The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-21
grosser form OF gambling in securi-
ties or commodities
President on Specializing.


President on Specializing.
The President said Of transactions
such as Mr.. Swanson precisely de-
scribes and To participation in
which he confesses; Legitimate pur-
chases of commodities and Of stocks
and securities for Investment have no
connection whatever with purchases
of stocks. or other securities or COM
modities ON q margin for speculative
and gambling purposes. There is no
moral difference between gambling at
cards or In lotteries or on the race
track and gambling in the stock mar
het One method is just as per,Bcious
/ to the body polite as the other in
/ Kind, and in degree the evil worked
i Is far greater. If It is possible to de-
wise way to deal with II the effort
should be made, even II only in a
cautious ard tentative way. 1t would
seem that the Federal government
could at least act by forbidding the
use of the mails, telegraph and tele-
phone wires for mere gambling in
stocks
{ MIR. Swanson does not agree with
I the President OF the United States;
and as a senator Il Virginia in Con-
gress, could not he relied upon to
vote to extirpate the evil of stock
gambling. The President In his mes
sage above quoted had reference TO
the stock specuatons of the private
citizens; and his rieS, so different
from Mr., Swanson s, expresses the
almost uniVeral moral sentiment of
the country. My criticism is not of
private business transactions On the
contrary, ii is directly responsive to
tho boast of my competitors literary
bureau that he had, as a member of
Congress, aided the Independent to-
hacco manufacturers of the country
and the tobacco planters of the coun-
try It was my right to show. AS
have shown. that Mr., swanson could
not have been very hostile to the
American Tobacco trust, as he held
large block Of the eompany's stock
while member Of the Ways and
Means Committee of Congress.
Docs Not Escape.
II identified him with the Ameri-
can Tobacco Company as a legitimate
stakeholder; but he gives his relation
to the company az that of q mere
stock Spectator which Is infinitely
worse for In the latter posture there
was every incentive that avarice might
invent tt eeisitttt-- favor of the
trust in order 70 advance its securS-
ties and realize a quick profit. Mr..
swanson does not, by his technical
plea, escape the force of the charge
{ q 1.
- 80 ne nas a q BUSINESS partner OF
t'it Niiitilean iopatGo "hlie mem
'tl - the ways aId meahs commit
~ % siess' re put accehtuates
ms Iuipapill'9 oha me oalllh OF II
~ ms COM essioh ~ pfacllee con-
oeifiheo bS the criminal code OF his
own State. aud of the United States,
and, as | have shown, bitterly depre-
eated by the President In a special
message TO Congress
i Will not discuss Mr. Swanson's
utterly preposierons assertion that his
stock gambling transactions while
member of the WAYS and Means Com
inlttee of Congress We're perfectly
legitimate trade transat tons and that
there was not the slightest iuDroprie-
~ in It There was not single ele-
meht of the legitimate trade trans
action about it, and there was not
single element Of absolute iruproprie-
y lacking | assume the people Of
Virginia know this 70 be true II any
possible doubt exists ON the subject, 1t
should be dispelei hF the assertion,
which here make from personal knowl-