The Delaware ledger. (Newark, Del.) 1879-19??, 1884-07-12
Stock Gambling.


messed several serious and sad les
sons on the folly of stock gambling.
The firm of Grant & Ward, of New
York City, of which ex-President
Grant is member, failed for sum
that reaches up in the millions. The
Marine National Bank, with which
this firm was closely connected, and
in which New York City, as well as
Long Island City, were depositors,
was so heavily involved with the
broken firm that it was compelled
to close its doors, and receiver has
been appointed. Individual depos-
itors are greatly distressed, and just
what their loss will be is not vet
known.
James R. Keene, who few years
ago came into Wall street with a
capital of 100000 to Corner"
produce-compel the poor to pay
higher price than the blessings of
bounteous crops would require for
the prime necessaries of life-and
now he finds himself "cornered."
He is worse than penniless, owing
even his barber a thousand dollars.
And who will say his failure is not
a just retribution?
The principle of stock gambling is
the same as lottery gambling, etc.
One is not one whit better than the
other. Simply because men of wealth
and high social position gamble in
this way makes it neither right nor
respectable, but simply the more
dangerous.
Each days record of the business
world reveals the sad wreck which
men have made of their regulations
and fortunes by gambling in the
stock or grain markets. But the
most deplorable feature of all is the
phase of stock and grain gambling
as seen in the rapid depreciation of
honest peoples property, the unset
Ting of all values and the entail
ment of severe losses upon innocent
persons who have invested in stocks
and securities in good faith and in a
legitimate way.
Stock gambling shakes confidence
in every legitimate undertaking, and
makes it just that much harder for
any legitimate enterprise to succeed.
The banks Of the country are called
upon to risk their capital, which
should be used in legitimate trade,
to support this pernicious system OF
gambling. Neither they nor the
gamblers should be shown any
mercy if they fail. They know the
chances they take, as any common
gambler does, and they take no heed
Of the misery and suffering their acts
may cause. Their ears are deaf tC
the pleadings of the honest trades
people who they ruin; their eyes are
blind to the rags and tears of the
widows and orphans whose destitu
ton they have wrought.
Another feature of this great mi
putty is the temptation it holds gu
to those who are entrusted witt
funds-cashiers, tellers and book
keepers-who are lured on to thei
ruin by the gilded promises held on
by stock gamblers. They venture
little at first. The margin" is sweep
away and the loss is very light OF
perhaps, the stock gambling VAN
pires think it will suit their purpos
best to let their victim have a fey
dollars gain, and he is drawn grad
ually ON and on till he finds him
self pcnniless, perhaps an embezzle
or detaulter, or both. Disgrace an,
ruin is now his lot, His family
broken up, his wife is widowed am
his children are orphaned; bur
what is worse, Il fathers crime is t
forever follow and curse them.
While all this is being enacted
the gamblers who manipulate tn
markets and cause all this miscr
are holding their nightly orgie
feasting and drinking with vile crca'
urcs decked in fine raiment, all {
which is paid for with the money $
fooIishly given them by the trustc
employee or tradesman.
Human nature prompts US to pit
the poor victim, because of the so
row his acts bring on Others; bl
when any Of the big stock gamble
90 down in the storm they hay
started for the purpose Of ruinir
others we have no word Of pity.
would be better for the country
they would all 60 as the Grant
Wards and Kccncs have just gon
and the whole system would
along with them. Legitimate bu,
ness would then thrive and recci,
the attention that is now divide
with stock and grain gambling