The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-02-05
SCHOOL FOR THIEVES.
Bryan Declares Wall Street Has Fagtn
Beaten a Mile.

| New York. Feb. 5.-Taking the
eighth commandment as his text VIII
liam J. Bryan pointed out to the civic
| forum last night the possibility of
larceny in violation of the law and
what he said was of still greater i'm
portance-larceny through the opera
ton of the law.
Carnegie hall was filled by an audi
ence representative of business and
the professions and in which was re-
fected the various shades of public
opinion. Edward NJ Shepard in
troduced Mr.. Bryan, who was received
with spirited handclapping, the ap-
plause being frequently renewed dur
ing the course of his address. Much
OF Mr.. Bryan'S address was repeti-
ton of his oft-expressed view as to
defects in administration OF the law.
He was severe in his criticism of stock
speculation, saying:
''Will l be entering upon forbidden
ground If I question the moral charac-
ter of those financial transactions
which have resulted in the issuing of
watered' stock and fictitious capitaliza-
ton? 1 hope 1 shall not be Thought
guilty of impropriety in suggesting
that the commandments which are
binding upon the rest of the world
ought not to be suspended in the
region of Wall street. If we were able
TO make an exact calculation of the
amount OF money taken from an un-
suspecting public each year by the is
sue of stocks and bonds known to be
worth less than the amount for which
they are sold. we would probably find
that the total amount of money stolen
in this way is larger than the amount
stolen In single year by all Of the
criminals who have been sent to the
penitentiary during the year for petit
larceny or grand larceny.
Even in the fixing of rates (not to
speak of Determinations and rebates)
railroads and franchise holding cor
porations may be guilty of an extor-
ton bordering on theft. These quasi
public corporations are under obliga-
tions to furnish an adequate service at
seasonable rate and anything in ex-
cess of a reasonabie rate is simply
taken without right from those who
are the victims of the extortion.
Gambling is one of the worst of
vices and gambling in stocks and in
farm products is the most destruc-
tive form in which the vice appears.
Measured my the number of sui
cides caused by the New York stock
exchange Monte Carlo is an innocent
pleasure resort by comparison.
Measured by the amount of money
greater in favor of Monte Carlo; and
measured by the influence upon those
who do not gamble. the results of
Monte Carlo are Insignificant when
compared with the evils of New York
commercial gambling houses. The
New York stock exchange has gradu
ated more embezzlers than Fagin's
school did thieves. The natural laws
of supply and demand ought to regu-
late prices but these laws are entirely
suspended when few men can by
their bets adds millions of dollars to
the market value of one product or
take Millions of dollars from the value
of another product. The men in
charge of the Louisiana lottery never
did a third of the harm that the
grain gamblers and the stock gam
blers of New York do every day, nor
did they ever exercise anything like
the corrupt influences over politics. 1t
has been asserted without denial that |
80 per cent of the New York pur-
chases and sales of stock and Of prod |
uct are merely bets upon the market |
made with no intention on the part of |
the vendor to deliver on the part Of |
the purchaser to receive. This Is not |
business; it is not commerce; it is not |
speculation; it is common, vulgar |
gambling and when to the ordinary |
speculation; it is common, vulgar |
and when to the ordinary |
chances that the gambler takes are |
added the extra ordinary chances due |
to the secret manipulation of the |
by those who are on the in |
side the stock market becomes worse |
than an honestly conducted gambling |
1,.f