who does no more than use his opportunities skilfully.
Why not abuse the gentry who buy copper to catch the
rise of the market? Why not abuse the whole of
the thousands of men who make the City lively for
six days of the week? Is there any rational man
breathing who would scruple to accept profit from the
rise of a stock or share? If I, practically,
back South-Eastern Railway shares to rise, who blames
me if I sell when my property has increased in value
by one-eighth? My good counsellor, Mr. Ruskin,
who is the most virulent enemy of usury, is nevertheless
very glad that his father bought Bank of England shares,
which have now been converted into Stock, and stand
at over 300; Ruskin senior was a shrewd speculator,
who backed his fancy; and a bookmaker does the same
in a safer way. Bookmaking is a business which
is carried out in its higher branches with perfect
sobriety, discretion, mid probity; the gambling element
does not come in on the bookmaker’s side, but
he deals with gamblers in a fair way. They know
that he will lay them the shortest odds he can; they
know that they put their wits against his, and they
also know that he will pay them with punctilious accuracy
if they happen to beat him in the encounter of brains.
Three or four of the leading betting men “turn
over” on the average about half a million each
per annum; one firm who bet on commission receive
an average of five thousand pounds per day to invest,
and the vouchers of all these speculators and agents
are as good as bank notes. Mark that I grant
the certainty of the bookmakers winning; they can
remain idle in their mansions for months in the year,
and the great gambling public supply the means; but
I do not find fault with the bookmakers because they
use their opportunities, or else I might rave about
the iniquity of a godly man who earns in a week 100,000
from a “corner” in tin, or I might reprobate
the quack who makes no less than 7000 per cent on
every box of pills that he sells. A good man once
chatted with me for a whole evening, and all his talk
ran on his own luck in “spotting” shares
that were likely to move upward. Certainly his
luck as a gambler had been phenomenal. I turned
the conversation to the Turf case of Wood v.
Cox, and the torrent of eloquence which met me was
enough to drown my intellect in its whirl and rush.
My friend was great on the iniquity of gaming and
racing, and I rather fancy that he proposed to play
on the Betting Ring with a mitrailleuse if ever he
had the power. I know he was most sanguinary—and
I smiled. He never for an instant seemed to think
that he was exactly like a backer of horses, and I
have no doubt but that his density is shared by a few
odd millions here and there. The stockbroker
is a kind of bookmaker, and the men and women who
patronise both and make their wealth are fools who
all may be lumped under the same heading. I knew
of one outside-broker—a mere bucket-shop
keeper—who keeps 600 clerks constantly employed.
That seems to point out rather an extensive gambling
business.


