St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1903-12-23


the most profitable business on earth,
and market speculation and horse rae
ing are the only forms not under the
ban. As a rule, the wealthy horse
owner is prominently identified with
Wall street The connection between
the two professions is not accident.
These men have discovered that the
surest way to wealth is by catering to
that common instinct which leads most
men to risk more than they can afford
in gambling transaction.
'The man who bets on the races
should realize that he is called on to
support in comfort or luxury an army
of horse owners, bookmakers, 'touts,
trainers and others who make their liv-
ing on the race tracks. The man who
bets pays 80 per cent Of all these bills.
In the same way and for the same rea-
son the men and women who dabble
in stocks or in grain, cotton and other
mediums of speculation pay all of the
expenses and pile up all of the profits
which pour into the pockets Of the
owners of the game. The commissions
wrung from those who put up margins
on stocks and the losses sustained by
that credulous mass called the public
have paid for the hundreds of palatial
office buildings which are massed
around the new Stock Exchange. The
commissions on the pretended purchase
and sale of stocks, the rake Off which
goes into the kitty is sufficient to
have made hundreds of men more than
millionaires. You pick up your paper
and read that the sale of stocks on a
certain day amounted to a. total of
100000 shares. Do you know what
that means? 1t means that $250,00O
has been paid over to stockholders
as the commission for one days gam
bling. This is only one item. The in
terest charges will amount to $150,O0O
more Then there are the dealings in
bonds, grain cotton, mines, coffee and
other systems Of tempting fortune. In
addition to New York there are similar
exchanges in Chicago, Boston, Phila-
delphia, Baltimore, New Orleans, Pitts
burg, st. Louis, San Francisco and
smaller ones elsewhere. Bucket shops
struggle for the patronage of those who
cannot rake or scrape enough together
to play against the regular game. 1t is
conservative to estimate that the Amer
| lean gambling public pays over to bro
kers and other agents of legalized
speculation a sum of money exceeding
81 100000 day, or more than $780,
100000 during year"
at seems almost incredible" exclaim-
ed Judge Sawyer.
at is not when you pause to study
the facts" continued the colonel.
"There are employed in and around
Wall street not fewer than 10000 men
and women. Those who gamble in
stocks pay all of the wages of this vast
army. They also pay the rental of the
Offices. They pay for millions OF tele-
grams and cable messages. They pay
for stationery, advertising, insurance
taxes and other items. They pile up in
comes for the brokers ranging from
$4,000 to $250,000 year. They pay
for automobiles, opera boxes, countr.
estates, steam yachts, polo ponies, gol
links, Partisan gowns and the ten thou
, sand luxuries and eXcesses at the com
mand of money easily obtained. Thre
hundred millions is a vast sum of mon
ey, but it is not in excess OF the amour
levied against the public and diverte
! 1 to, those who profit by the gambling II
: stinets which have, been cultivated |
:, our people"
= "What remedy do you suggest
asked Judge Sawyer. "It seems to n
that most persons. of influence do n
= look on speculation as a serious mena
!. either financially or morally"
!, "They do not" agreed Colonel Mo
- roe. "Most persons Of influence, as "
II characterize them, are likely to be
a nient with any system or Institute
which taps the money supply OF tn
+, great mass which seems to have as
>. tie sense as it does influence. Sto
gambling will be suppressed when
- ceases to be esteemed respectable
y, those who have influence, and that W
- be when they realize that they are
"A ing money by it directly or indirect
- That day is not far distant W
- street developed from its original flu
- ton, which was TO facilitate the leg
no mate purchase and sale Of stocks a
- securities. into ii vortex of speculat
49, gambling. 1t is now in process
,s change into new and more dangers
- FORM that of conspiracies for the
81 tablishment Of fictitious values. I'm
No our system of money and of bank
the success OF one of these crimi
,s plots may result in widespread dis
W. ter. When this happens, and it \
happen. there will be a movem
sod against the gamblers and conspirat
90 which will forever put an end to a
-, tenn which is now looked upon v
In complacent curiosity by millions
.od we'll to do American citizens who
,,,. Their gamble nor profit by gambling.
mo II think that Amalgamated VIII
, . bone common is a good purchase nc
tho said Postmaster jenkins. Don't
NV colonel? 1t can't go any lower. Do
~ think so, colonel?"
are "How low is it?' asked Colonel \
Of roe.
ks. "It's down to q and pays a
ing cent dividend" declared jenkins.
ned surely cannot go any lower"