Alma record. (Alma, Mich.) 1878-1928, 1888-04-27
THE GREAT SPECULATION,
which Broke Up the Clarksvllle Fiuancies
tn Marbles aud Ma q n Panic


ground and dormitory, and it will prob
biz be long before the game OF marbles
RECEIVERS its former standing as repu
table though risky game
The panic was distinctly due to over
trading i'll marbles. An immense ousi-
ness was done with insuilici Mt capital
and n shrinkage in the value Of rabb is
or other securities would have preclpi-
tated panic at any time during the
last three months. The failure OF James
Smith was, of course. the immediate
origin of tho panic, but the firm could
DOT, in any event, have Kept tell above
water more than ~ Ok or two longer
Master James S,ritL is not only a
skillful marble-pla, err but he is a finan'
cial g MUS At the beginning OF the
present school term he conceived n
grand scheme for enriching himself I'd
all the boys who had confidence In HIM
He proposed that he should borrow
marbles at a high rate of interest, and
pay both tins interest and large dlvi-
dends out Of his winnings az marble
player. To every boy who should lend
him six marbles he offered to repay
nine marbles within two days, and in
case the lender should reinvest both
principal and profits he undertook ~
repay him at any moment, with profits
at the rate Of 50 per cent. every two
DAYS.
The offer was so tempt"y .hat there
VA n general anxia'- vi the part of the
boys TO lend their -tarbles 10 James
Smith, and IN the course Of tue week
every boy in the school had invested
in the marine pool 1t was understood
that James Smith was TO win ma bles
from boys urconnected with the school I,
but curionslS enough, no o1e inquired
where these bows were 70 be found. rr
at what hour OF the night James Smith
Was II III: \bi OF secretly getting ont
of bed an0 going off t. PLAY with his
unknown adve saries. The boys were,
however. perfectly SAT- fed with lis
method Of conduc ing lu siness. lie
never failed to tender large Quantities
OF marbles to his patrons whenever, Uv
the terms of HIS con racts. they werc
entitled 10 dvidepds. and they never
failed to reinvest the whole amount
with him. Each OF them had decided
30 make at least million of marbles
before closing their accounts with James
Smith. and they were eager not to draw
marbles but t. ad to their Investments.
Tie local store keeper, who sold mar
bles, consent, d, after tie bows had spent
oil their money, 10 sell them marbles
on credit, provided they W 1uld place
securities in his hands. Most of the
bows kept rabbits, and they pledged
Their rabbits. their TOYS their jack
knives, and other negotiable securities
viii the utmost reck IrssueSs. Last
Thursday night the books OF James
Smith showed that tWeuty-eight mil
lions OF marbles in round numbers were
due to the sixty-four bows of the Clarks-
Vi le school On Friday III Int James
Smith announced his insolvency, and
assigned LOB marbles to the Greek pro-
tessor in trust for his creditors.
The disaster was preclpiiated by
shrin age IN tie value of rabbit, caused
bv the breaking out of distemper
among the rabbits hypothecated with
a >torekeeper. The latter, not knowing
At what moment all the rabbits mig It
Ii. den anded that thew should he re-
deemed In order to redeem them their
owners were compelled TO call in the
uldI bltN liltN lht lilNt fNttl W WI ~ illtH
SIN tn Tn. latter was unable to re-
spond to the call panic followed, and
the unfortunate boys Lost both their
marbles and their hypothecated securi
ties.
The principal q. the school investi-
gated the Affairs of James Smith on
katurdav afternoon with three consecu'
1--we applr-tree switches of the largest
uze. James Smith had played marb cs
with the son OF the lanltor Of the female
semi arv on two or three occas ons and
lad lost heavily. The dividend which
he tend red TO his victims we @ simply
the investments made by other victims.
He had not won single .e Ultimate mar
BILE during his entire career rs a marble
6nancier. and. as the principal coldly
remarked. whenever he stopped to Sc.
lie I IA NV switch. his condu had been
no bett r than that OF professional!
pick-pocket.
At present the GAINESVILLE school
boys have neither pocket-money, mar.
bles, rabbits, nor anv other negotiable
property. No one can pallate their fol
~ or feel much sympathy with them IN
their losses. Nevertheless, although nc
grown person would for an instant be
guilty OF like folly. it should be men
toned that James Smith informed the
boys that he conducted his business
strictly in accordance with Wall street
methods, and that they actually be
ieved he spoke the truth.
BLNION y GI.ITR.
II Ia now twenty-five years since th
mortal remains of Thomas IL Benton
that illustrious Missourian whose nam
is forever liakel With the history of hi
State wore CONSIGNED "a a nor,,,o. ,,.,,.