The commercial. (Union City, Tenn.) 190?-193?, 1914-02-27
Take Another Look.

Bank in Memphis and his shortage. is
nearly a million. He is guilty as
charged. He admitted the fact. But
before that Hunter Raine was consid-
cred a citizen and business man Of the
highest standing. II he had been sue
cessful with his speculations probably
he would have lived an honorable citizen
in the eyes OF the world until his death.
Now let us take another look. How
many successful public men and bank
ers have we to-day who have at one
time or another used money for specu-
lative purposes that did not belong to
them9 Really, how much more guilt
less are they than the men who went
under2 The truth is that these men are
held accountable for all the ills OF a
practice far more reaching and baneful
in its proportions and more damnable
than the philosophy OF any man has
ever yet wholly conceived. The Mem
phis newspaper, which has used the
name OF Hunter Raine with all its con-
tempt and spite, has defended custom
OF gambling involving the bank reserves
OF the country and those OF every indi-
vidual depositor in the United States.
This Is the form OF speculation in which
Hunter Raine was engaged. 1t is the
form OF speculation commonly known
as futures, but in truth and in fact,
plain, unadulterated gambling. Some
OF our best citizens have been guilty Of
the same practice that unnamed Hun
ter Raine, but they managed to skilfully
restore that which was unlawfully used.
The leading banks OF our country to-
day are doing the same thing. They
did it in 1907 when number OF banks
went under and numbers of small de-
positors lost their money. On the same
principle that Hunter Raine is to be
punished so also should the reserve
banks be punished which expose the
surplus to the gambling operations OF
the stock, cotton and grain exchanges.
SO should they have been punished in
1907 il the laws OF this country were
properly written. One is neither more
reprehensible nor morally wrong than
the other. We are talking OF the futures
In which securities or products are nei-
ther bought nor sold outright, and ON
which call loans are made without Sc
curity until the borrower sees fit to pro-
duce the security. They retort that we
cannot maintain an exchange without
this form OF speculation. To this we
would answer that they are wilfully and
nlaliciously keeping up the same form
-of deception to sustain these corrupt
practices. The same kind of argument
lis used to show that we must have sa-
looms to sell vile beverages and polluted
women to contaminate, debase, deform
and dwarf the human race. These men
argue to satisfy lecherous ambition to
absorb the substance OF their fellowman
and usurp the power OF God in the do
.minion OF men, The crisis will come
wbea all other caprices have been sa-
-
tiated and Lotharo payes the street with
ice in August and takes bis mistress
sleigh riding while the human mass re-
duced in mind and body looks on IN
impotent despair :,
But il the argument were true, with
our schools and churches, are we justl-
fed ia conducting the national gambling
evil not only gambling in its nature, but
which is resorted to to extort the surplus
funds OF the country with all manner
81 deception, making millionaires OF the
few and paupers OF the many.
Hunter Raine was one Of the victims
Of this deception. He was gentleman
to whom the common herd should pay
obeisance until he was caught, and now
ha i a criminal whom we must look
upon with derision. Is the system
which lured him TO The tolls any more
blameless than heS And what about
the newspapers which have defended
this system? IA,
not take steps to divorce the bank de-
oosits from this form Of gambling then
all that can be said Of the Administration
i that il is in collision with the prac-
lice aud unfit to administer the affairs
Of the Government ofthe United States