The commercial. (Union City, Tenn.) 190?-193?, 1907-01-11
WHERE THE MONEY GOES.

the Nashville Credit Mems AsSo'
citation, inclosing copy of bill
passed by the Georgia Legislature
last year, prohibiting the opera
ton of bucket shops and trading
on margins in that State, and in
forming US that a similar bill will
be introduced at the present term
of the Tennessee Legislature. The
letter adds that, From this source
there goes annually out of the
South twenty five million dollars.
The patrons of such concerns are
secretive about their indulgence in
the practice of gambling, SO that
the evil is insidious in the ex-
IRENE. The practice begets ex-
travagance and therefore failure;
it brings about incompetency be-
cause the speculator is more in
terested in his speculations than
in his legitimate business, and in
competency is the chief reason for
failures"
This Is all very good, nut there
is provision ia the Georgia
Boykin bill THAT nothing con-
tanned therein shall be construed
to apply to transactions by mail or
wire between persons in this
State, and persons outside this
State, were the person outside this
State is not represented iE this
State by any broker, agent or at
torney in said transaction"
A bill Of this kind is, however,
calculated to eliminate the broker
age business as it pertains to deal
ing in futures in the State where
it is a law, and it should be law
in every State In the United |
States.
1t looks like every big financial
scheme in this country to graft"
money, political or speculative,
tends to draw our money toward
the Northern centers. Take, for
instance, the pension grab. The
money is distributed mainly north
of the Mason and Dixon line.
The appropriations from the Ma
tional Treasury 90 to the North in
amounts exceeding largely an
equal prorata for public improve
ments. This is the political side
of the question, but it is not in
anywise the most important. Pri-
vate graft is much greater, and
first of all is the custom of dealing
in futures-in other words,
gambling. No use niincing words
in calling proper names. Yes;
not many of us who have not
tried it. Gambling jlst the same.
Wall Street first bled the country
with its multitude of brokers and
bucket shops lowering around the
Exchange, like flies in molasses
barrel. Then Chicago opened her
grain pit and set up a rival insti-
tuition with its swarm of Office and
curb dealers or brokers. These
are the correspondents to which
the little bucket shops and bro
kers throughout the country pay
tribute, and it is costly game.
The pay comes from the public
and that portion of the public
which is in the South never sees
cent in return. The money goes
to the brokers in New York and
Chicago, and from them to the
channels of Northern trade.
What nextg Everybody knows
what the insurance graft is, and
this big drain is almost exclusively
in the North. Practically no in
surance revenue goes to the South,
and the premiums are SO ample
that officers and directors are kept
in princely style, while the politi-
cal party which succors the opu-
lence is kept in Office and power
with insurance revenue. 1t is said 4
that small item of expense
in life insurance is the one of pay
ment of policies. Is that graftl {
But returning to the bucket shop
industry. the Nashville Credit |
Mems Association have estimated !
that twenty-five millions of South (
arm money O O annually to L