The times. [volume] (Richmond, Va.) 1890-1903, 1895-07-19
THE DISTINCTION BETWEEN GAM
ING CONTRACTS AND CONTRACTS
OLE SAIL.

A friend Of The Times has taken 1t 10
task for its views upon contracts to de-
liver gram and other farm products at
a future time. This gentleman insists
that such contracts are essentially and
necessarily gambling contracts.
We submit that the man who entertains
this opinion does not understand tie ma
ture Of a gaming contract and the dis
tinction between gaming contracts ana
contracts of sale.
The gaming contract is this: Two men
contribute 10 a common fund upon an
agreement that on the happening Of an
uncertain event the whole fund shall
20 TO one or the other. No room is TO
be allowed for knowledge or forethought.
The essential idea of gaming is that
the fund is to go as blind chance shall
direct. The gaming contract excludes
the idea of knowledge in either Of the
parties to it. wherefore all gamblers VIII
tell you that you cannot bet on GER
tair ~.
Il is not a gaming contract If one side
knows how the event will turn out or
is acting upon a judicious apprehension
of facts.
The contract Of sale. though, is totally
different in its nature. In the contract
of sale one man exchanges his money Tor
another mans goods There Is an eN-
change OF property and each one gets
what he thinks is the equivalent of what
he parts with. There is no difference
whatever between the contract OF sale
and the contract of barter and exchange.
81. oh
against another in the latter contract
while money is exchanged for a commod-
ity in the former contract. The use OF
money in the contract of sale is its sole
distinguishing feature from the contract
Of barter.
Now. when one man says 10 another,
Il will give you 800 for your horse, II
the offer is accepted and the exchange OF
money for the horse takes place, there is
certainly an executed contract Of sale.
But if the second says. II Will accept,
nroyided YOU give me until next Monday
TO deliver the horse is the azure of
the contract in any way changed? The
contract is still contract of sale. but
1t is an executory instead of an executed
one. Its nature though. remains exact
~ the same. IL II a t'ltldNt VI S'.'
and not a contract OF gaming. II IS an
exchange Of money for property. and not
a common fund to go to one of the par
ties If the event turns out one way or TO
the other if ii turns out the other way.
1t is not possible therefore, TO say that
a contract Of sale is turned into a con-
tract Of gaming merely because the time
for executing the contract is deferred TO
some period in the future. 1t still re-
mains a contract of sale.
No doubt. the transactions of some
men in futures" are. as far as they are
concerned. mere gambling. They know
nothing Of the facts OF the case which
would be necessary TO enable man 10
form a sound judgment on the matter.
They have no business interest TO
subserve. and they merely buy and sell
at random. Now. because such men avail
themselves of these methods of legiu-
mate trade 10 take the risks OF gam
bier, perfect liberty in making contracts
OF sale is not 10 be interfered with. al
though reckless and foolish men choose
TO make them without judgment and
bring ruin upon themselves.