The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-04

one man 70 another? Is such a transaction
properly denomnaed as gambling? This
peculiar characteristic of such transactions is
that they do not deal with actual, but with
fictitious values They like cotton and
grain futures The crops of cotton and corn
may be sold on the stock market ten times
over In a season. and not Il single bale or
bushel pass through the hands Of the purchas
er. 1t is not, therefore. dealing in values upon
which the real bushes of the country is bas-
cd. II is, strictly speaking dealing in moth
ing but the speculative opinions or estimates
Of various persons.
The rrptni0n is well aware that there are
many men az very high standing in the
business life Of the nation, and men prominent
in benevolent and religious matters who hold
that such transactions entirely proper anu
legitimate. 1t is frankly admitted that the
sentiment OF the country has ne up to the
present time condemned such transactions
With sufficient unaninity TO prohibit them
absolutely by law. Notwithstanding this fact,
The Ftrfinean believes that such transactions
are not beneficial 10 the business. social. moral,
or religious Hfe of the nation. or OF the in
u '0eat anu eNe ieSuit % S"en Il @i'Ss'e'ohs
" " '''' 'e90 % "''es'0 '''ueS' "'eeAsH tepo-
N"e-'''' H'''' "''' 'o''''AaeS 0''
e'"S0 'V''0'" "' '"'''"7 '' '"'i''s '""'N
well afford 10 dispense with Wall Street and
The stocks exchanges OF the various cities. ex-
cept insofar they the medium through
""'~" '' A'4A'n y" ''o '''ua' TRANSFER VI
Frau Ind
s'o'" 'at"e' ifoH que inalS 'uda' u anotheT'
t""eeo' * "ou'" "e '8F os'teF LOT us as e.
p7opi'' !" e'is opportunity '0' tue oo'H'@''o"
eA" ti' i"it'estAtloh % tHe sp"oola'Fe III
stiho' shooio Dc r'ihoHoo' "A IA" "hleh womb
hohiol' aoSo'ueey oeaiihs IN sfoeks anu
values 81 oeheF R'hos except on tne ooS'S %
INC oea'"' HH'S}er O hte 8d"e rum ono per
50" 10 ohofher "onia De productive OF great
benefit
tfe tHfihadH trusts fhef us pos'ffon on
"e q"e8'ton 4" ehVme stoeNs on u mafeR
IS nl9de Greer on inc ADORE statement.
But. In view Of all the circumstances, it Is
proper to go further and to say that tho
character of action Is not changed because
the man who performs 1t happens to be
Congressman or Senator, unless it Is shown
that in the performance Of the action the con
gresham Senator has made improper
use Of his official position for the purpose OF
advancing his own private interests. The two
things must be kept distinct and separate
from. each other. The Vrgintan condemns all
purchases Of stock made on margin, but the
fact that man Ia n Congressman does not
make the buying Of stocks on margin per
Sc any better or any worse than such con-
duct would be on the part Of any other man.
Men who buy stocks on margin cannot cri-
tieise another man who docs so, simply be-
cause be Ia Congressman Certainly per-
sons who are generally thought 70 have made
large sums Of money by such transactions, az
IL believed TO be the ease with the owners of
The Tsmes-fttspdtoh, should be able 10 give con-
elusive proof that the Congressman has used
his position as public official to promote his
own private Interests before they dare 10 open
their months and pronounce Judgment,
Coming 10 tho particular case that IL be
fore the Virginia people to-day. The }tfGtn3on
does not hesitate 10 declare without any
senatorial contest, that Is does not approve
Of the purchase Of American Tobacco Company
stock on margin by Senator Swanson, nor
would it approve Of such n transaction on the
part Of any other man. The action is not
condemned because II was done by senator