The Arena, Volume 4, No. 24, November, 1891Various
General
The Arena, Volume 4, No. 24, November, 1891
Various
American literature -- Periodicals
Another phase of Wall Street speculation which makes it vicious above
other methods of gambling, is seen in the fact that the kings of the
street when they engage in a well matured deal, play with "loaded
dice." There is no chance so far as they are concerned. When these
highly respectable gamblers who are worth many millions quietly
arrange a movement which will greatly increase their holdings they
deliberately set to work to mislead the public. Coolly and with the
deliberation of master minds they deceive the "street;" and as a
result, ruin to many attends success to the few, while with every such
movement lives go out in darkness, reputations are ruined, and
families are reduced from affluence to penury. Even at the very time
when we were informed by the daily press that the Postmaster-General,
through the manipulation of the "little wizard," was losing enormous
sums of money, more than one man was driven to suicide by the sudden
turn in affairs and one or more banks were forced to the wall. How
many happy homes were wrecked, and men of moderate fortunes were
reduced to penury by this well-directed stroke of Mr. Gould, will of
course never be known, and if the Postmaster-General had chanced to be
on the side of the wizard in this gambling deal, would he not have
been morally responsible for a share of the wreck and ruin wrought?
Nay, more, was he not, as an active participant in this great game of
chance, morally responsible to a certain degree? Is there any
essential difference between gambling by spending ten dollars for a
lottery ticket or ten thousand dollars in railroad stock, which you
have been led to believe will be bulled to a fictitious value and
which you hope to be able to unload on some one else at an enormous
advance? In each instance it is purely a game of chance for all save
those who are within the Wall Street ring, who control sufficient
money and stocks to dictate the course of the game and to whom there
is no risk. The Louisiana lottery is a positive evil, a cancerous sore
on the body politic. But Wall Street is a far greater evil; it is a
cancer whose roots have already fastened upon the vitals of our
political, educational, and religious institutions; an evil which
nothing can remedy, save a political revolution of the great earnest
masses of our people. The pulpit is abashed in its presence because so
many leading lights and pillars in each wealthy congregation are
connected with the "street," which is the polite way of designating
"gamblers" who delve in stock speculation. The press, with honorable
and noble exceptions, wink at this great plague spot, while loudly
crying for laws to correct comparatively harmless evils. The political
parties depend too much upon the kings of the "Street" for the sinews
of war in great campaigns, to lift a voice against it. The "Saloon"
and the "Street," two colossal curses, cast their swart and portentous
shadow over the palaces and hovels of a great nation, yet by virtue of
Public-domain text, read in full here on John Shaqi.
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