes, and the great number oftrans-
actions which they record, prove that
the gambling vice in this form is more
seductive and dangerous than in any
other Many banks and business firms
have gone to ruin in the past year
because of the ventures of men who
would have thought it objectionable
for them to speculate in stocks.
People say to themselves: when |
buy wheat or cotton, oil or lard,
know that have product of absolute
and intristic value. No conceivable
revulsiOn can make it worth as little as
some stocks. Therefore my transact
ion is legitimate, honorable and far
more safe" But experience proves
that the fluctuations in such products
in proportion to the money required il
purchases of this character, are very
much greater than the fluctuations il
securities. The widest and most reck
less gambling done in this country il
done by the men who take turn" il
I these products. Wheat has varied il
price within a year more than 40 pc
cent. cotton 80 per cent. corn 60 pc
y cent. and oil 100 per cent. and Othe
products have danced about in lik
manner, not because their intristi
value has changed in such proportion:
" but because the great operators fin
these markets comparatively easy t
move. The customary deposits o
these products, in dealings cOmmOnl
called speculative, are very muc
~ smaller, in proportion to the fluctu'
tions, than the customary margins I
dealers in stocks.
The evil effects all classes, and
growing with a rapidity which fe
appreciate. The farmer who has
field of corn, in a great many cases, l
longer considers at what time he Ca
a move it to market so as to obtain Il
y best price he rushes to broker al
sells an option for some future mont
The merchants, transporters, clerk
and even the messenger-bOys, a
drawn into gambling habits by Il
facility with which large sums can
made or lost with small ventures
the produce markets. Then comes
great crop of failures, defalcatiOns al
frauds. Morally, one form Ofgambli
lr is not better nor worse than anOth
. But in effect upon the public prospect
and the social and industrial develC
j. ment of the people, the gambling
m products is the worst form yet disco
cred.
During the past year the disastrC
affect of this vice upon the CONNER
and trade of the country have be
often manifested The facilities Civ
by organized exchanges and deal
are no longer such as are calculat
and intended to promote ready
change of actual products; on
contrary, they are plainly calcula
and intended to encourage mere bett
upon prices. 1t is of great public
portance that some means should 81
be devised to check this evil, and
legislative committee now investig
ing it can render great public serv
if it will.-N y. Tribune.