The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-15
A GAMBLING SPAsM.

GAMBLING SPASM.
While the outcome of the furry in Wall street
may be anticipated with some little appre-
hension, there is no call for sympathy for any
of the principal losers. The scenes witnessed
yesterday in and about the New York Stock
Exchange are but the legitimate outcome of
an illegitimate business. Stock and margin
gambling is always pregnant with disaster,
involving not only those directly engaged in
the disreputable business but the innocent
public and trade in general TO some extent.
Sooner or later public opinion will be
educated to the necessity of suppress
ing the crime that periodically produces
these spasms and temporarily paralyzes trade.
The financial troubles that have fallen upon
this country have mostly originated from
Cuisines" that can not be defended. Kite
flying, margin gambling and stock speculation
have usurped the slower and more respectable
methods of money making. The risk is great,
but the returns, for time, justify the ven
ture. Fortunes are piled up with bewidering
rapidity There was a time when man worth
hundred thousand or so was wealthy. The
figures have now been raised to millions. The
man with 100000 is not content with the
slow returns Of honest trade, but must
double or break in a twelve-month,
and, succeeding by methods more than
questionable, the process must be repeated in
definitely. The success of the very few excites
the cupidity of others, and the game is never
lacking of victims, The play goes on, and
million is added to million, year after year I'M
til some untoward accident jostles the struc-
ture and it topples into heap for it has no
| foundation in truth A spasm is the result,
for not man in the game, from top to bot
tom, but knows that it is illegitimate from in
ception to end, and that not one trade in a
thousand is bona fde transaction, in which
the seller has what he "sells" and the buyerha
tenth of the means necessary to pay for what
he "buys."
For the man or firm that fails in legitimate
business and in an honest manner there is
always sympathy but for the man or men
whose Accommodations are the result of gam
bling in any form, there can be no commisera-
ton when all is lost in greedily grasping for
more. If the business of the New York Stock
Exchange was founded on business principles,
and were the buying and selling legitimate,
there would not be one failure to where now
there are a score If only the principals were
! involved the evil would be bad enough; but to
have the business of the entire country period
ically convulsed and stunned by the re-
verses of huge gambling copcern calls
for legislation that shall put stop to it. It's
altogether safe to say that nineteen twentieths
of the business done by stock exchanges and
| boards of trade in our larger cities is nothing
but gambling pure and simple More than
| this, nineteen twentieths of those engaged in
this Cuisines" know that it is gambling 1t
is barely possible that the remaining twentieth
may not realize it. which is only an evidence
| that conscience is buried under greed. The
business men of the country, the merchant.
manufacturer, trader and mechanic should
! combine in sentiment against this gigantic
evil, which, like all evils, brings harm upon
all if allowed to exist and to bring forth it's le-
| ultimate fruit.