The Hawaiian gazette., 1899-04-11
WHAT Is GAMBLiNG?

Gambling and specializing are
erms In common use, but when called
upon to define these words, men widely |
disagree. The reason Is, that the
words are used in both a good and a
bad sense. and more than that. there |
are few business operations that do |
not include some Of the risks that are |
the main features Of gambling and |
speculation Every merchant, upon |
ne definition Of speculation, Is a spccu- |
ator. He may 20 beyond what are
called reasonable limits in business, |
and his brother merchants will call
him a gambler. so it is in dealing
with stocks or with lands VIVA. would
be called by intelligent. prudent men
a mere wild speculation, or gamble
in stocks under one condition, would |
be- called most conservative and |
auddb'c enterprise under another con-
IditiOn. When man with limited F!
means bought Hawaiian commercial, |
several years ago, at the time il was
rugged" on the stock exchange, and
its affairs were secretly managed and
Imismanaged, he would b" called by
many stock gambler; especially 50
when he los his money as many did. |
But when several men, with accu-
rate knowledge Of the condition of that
Icompanys property, backed with a !
| thorough experience ia the manage
| meut OF sugar plantations. bought the
controlling interest in It's stock, pru-
dent men would not call it a stock
gamble, bu, a brilliant and most COM
was and Is q risk involved in the Oper-
alton. Of the kind connected with any
Speculative OpcratiOn that Is, more or
less ignorance Of the future course Of
events. \ man who buys land on the
prairie because he feels" that a city
ought to spring up at once on the spot,
lis land Spectator. while anoth-
er man VINO buys the same land, on
a small margin. is not land specula-
tor, because he Is the brother of the
president Of a railway company, and
has certain knowledge that the track
| will run through the land. The man
who ventures his money on guesses,
and vague opinions OF the future of
stock values. is merely a stock gamb-
er, while the man who, through az
Quaintance or otherwise, has reason
able knowledge of underlying facts
which govern and viii govern the mar
ket Is not a stock gambler. 1t may
be said here that no man who ever
wrecked his fortune and his life in
Expectations in good mines, patents,
Hands. or stocks ever admitted that
he was a speculator or gambler. He
Invariably and honestly believed that
he acted upon sufficient" information.
So do the great majority Of men who
be, on horse racing, and at the faro
IhInk
What then Is the definition OF gamb-
Hing or speculation? Is it not the risk
ling OF money on the happening Of GER
tain events in the future, the happen
ling Of which events the common eX-
Ipnrlcnce Of mankind declares to be
more uncertain than the happening Of
.othcr events, which the common eX-
Ipnrionrcs regard as probable and there
fore permit and justify a risk? Here
'again, where the conditions are rela-
live, the difficulty OF making dcdnl-
ion appears
lie who invests his money upon the
risk Of sufficient fall of rain upon
The cane crop during the year 1899. Is
not a gambler but II he would risk his
money on a fall of rain on the i,h Of
July. 1899. he would be a gambler. In
1.-The one case he has the knowledge Of
q general experience, although the
ain may not fall during the entire
season, In the other case, there Is
mo general course OF events which
IjustiAcs him in taking the risk on a
certain event happening n a certain
DAY. Gold mining, conducted In GER
Iuin well known ways Is a legitimate
business But when It Is known that
hardly one man ont Of 5000 men who
spend their lives searching for gold
mines, hnds @ valuable one, the busI-
ness becomes a gamble or mere specu-
.hIIon.
The whole question Is many sided.
las practical question II Is difficult 20
draw The line between gambllng u al
kinds and legitimate business, because,
10 Il has been shown, the element OF