Evening star., 1909-01-10

tHIHs 10 Oe ueait Win is not buSilesS S.s-
TENS or methods, but human nature. AS
long as human nature remains what it Is,
and l do not see any signs of q radical
change in it in the near future. men will
risk their money, their regulations their
business. and their souls. if they have
any, in the hope of getting something for
nothing. At least that is their hope when
they enter the game.
1T Is so easy to put up a few thousand
dollars with broker IN grain. cotton or
stocks. to give an order and have it exc
cuted. 1t can all be done I'm five or ten
minutes and you are on the way TO for
tune. Yes, and you are just as likely, In
TACT more likely. to be on the road to the
poorhouse or the penitentiary. This nat
ural tendency, which has been manifested
by the human race ever since the time of
Adam. cannot be legislated out of exist
ence, nor can Congress or the state leeis-
lature elevate human nature TO higher
level We have got to avail ourselves OF
the only way that is open. namely to
make gambling unpopular and unprofit-
able
Punishment Follows Speculation.
Nobody realizes the awful consequences
of stock gambling so well as the men who
spend their lives here on the street" con-
tinued my friend ''The politicians and
the moralists. the writer's on crime and
political economy only know the evils OF
speculation by hearsay. while we come in
contact with them personally every day.
The man that goes into the game and
makes business of specializing can
count upon it that his punishment is sure
10 oNertake him: perhaps not at once. and
possibly he may be one OF the mighty few
that escape. sometimes because he has the
Will power to check his avarice after a
period of success: that is. if he has the
sense to know when he has enough. A
lew others also have sense enough to
Know When they have got enough in the
mater OF losses. / have one or two re-
formed ticker fiends' as they are called,
out only one or two. among my acquaint-
ances. On the other hand / can personal
~ recall scores OF able and sue, essful men
III all walks of life who have gone down
to the gutter. to disgrace and to suicide
from their own insatiate desire to bes t
the market. They were victims of their
own lack of common sense and other pao-
pies tips.
Not Easy to Check Evil.
Zone of the most important questions
before the country today is how TO stop
this drain upon manhood and the industry
OF the nation. The problem is not easy of
solution. and the trouble is not with es-
taohshed markets and exchanges. They
are all legally organized and regularly
conducted on the experience of sener-
anons, IN response to the evolution OF
business. They protect business as we'll
as provide facilities for the transactions.
and stand upon substantial foundations
or commercial and personal inteerity.'
1t has been expected that President
roosevelt would undertake a crusade on
wall street, and many people are sur
prised that he has not done so. 1t has
been known for long time that Gov
Hughes has been considering the matter
he thought 1t was unwise to attempt any
thing last year for fear the agitation
might retard the recovery of normal con-
dit1ons. He has been afraid that what
ever he might do would have bad effect
upon the market, but now that normal
conditions have returned and pros
perity is firmly established again, he has
selected able representatives of various
interests to make a calm and quiet in
quiry and report to him what, in the.r
judgment. can be done by the legislature
Of New York to restrict speculation and
prevent the recurrence of such a panic as
we had in the fall of 1907. The commits
sion selected represents The practical
banking element. the commercial inter-
ests, and includes the ablest theoretical
financiers and political economists with n
reach. Whatever they may recommend
Will command universal attention.
Personnel of Commission.
ace White. formerly editor of the Chicago
Tribune, and afterward editor-in-cl chief of
the New York Evening Post. Mr. White
has been a profound student of finance
and commerce, and has written a great
deal concerning money and banking.
which has caused him to be recognized
as high authority.
The secretary of the commission is
Maurice Louis Muhleman. a native of
Alton. Ill.,. graduate of Columbia Uni
versity Law School, formerly clerk in
the United States Treasury at Washing
ton. and one Of the first appointed under
competitive examinations in 1872. He wa
promoted from time to time until he be-
came deputy assistant treasurer at New
York. Mr.. Muhleman has been prolific
writer upon monetary subjects, and has
gained fame and public confidence as a
financial statistician. He is the editor of
Money, financial magazine.
Knows All About Present System.
Willard V. King, president of the Co.
lumbia Trust Company. was brought up
in Wall street and knows everything that
can be known concerning the methods
the customs. the strength and the weak
ness Of the present systems of trading in
the several exchanges. He is regarded
as a cool-headed, practical. Unconditional
man of excellent judgment, and the gov
ernor could not have selected a repre-
sentative of 1.-The street who would COM
mand greater confidence.
David Leventritt has been special coun-
sci for large banking interests in New
York city ever since he was admitted to
the bar in 1871. He was born in South
Carolina in 1915. educated in the public
schools and graduated from the law de-
partment of the University of the City OF
New York, He is democrat in politics
and was elected justice of the supreme
court of the state on that ticket. His
term will not expire until 1912. Judge
Leventritt is considered high authority
upon all legal questions involved in specu-
lation.
Eminent Authorities
T.. r. \. Seligman is professor of politi-
cal economy in Columbia University a
graduate OF that institution, with degrees
from the universities of Berlin. Heidel-
berg. Geneva and Paris. He is member
of many learned societies in Europe and
America and a high aut horitv upOn So