Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-02-07
President Roosevelt on Bucket Shop
eambling.

sage to Congress, President Roosevelt
makes specific reference TO the evils Of
bucket shop gambling and suggests that
the use Of the mails and the interstate
telegraph lines be denied to such gamb-
ling operators. At the same time he
warns Congress to be very careful in
framing a law on the subject in order
that the useful and legitimate function
Of the properly conducted exchanges
be not injured or impaired. he points
OUT that the great bulk of the business
transacted on the exchanges is not only
legitimate, but is necessary to the
working of our modern industrial sys-
TEN. and "extrems care would have to
be taken not to interfere with this bu-
siaess."
The Presidents views are of peculiar
interest to the people Of Mississippi,
Oklahoma and Louisiana. In Mlssis-
sippi efforts are now being made to
secure the enactment of the Boddie
anti-fnture trading bill which. while
driving QUO the bucket shops, also pro-
hibits In one way or another the buy
ing and selling of cotton for future de-
livery, the hedging of Legitimate busi-
ness by producers, merchants and con-
sumers and attacks in vital points tire
contract trading system maintained
and super vised by the New Orleans
Cotton Exchange The Boddie bill does
not come within the scope Of good Leg
islation as outlined by she President.
In.Oklahomp, The Durant Ianti-buck--
ct bill low, apparently, IN fair way
to become law. II drives bucket
shops out, but protects the legitimate
cotton trader and the system of Great
ing a market in advance for cotson
through the facilities offered by the fu-
tufe market. The Durant bill comes
within the scope OF gopd legislation as
outlined by President Roosevelt.
In louisiana, Col. Marston and 9TH
er advocates If extreme measures an
nouncc their intention to urge the
passage of prohibitiSe laws directed
against the New Orleans Cotton Ex-
change despite the fact that cotton
values as quoted Dy the New Orleans
Cotton Exchange are higher than those
of either New York.or Liverpool.
Some fifteen Or tweaty anti-oprion.
anti-future trading and. anti. bucket
shop b.ls are now pending'before Con-
gress.
On this subject President Roosevelt
said: II do not know whether it is pos
sible. but if possible. 1t is certainly de-
sirable, that in connection with meas
ures to restrain stock watering and
overcapitalization, there should be
some measures taken to prevent ut
Least the grosser forms of gambling in
securities and commodities such as
making large sales OF what men do not
| possess aud 'cornering' the maI ket.
Legitimate purchases of. commodi-
ties Of stocks and securities for invest
ment have no connection whatever
with purchases OF stocks or other Sc
lcurities or commodities ON = margin
for speculative and gamblingspurposes.
There is no moral difference between
gambling at cards or In lotteries or on
1.-The race track and gambling in the.
| stock market. One method To- Just as
pernicious to the body polite as the
other In Kind. and in degree the evil
worked is far greater. But it is . far
more difficult subject with which to
deal. The great bulk of the business
transacted on the exchanges ID not only
Legitimate. but 10 necessary to the
working OF our modern industrial sys-
TEN, and extreme care would have to
be taken not to interfere with this bu-
siness in doing away with the bucket
shop type of operation. We should
tstudy the successes and. the failures Of
foreign Legislators who, notably In Ger
many, have wcsked along this line. so
as not to do anything harmful. More
over. there Is a special difficulty In
dealing with this matter by the Federal
Government In Federal Republic like
ours. But II it Is possible to devise n
way to deal with-it the eFort should be
made, even II only In cautions and
tentative way. It would seem that the
Federal Governments could at least act
by forbidaing the use Of the mails, tel
egraph and telephone wires for mere
gambling IN stocks and futures, just ~
1t dOes infl0ttery transactions"
Get ready for the big CLEAR
ANCE SALE at BAKERS, FEB.