The Jimplecute. (Jefferson, Tex.) 18??-1907, 1906-08-18
FUTURE GAMBLERS.

Taken from The Cotton journal, Ate
lanta, Ga. Aug. 2,
The American and English Encyclo-
pedia of Law, which is regarded as one
of the highest authorities under the
title of Gambling" makes this refer
ence to future speculation: THE COM
monest form of disguised gambling in
modern life is contract for the pur-
chase or sale of products in the future
without the intention on the part of
either party to deliver or receive such
property, the mutual intention being to
settle the contract at the period of ma
turity thereof by paying or receiving
the difference between the market price
of the property bargained for"
Now, listen to this from the latest de-
cision of the Supreme Court of Georgia,
Mile & Co. vs.. Shropshire:
ut is undoubtedly within the pro-
vince of the General Assembly to divide
those who hazard their money upon
chance into two distinct classes, one to
be known as gamblers and the others
as 'financiers.' 1t may not be equally
apparent that the interests of the COM
monwealth are best conserved by send
ing the gamester to the chain-gang, and
licensing the professional speculator to
open place of business and invite the
public at large to call upon them and
place their bets upon the probable rise
and fall in the stock market. But be
this as it may, the General Assembly
has adopted and for many years has
pursued this denifite business policy.
and we cannot defeat it. This, however,
does not mean that this court will lend
it's aid to the collection of any debts
growing out of such transaction"
Now, listen to this from the Supreme
Court of Georgia, in Cunningham vs..
National Bank of Augusta,-7l Ga.4O3,
"But what is the transaction termed
futures? 1t is this: One person says L
will sell you cotton at a certain time in
the future for a certain price; you agree
to pay that price, knowing that the per-
son you deal with has no cotton to de-
, liver at the time, but with the under
standing that when the time arrives for
delivery you are to pay him the differ.
erence between the market value of that
cotton and the price you agreed to pay,
, if cotton declines, and if cotton advanc-
es, he is to pay you the difference be.
tween what you promised to give and
the advanced market price. If this is
. not speculation on chances, wager.
ing and betting between parties, then
we are unable to understand the trans
action. A betting on a game of faro,
brag, or poker, cannot be more hazard
. Gus, dangerous or uncertain. Indeed
it may be said that these animals are
: tame, gentle and submissive, compared
to this monster. The law has caget
+, them, and driven them to their dens
they have been outlawed, while thi
! ferocious beast has been allowed tt
stalk about in open midday. witt
ail4aas aRad aaYe It Ies mt
brace of death and destruction. Wha
are some of the consequences of thes,
speculations on 'futures?' The faithful
= chronicles of the day have informed us
g as growing directly out of these nefar
ious practices, that there have beer
bankruptcies, defalcations of public of
ficers, entertainments. forgeries. lar
I cenies and death. Certainly no one
will contend for one moment, that 6
transaction fraught with snch evil con
contrary to public policy"
t ! /
A bucket shop is place where the
plebe can gamble. A produce or cotton
exchange is where the plutocrats car
> gamble. See any difference between the
gamblers, be they rich or poor?
Let the legislature pass law abol
: ishing bucket shops, cotton future ex.
. changes, produce and all other kinds OF
speculative devices, They are all gamb.
ling dens, pure and simple. III azelhurst
] News.
nIra H.. INII,a 49, o.. S,I.I-.a. !.