Strictly considered, two things are said to be equivalent when they are “equal in value.” Generally speaking, however, interchanges are seldom, if ever, “alike in worth.” The equality of labor for labor does not occur once in millions of times. “Value” is an indefinite term. Into “worth” enters such intangible qualities as whim, caprice, taste, fancy, ambition, pride, habit, desire, appetite, passion and amusement. Exact and utilitarian standards would destroy _belle lettres_ and the fine arts; dissipate recreation and the amenities of life. Are there precise “work-a-day” equivalents for literature, music, sculpture, painting; for the opera, the theatre, the salon, the club-room? Gaming is an amusement for many persons. Thousands enjoy the excitements of chance. It stimulates their spirits above the cares and drudgery of existence. Such men prefer a game to either book, piano or cigar. With them it is not a question of utility but of diversion. Is the value of entertainment to be measured in muscle or metal? Wherein, essentially, does gaming differ from speculation or insurance? All have their foundation in chance. Contingencies and uncertainties enter into each as a consideration for investment. A gamester bets upon the turn of a card, or the cast of a die. The speculator purchases in anticipation of contingent advance in the price of a commodity. A corporation indemnifies an individual, conditionally, against possible death or loss by fire. In neither instance can the result be foretold: the gamester may or may not win, the speculator may or may not realize a profit, the assured may or may not forfeit his life policy, or lose by fire. In every transaction, fortuity is the controlling element; if for this reason any one is invalid or immoral, so are the others. Large sums have been won and lost at cards. Many fortunes had their origin in speculation: also, it has been productive of widespread disaster, distress and despair. Insurance companies have benefited thousands of widows and orphans. Innumerable are the families upon whom indigence has fallen through the forfeiture of policies. Forfeited premiums to the amount of millions are now invested in palatial structures throughout the civilized world. Analysis might show in gaming, speculation and insurance, that at least the equities and ethics are even. View the subject as we may, ye gamester, “where is thine accuser?” To all men he can say: “He that is without sin among you, let him first cast a stone.”