The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-20

evil of the thing is SO generally under
stood and universally condemned that
the President of the United States in
special message on January 81. 1908.
urs ed Congress 10 take some measure
I TO prevent this grosser form OF gamh-
ling in securities or commodities The
| President said Of transactions such
as Mr.. swanson precisely describes and
to a participation in which he con
fesses: Legitimate purchases Of com
moditics and of stocks and securities
for Investment have no connection
whatever with purchases of stocks or
other securities or commodities on a
margin for speculative and gambling
purposes.
There is no moral difference be-
tween gambling at cards or In lot
teries or on the race-track and gamb-
ling in the stock market one method
is Just as pcrnicious to the body po-
| little as the other kind, and in degree
the evil worked is far greater. II At
is possible TO devise way to deal
with 1t, the effort should be made,
even il only in a cautious and tenta-
tive way. II would seem that the Fed
| eral government could a least act by
forbidding she use of the mails. tele-
graph and telephone wires for mere
gambling in stocks
Doesn't Agree With Taft.
Mr.. Swanson does not agree with
the President of the United States:
and. IS a Senator of Virginia In the
| Congress, could not be relied upon TO
vote to extirpate the evil OF stock
| gambling. The President In his mes
sage above quoted had reference to
| the stock speculations OF the private
| citizen: and his view so different from
| Mr.. Swanson's expresses the almost
universal moral sentiment OF the coun-
try. My criticism Ia not OF private
business transactions. On the con-
| trary. It is directly responsive to the
| boast of my competitors literary bu-
, reau that he had. as n member OF Con-
gress. aided the Independent tobacco
! manufacturers of the country and the
| tobacco planters of the country 1t
! was my right 10 show, as I have
/ shown, that Mr.. Swanson could not
| have been very hostile to the Ameri-
| can Tobacco Trust, as he held large
, block OF the company's stock while a
member OF the Ways and Mems Com
J mittee of Congress
/ at identified him with the American
; Tobacco Company as Legitimate
stockholder; but he gives his relation
to the company as that OF a mere
| stock Spectator, which is infinitely
worse: for in the latter posture there
was every incentive that avarice might
invent 20 legislate in favor OF the
trust IN order to advance its securi-
ties and realize a quick profit. Mr..
| Swanson does not by his technical
/ plea, escape the force OF the charge
that he was n business partner of the
American Tobacco Company while a
\ member of the Ways and Means Com
mittee of Congress. He but accentu-
ates his culpability and the odium OF
ii by his confession OF a practice con-
demncd by the criminal code of mis-
own state. and of the United States
and. as have shown. bitterly depre-
Gated by the President in a special
message to Congress.
His Amazing Contention.
81 will not discuss Mr.. Swanson.
utterly preposterous assertion that iii
took gambling transactions while 6
member of the Ways and Means Com
mittce OF Congress were perfect,
Legitimate trade TRANSACTIONS an,
that there was not the slightest I'm
proprieiy in IT," There was not
single element OF tho Legitimate trad
transaction" about 1t. and there wa
NOT a single element of absolute I'm
propriety lacking. l assume the peo
Pile OF Virginia know this to be true
II any possible doubt exists on tn
subject. 1t should be dspelled by tn
assertion, which / here make fror
personal knowledge. that MFR. Swanson
would hnd II impossible to get fror
q single member Of the Ways an