The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1904-01-27
Gambling or Speculation ?

Gambling or Speculation
DEFY. Pressly has published In the AS
soclate Reformed Presbyterian An able article
on the prevailing habit of gambling in cot
ton futures which obtainsi In Alaska.
The Doctor thinks that the buying ofcotton
futures is gambling, pure and simple. There
are some things we do not know, (the future
price of cotton for instance.) and to decide
whether the buying of any commodity is
gambling or is sin, is beyond the power OF
our discernment. IF they knew the future
price the people would risk the sin.
II be sinful to buy and TO hold an article
In hope OF q future higher price, we do not
see how the same rule would not apply 10 the
man who holds his own product in the same
hope.
On the same ground that speculation is
wrong and therefore sinful, 1t may be alleged
that 1t is Of doubtful expediency TO invest In
any enterprise, when the possibilities Of loss
are present.
There is almost nothing that can be counted
as safe, except Abbeville school bonds, and
they may be stolen from US while we sleep, Oh
when we are on a journey. In that event II
thieves should get the Doctors bonds, he
Press and Banner at Sl20-the S2) being rise in
market value to his profit and showing the
Doctors superior judgment in buying the
bonds. The Press and Banner was not sagac-
ious enough TO buy, when they were al
par. THIS newspaper bought shop bonds al
par instead OF buying School bonds at theil
face value. The shop bonds were exchanged
for almost any old price, some as low as Z;
cents on the dollar, and we would now buy
school bonds at a good premium.
There is no doubt that 1t Is sinful TO reck
lessly waste estates, whereby ourselves ol
our families are brought to want. There Is
no division of sentiment on this point
There can be no doubt as the sinfu Iness and
the decentralization OF gambling. Gambling
may properly be classed as one Of the Creates
evils. 1t is worse than drunkenness. Not one
gambler in q thousand succeeds in saving
money.
Now, about holding cotton, or buying 1t tt
sell again. Ii that gambling? Reduced Il
the last analysis II looks little that way
but whether sinful or not, the result is gen.
orally disastrous to, the speculator, or gam
bier, If you will.
who sold his prospective cotton crop at
cents, but didn't make it, and then had 't
buy it at 10 l.2 cents? Did he commit a sin
or d i'd he simply do foolish thing?
What did the farmer do who hauled hi.
crop to market in October. November or De-
cember, and sold 1t at from to 10 cents, Of
from 10 to - cents, when it ia worth now IL
January, more than Is cents? Did they spec
ulate or gamble in selling at then low prices
or did the man.who held his cotton commit
sin?
To draw the line where purity leaves of
and where sin begins is difficult problem
for the layman.
AS a layman, without reference TO any
question Of gambling or slniulness, this ne We
paper believes speculation (or gambling. i
you willy is extremely hazardous. In the
commercial world 1t is almost as injurious lC
ones credit as gambling at cards or dice OF
horse racing. If we are rightly impressed
money lenders, or banking Institutions, are
doubly cautious in dealing with gamblers OF
pIungers. Dealers In cotton futures do them
selves great injustice in breaking down the
stability of their credit.
IfDr. Pressly would urge the danger that is
present, and the evil that Is almost sure tC
come sooner or later, TO every speculator II
cotton, he would do good in proportion TO his
restraining influence. 1t is needless TO argue
the sinfulness Of speculation, or gambling In
cotton. The fear OF material injury or loss o.
property and credit Is more potent than any
argument about the sinfulness Of buying ol
selling cotton. For instance: 1t would he
hard TO convince any one that 1t Is a sin tc
buy cotton. 1t is the danger in doing SO, thai
should deter us from going into the quick
sands.
As matter of fact, few of US would hesitate
TO buy cotton today at Is cen ts-if we only
knew for a certainty that 1t would 60 TO 2;
cents, as predicted last Monday By MIR. r. M
Hill. And it would be hard for the best man
In the world to convince the speculator or the
gambler of the sinfulness Of buying, and tina,
1t was his duty to refuse the profit.
1t ia the danger and not the sin that will
restrain us.
This editor sold his prospective twelve bale
crop at 8 cents. Anybody can figure out the
loss. Mr.. Joe Nance bought 100 bales at about
9 40. Anybody can figure his gain.
AS t. the result: The editor was taught 0
severe lesson. Mr.. Nance has made big pile
OF money. The effect on the editor is. thai
his first speculation on dozen bales will dc
him. But how about Mr.. nance II he is moi
very careful, his $3.50 of profit will turn his
head 30 that he will see visions by day and
oy night, and that be will try the same e1.
pertinent again, when the scales or the prices
may go the other way.
No, Doctor, you cannot restrain men BY
declarations of sin. The danger is the thing
for you 10 present.