Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-16
SHEEP FOR THE SHEARiNG

SHEEP FOR THE sHEARlNG
Buying a Government bond or a
Treasury Savings Certificate is put
ting ones money into sure thing
unless bolshevism gets us, when
these along with other forms OF
property, representing the accumu-
lations of thrift and enterprise, will
20 by the board, judging from what
happened where bolshevisln got con-
troll In Russia. That calamity we
have faith to believe 10 very remote
and nssd deter no ons from. effort to
accumulate property. In making
the effort, however, one best be al.
vised that those who attempt to ac-
cumulate too rapidly overshoot the
mark.
Saving for use in legitimate enter
prise which benefits all is one thing;
saving for use of the gentry who
plan to get it into their pockets with
out returning either security or
equivalent is altogether another.
And yet when the latter call for it
the response comes, apparently, with
much greater alacrity than when the
call is for investment in sound enter
prises.
Now this is not wholly because Of
ignorance, though of course the in
nocent and inexperienced are fleeced
wherever possible and this is the
Of hA ;oI,
peals most strongly to ones sympa-
thy. OF the huge flock of sheep
that come bleating to the shearing,
many, including to belwethers, de-
serve no sympathy. Experience has
taught them better. They either are
ignoring instruction or are seeking
the gamblers chance. The salnbling
instinct is manifest since the dawn
of history, and which distinguished
man Of sound judgment. Washing
ton, termed the Child of avarice,
the brother of iniquity, and the
father of mischief"
Recently there has been a shear
ing of unusual dimensions. Some
of the shearers have been apprehend-
ed and the Government is endeavor-
ing to bring them face to face with
penalty but this will no way relieve
the victims. Indeed, many of those
will save and stint for a time and
then go to another shearing in the
hope to recoup themselves. They re-
mind one of the gambler vino was
told the game he was playing was
crooked and who replied: "Nhat can
fellow do; this is the only place in
town that's OPEN"
This from letter written to F. c.
Ayers, Director, U. S. Savings Or
ganization from Asst U. S. Attorney,
E. 8. Abbott is of interest in. connec-
ton with this matter:
referring to your request for in
formation as to losses which have
been sustained by the people of New
England through the promotion of
fraudulent schemes of investment, 1
regret to say that there IS no way Of
knowing with any certainty because
most OF the victims never tell, and 1t
Is safe to say that nothing like ono
half ever was told. But 1t is COM
mon knowledge that tine losses are
enormous. And in almost every case
where the prospective profit is ma
terially in excess of savings interest
the scheme is either a pure fraud or
mere gamble.
Il agree with you that the only eff
fective means Of restricting the &C.
Invites OF swindlers, takers, bogus
bond sellers. and other forms of glib
takers skilled in taking money away
from the people, is to give to these
practices the widest publicity posi-
BILE"
This, of course, Is the manifest
thing to do under the circumstances,
but it will not scotch the gambling
instinct. That will persist, even
among those who know better, al
though publicity respecting their
losses might deter them. Shrewd,
hard-headed business men not in
frequently take hiers." They have
earned their money Or acquired it
through sound judgment, and untir-
ing effort. Some think because they
have had sound judgment respecting
values they also have It with regard
to the bucket-shop proposition which
has no sound value. Thess men are
the best to initiate in the methods
with which they accumulated their
property. but the worst to follow
when it comes to speculation. There
they are merely lambs led to the
slaughter by the tether of their con-
ceited ignorance or by their gambling
instinct. They will be SHARED all
right, but the chances are the public
will never learn much about 1t.