The Aberdeen weekly. [volume] (Aberdeen, Miss.) 1878-1933, 1906-08-03
Bucket Shops Worse than Bar
Rooms.
by John j. Mcdonald. Aberdeen Miss in Sa
vannah Cotton Trade Journal)

by John j. Mcdonald. Aberdeen, Miss in Sa-
vannah Cotton Trade Journal)
We have been in the cotton trade for many
years. and are familiar with all the ups and
downs and yicissitudes of the business 1t is
plain to any observer that changes in methods
Of handling the business have been so violent
that business bears but few ear marks Of its orig
inal and simple form.
That hedges are necessity is obvious and
formerly futures were useful for that purpose. be-
cause they were governed by more legitimate
conditions than now exist.
The abuses of the Futures dealing have as
sumed such stumendous magnitude of recent
years that legitimate dealers in spot cotton with
ample and intelligence. feel as helpless as
the weakling. Hence the dealer. producer and
manufacturer. all seeking relief from power
OF the manipulation Of values
States have been appealed to for Legislative
enactments curtailing or abolishing the trading
in futures. All OF these efforts have been failures
on account Of stupidity. or perfdy of our lawma-
kers. Much Of the opposition has come from the |
influence of Future Brokers, and much from per-
sons who have been lucky gamblers and want
the system perpetuated. Some from those who
had lost their money and wanted the business to
continue so they could stand the chance to win
back their losses.
We have watched these efforts and have OBJ
served the arguments as applied to the common
law of right carefully, and have come to the
conclusion that the whole question has been at
tackled from the wrong side.
We think the question must of necessity be
handled under the same law. and in the same
manner as whiskey. That is by enacting a law
prohibiting dealing in futures in the state just
the same the law prohibiting dealing in whis-
H. a
ton of the right OF a citizen deal in futures in
other States il he chose to do so. under the same
principle that you cannot make law that viii
prevent man from buying whskey in an ad-
joining State and having it shipped to himself in
his own State for his own use
1t is obvious that the present evils of the fu-
lures business is the direct result OF the private
wire system. which has induced thousands OF
bucket-shops. and socalled Exchanges to open
up throughout the United States, and more es-
peciaIly in the South. These exchanges are the
rendezvous for thousands of men of all classes
who have desire to speculate They are having
the same moral effect upon the minds of men as
a bar-room, and influence none the less intoxioa-
ting.
Previous to the advent of the private wires
when all who desired to speculate had to use the
Public wires" there was very much less specu-
lation. because it not only announcement but
thousands of men both young and old were ig-
norant of the methods. In fact knew nothing of
speculation except from hearsay, and the field of
speculation to them 5 unexplored coun-
try. But the private wire comes along then an
exchange or bucket shop is opened up right I'M
der their noses the managers of such institu-
tions make it part OF their business to Explain
how il is DONE AS the case stands we are coun-
tenancing a class Of business that is producing
as many paupers as the open saloon, hence if the
people want the evil stopped, don't mix the
question up with the question of rights. Make a
law to prohibit the bucket-shop. and the Elk
change" like places for dealing in futures.
Let a man trade in New York or New Orleans if
he has the facilities, but stop him from conduct
ing his business in open shop in Georgia. This
will reduce the evil to the minimum. win re-
move from very doors a line of business that
is demoralizing our young well as the old.
You cannot prevent birds from flying over
your head. but you can prevent them from build
ing nests in your hair. Neither can you prevent
men gambling. or drinking whiskey, or eating
opium, but you can stop the open traffic in such
goods and thereby minimize its baneful influence
upon the morals of the people. the menace and
hazard to our commercial interests
The Future Brokers of New York and New Or
leans possess millions of money, all made off the
Southern Sucker Spectator and if the question
comes up in the legislature it is safe to say that
they viii have some Of the most influential de
bators to champion their side of the question.
and try by a sleight of hand movement to make
the people believe that vice is in reality virtue,
OF rare beauty recently discovered.