Gambling; Great Britain -- Social life and customs
When in any system of business the element of commerce and gambling are
inextricably mixed, it is wise to adopt a line of expediency. The gambler
should at least pay the same dues as the genuine investor. To ensure
this no contract should be made enforceable or legal unless made upon
Government stamped paper. The real buyer of £500 would not complain of
having to pay 2s. or say 1s. per £100 to the National Exchequer; but
the dealers in a £2,000,000 gambling contract would think twice before
incurring a first definite outlay of £2000 or even £1000 cash down. A
similar regulation would be desirable for the Produce, etc., Exchanges.
In this way, by a perfectly equitable legal enactment, the wings of
outrageous speculation would be clipped. An additional improvement would
be an extension to all stocks and shares upon the lines of the principles
of the Bank Act 1867, 30 Vict., c. 29. Prior to its passing, gambling
in the shares of Banks had become a scandal, and a danger to credit. It
provided for contracts setting forth the distinctive numbers of Bank
shares, so as to prevent sales of shares of which the sellers were not
possessed. In the produce markets similar requirements could be insisted
on to bring about a corresponding result.
N. _Industrial Gaming unconnected with Trade_
_Illegal Games._—The legislative remedy here should be to abolish the old
interdict of certain special games, and to make all games of combined
skill and chance illegal when played for money. But this would be a
counsel of perfection which, in the present state of public opinion,
would have no chance of being carried out. If, however, the words were
added, “_by players of unequal experience and skill_,” it would give the
Courts power to penalise the rooks in all such glaring cases as their
victims should place in the hands of the authorities. Nor does there
seem to be any reason why the old idea of restrictions as to amount
should not be made good use of. There would be an enormous balance of
advantage if it were declared illegal for a person to obtain during any
one day a sum exceeding £10 by gaming, or for minors to gamble at all.
The flocks of pigeons would to some extent be protected, however little
the rook minority liked it, and society should benefit in every way. Such
a regulation would sweep away the scandalous immunity enjoyed by rich
men’s clubs; and, considering the widespread ruin for which they are
responsible, and the present disgraceful unfairness of the law as between
the poor and the wealthy, its application should work an incalculable
improvement.
Public-domain text, read in full here on John Shaqi.
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