To the Editor of the "NortH-CuiNa Dairy New sin,—On all sides, hypocrisy as sails us in some form or other, in {his country, where "there ain't no fen commandments" and recent newspaper references to gambling. have prompted me to compile the following animadversion. I do not write as one under the spell of this Melee," which has absolutely no traction for me, although I have been a race-horse owner. 1 always yan my horses for the love of the sport, and neither backed them nor: took any interest in the ring or the: tote, T have never risked one cent the wheel.
'The strongest motive with all mankind, after the more sordid necessities are provided for, citement. Man, with hi strong emotions, will assuredly find means of gratifying them, and, for this reason, gambling will' continue and be always with us, in one form for other. Also, all conditions of Rife being more or less ted, either with the cares of gaining oF fof keeping money, it is but natural that mankind should be allured by the idea of utilizing the chance of fan easy and quick way: to riches.
Regulation without doubt, the 'e" wisest possible course, so that those who indulge in game of chance be all do so under the fairest conditions. Surely wise regulation is far more salutary, alike from a financial and a moral point of view, than the unthinking policy of Arastic suppression which, as expe one teaches, has ever been power. less to extirpate gambling, for all the efforts made during the last bundyed years or more have left speculation and gambling in various forms still flourishing. Mr. Sar-Jeant Ballantyne, the eminent bar-sister, in. his concerning the gambling tables at Homburg, the once prosperous re ied it' n feast of Satan; but. the ate serious tody of my acquaintance
fendants Upon the banquet, we cently. lad, nnd" conducted themselves fo" quietly,' amd. looked altogether 40 Meet, that it" wns leat hem for thut_entieman's
went. orth, Homburg was Shin, ape woof the fried at gambling driven into I corners there, (ete prevent. the wornt frauds, i'han a decent cent put any and fal fed: speculation."
Without treating with disrespect the conscientious scruples of any class, it may be observed that there a great deal of hypocrisy in the attitude adopted towards the racecourse and the card-table, by those who regard with the greatest tolexation, speculation on' the Ste Exchange. In England, lotte fare legal. Yet, a method has been devised by which all classes of the community may court fortune or ruin in the freest_ manner, without gambling on card games (which would attract attention and be unsuitable for those who object to notoriety), or entering on turf speculations, (still more unpleasant conspicuous in their method). Tt has been, declared by those who enn speak with authority that, at the worst gambling hells in the bad old times of the Georges, fortunes (and, what is worse, not fortune alone, but competencies and tances) could not be more readily squandered than by the varlet forms of speculation in stocks now made of easy access and convenient procedure for all classes of people—for men, for women, and even for those who are little' more than children, Speculation on the Stock Exchange has, of course, been always fa recognized method of gambling. In uch speculation as in the system invitingly offered to all classes, there has been often very little money behind compared with the amount actually supposed to have been invested in the various transactions. (The word "supposed" is used in an entirely conventional sense, for in Stock Exchange specu-Iation, nothing is supposed to be actually invested, though such and such amounts of stocks are named as bought and sold.) A speculator need be prepared only to pay the difference between the value of the stock he is suppose to have bought sold at the beginning of the time-bargain, and its diminished or in-'Sreased value when the time expires. Thus, a man shall nominally. buy ten thousand pounds.in_ certain stocks at say, £9,927 which, at the end of the time-for aphich the shares are-upposed.to-haVe been bought, shall. be worth: bnly"£9,811; tin/that Jcase, apart from brokerage or commission, he loses £116 dri the trans action. "Or, if he had sold stock at }29,927 nominally (not really possessing any such amount), and its value rose to £10,033 at the time for. which the bargain was entered on, then he would lose £106.
It is only (as a role), some such proportion as this of the large sum bought or sold that he will actually lose if. unfortunate, or gain, if he has Ivek, on a transaction which has such imposing dimensions. The system, however, by which gambling. in stocks is now made accessible to all is more inviting than the system of time-bargains. By the time-bargain system, a man could not tell how.much he was risking, any more than he could tell how much he might gain.
To quote once more the abovementioned legal authority wonder if Monsieur Blane in hi splendid "palaces and his refaits anc Geos has broken more hearts and aminated more mim than that serupul-Sualy "washed "and dressed gentleman Sunday, you may see walking: gambling. house, Before budding adieu to Mombare, only right tosay that everything was feondueted. with perfect fairness. 'No imputation "to the contrary has. ever Everyone knew, of the chances secured cam the same the' stock "Eas He proceeds on the subject of be eye apetherruiden "sgn a considered that those who lid. not. like taight fand that it was Dire Impertinence Rrrangements of a foreign place, "he ce to iertere with The absolutely declined. "Wis friend." exrgumient pot the scot rat avail, and inlaking pointed out have mivch. it would Increase the value of thelt pro: erty! 'T should he Very sorry to treat with disrespect reientious pressure the pinions of foreigners, who might find "plenty: of improprieties in "their town countries, are, im my. humble jud not only' of no. attention, irenerally" the euteomines eitinteresty and signal, examples of Tnpertinence and So spoke this high legal authority.
The modern English view of ami ing. is 8 confused one, the the race-course being bitterly: denounced, whilst speculation in atoeks and shares is consider-ext an enrively legitimate method of attempting to make money. As a matter of fact, ina great number of instances, this amounts merely bucking stock to either rise oF fallin value, Outside brokers exist who do not always actually buy or sell any shares at all, but simply—svere, allow the: clients to bet ili them on a selected stock rising br falling in price. These are, to All purpose and effect, mere boo makers, though, for some unknown Feason, their calling is not regarded with the same odium which is Feadily affixed to members of the Ring. This may account for the well-known fact that a large portion of the clientele of the "bueketshops" are members of the clergy who, allured by glowing advertiseents and specious circulars, are induced to part with their money the hope of making a fortune. The wildest of wild ea schemes have ulveays attracted this portion of the community, some of whom would not tolerate 'a sweep or raffle ata bazaar. It is, also, a curious anomaly that journals of such unypeachable morality" as the Times" ate guilty of encouraging betting bythe publication of the latest odds. "Speculation on the Stock Exchange, gambling generally, and betting on the Turf are ex-fetly similar feom the point. of view of the moralist; there is no ference among all. three. On tone occasion, it was stated in the' House of Commons that 20 per cent. of the business of the London' Stock Exchange wat of a gambling description. and represented only purchases made with a view to a rise in prices.
Devotees-of the simpler forms of gambling, such as are to be procured at the eard-table and-on te! voce-course "are often" eviticized people who are themselves under'the sway. of other modes of tempting: fortune. Bat all spgeula? tions whether it*b6-in, cotton. oF Pee, states: ani"ehdtes, race horses: oF
Text read from the printed page and cleaned; old type leaves the occasional error.