Gaming has always been held up in abhorrence as a vice; but it is rather a passion strongly implanted by nature, and abhorrent from the dreadful effects produced by its overpowering influence, than a vice _per se_. Life itself is a lottery, and the best part of our life is passed in gambling. It is difficult to draw the line between gambling and speculation, for every speculation is a gambling transaction. Is not the merchant a gambler? in fact, is not every venture an act of gambling? As for the Stock Exchange, it is the very worst species of gambling. All we can say is, that gambling may be legitimate or otherwise; that is, there are species of gambling which may enrich the individual if he is fortunate, but whether it enriches him or not, at all events it is beneficial to the community at large. A merchant speculates--he sends out manufactures of every description: he fails, and is ruined: but the artisans have procured employment for their industry, and, although the merchant fails, the community at large has benefited. This is legitimate gambling; but do people in business stop there? No: they will agree to deliver so many thousands of casks of tallow or tons of hemp at such and such a time and at a certain price, whatever the price may then be. They cannot complete their engagement, and they are ruined; but in this instance, which is simply termed speculation, we have quite as much gambling as if the money were at once laid down on the table, and the chances decided in an hour instead of so many months. But there is this difference, that this party does not injure his character by such a transaction, whereas, if he lost his money at the gaming-table he would. The English are, with the exception of the Americans, the most gambling nation under heaven; naturally so, because they are the greatest mercantile nation. The spirit of gambling is innate, and when directed into the proper channel it becomes enterprise. It is doubtless a great moral error on the part of a government to encourage vice with the view of increasing the revenue, but, at the same time, there is no tax so well laid on as that which is imposed on vice. Again, there are certain propensities in man which cannot be overcome, and which, if attempted to be wholly eradicated by legal enactments, would occasion more evil still. All that a judicious government can or should attempt to effect is, to restrain them within proper bounds, to regulate them, and as much as possible to keep them out of sight, that the virus may not extend. It is well known, that certain houses are licensed by the magistrates, because, it being impossible to eradicate the vice, they can do no more than to separate it, that it may not be communicated to the healthier part of the community. Now upon this principle, which is the true principle of sound legislation, I have often thought that it was a great error in our legislature when they consented to put down the public lotteries in England.