You are a member of a race of gamblers. The instinct to speculate
dominates you. You feel that you simply must take a chance. You can't
win, yet you are going to speculate and to continue to speculate--and
to lose. Lotteries, faro, roulette, and horse-race betting being
illegal, you play the stock game. In the stock game the cards
(quotations or market fluctuations) are shuffled and riffled and
STACKED behind your back, AFTER the dealer (the manipulator) knows on
what side you have placed your bet, and you haven't got a chance. When
you and your brother gamblers are long of stocks in thinly margined
accounts with brokers, the market is manipulated down, and when you
are short of them, the prices are manipulated up.
You are on guard against the Get-Rich-Quick man, and you flatter
yourself that you can detect his wiles at a glance. You can--one kind
of Get-Rich-Quick operator. But not the dangerous kind. Modern
Get-Rich-Quick Finance is insidious and unfrenzied. It is practised by
the highest, and you are probably one of its easy victims.
One class of Get-Rich-Quick operator uses crude methods, has little
standing in the community, operates with comparatively small capital,
and caters to those who do not think and have only small resources. He
is not particularly dangerous.
The other uses scientific methods--so scientific, indeed, that only
men "on the inside" readily recognize them; occupies a pedestal in the
community; is generally a man of excellent financial standing, a
member of a stock exchange; employs large capital; appeals to thinkers
or those who flatter themselves that they know the difference between
a gold bar and a gold brick, and seeks to separate from their money
all classes and conditions of men and women with accumulations large
or small.
The United States Government during the past few years, at the behest
of the big fellow, who seeks a monopoly of the game, has been raiding
the little fellow--the crude operator whose power to injure is as
nothing compared to the ravages that have been wrought by the
activities of his really formidable prototype.
I have a message to communicate to every investor and speculator, a
story to tell of my experience through the great Goldfield, Bullfrog,
Manhattan and Greenwater mining booms in Nevada of 1905-1908, in which
the public lost upwards of $200,000,000, and of a series of great
mining-stock promotions in Wall Street and other American financial
centers, in which the public sank $350,000,000 in 1910. The narration
of the facts demonstrates that the Government's Get-Rich-Quick crusade
has made it less easy for some of the small offenders to thrive, but
that the transcendentally greater culprits are at this very moment
plucking the public to a fare-you-well, and that the Government has
not lifted a finger against them.
Public-domain text, read in full here on John Shaqi.
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