Betting is a passion with the English Barbarians. The women, the children, the servants--everybody bets about any and every thing. Horse races, boat races, swimming races, all sorts of games and sports, attended by both sexes, afford endless occasions for the indulgence of it. Yet, after all, extensive, ruinous, and debasing as are the evils of it in these sports and games, the mischief is vastly greater in the Marts of traffic--in the Stock and Merchants' Exchanges.
In these, the dealings are, as I have said, either as to pieces of paper representing values, or as to merchandise in hand or at sea; and, I may add, as to _pieces of paper_, representing this merchandise, called Warrants and Bills of Lading.
The betting in the Stock Exchange concerns itself with the Paper of the former class, and the betting of the Merchants' Exchange with the Paper of the second kind. All this grows directly out of the Bank paper and the _Credit system_, before mentioned.
All values are founded upon these nominal promises to pay. But the promises themselves are ever undergoing changes, according to the varying circumstances. The promise _to-day_ looks well--it is estimated at so much; _to-morrow_ it does not look so well--and it is estimated at less worth. Besides, all the gold and silver in the world could not pay a twentieth part of these promises. Thus the fluctuations are incessant. The betting at the Stock Exchange has reference to _these_ fluctuations. One of the _betters_ is interested to have a rise, another to have a fall, of value. One agrees to deliver at a future day, at a certain price; all are interested to bring about a change either one way or another. The man who desires a rise may not be scrupulous as to any means which may produce the rise; and he who wishes a fall of price will eagerly second anything which will have that effect. Consider the consequences upon the honesty and good faith of those who engage in this betting!
The Merchants' Exchange is not so devoted to absolute betting; yet its largest business partakes of that vice. One buys a cargo at sea; another agrees to deliver a cargo three months hence. One sells what he has not, for a future delivery. Another buys what he never intends to receive, deliverable to him in the future. No money is paid, nor received. The buyers and sellers are merely gambling--betting (as in the Stock Exchange) upon the _rise or fall_ of prices! And are interested--the one to advance the price, and the other to lower the price, of the thing dealt in!