So many letters have reached me during the past week begging for my
opinion upon the legality of what may be termed sporting financial
speculation, that I scarcely apologise for asking the hospitality of the
columns of the leading law paper to give my response. No doubt the
inquiry has to some extent been fostered by the report that I was seen
taking part in the hippodromatic revels of the Derby Day. It is true
that I certainly visited Epsom on the occasion in question; but only in
a semi-official capacity. I have the honour to be consulting assessor of
the Diamond Mine Salting Syndicate, Limited, and in that desirable
position have frequently attended the meetings of the directors on
occasions, so to speak, outside the Board-room. It is true that my
experience as one learned in the law is seldom required at such seasons,
still the directors, as fiduciaries, are to be applauded for neglecting
no opportunity of availing themselves of my services.
Having satisfactorily explained how it came that I was on the Downs
when, by a not unnatural coincidence, the Derby was decided, I proceed
to consider the question that has been propounded to me. Is sporting
speculative finance illegal? It is not a matter that can be decided
off-hand. One must be careful not to interfere with the policy of trade,
and do nothing to impede the development of honest industry. I am asked
by a correspondent, who dates "From Sheffield," if there is anything
undignified in his appearing as a "bookie" in a pink velvet coat, a
yellow slouch hat, with blue feathers, and black leather knickerbockers.
I can see no objection to a tradesman wearing any costume he determines
to select. It would perhaps be as well not to attempt to disguise his
features, as the operation might savour of secrecy, the chief element of
fraud. This limitation of course does not apply to an auctioneer, who,
having his name and address displayed on a board hanging on the rostrum
he occupies, can legally carry on his business, if it so pleases him, in
a false nose, a comic wig, and a pair of green spectacles.
But really, a consideration of the costume of the "bookie" merely
reaches the fringe of the subject. The real point at issue is this--Is
betting legal or illegal? It is hard to say. That a bet made on the
racecourse is recoverable is questionable. Suppose that A is prepared to
give odds against _The Earl's Choice_ (the favourite, quoted officially
at 2 to 1) at the rate of five shillings against one thousand pounds
sterling. Presume that B agrees to the wager and _The Earl's Choice_
wins. B naturally asks for the immediate payment by A of one thousand
pounds sterling. A declines. Has B any remedy against A? I am afraid
that the Court (although allowing costs on the higher scale) would not
assist the plaintiff in making good his claim. However, it would be
possible for B to represent to the other side that the conduct of A was
of a character warranting chronic detention in a lunatic asylum. If this
suggestion were adopted with the necessary discretion, I have no doubt
that a compromise satisfactory to B would eventually be the outcome of
the negotiations.
However, although I am a little uncertain about other bets, I have no
doubt in my own mind that coach sweepstakes under certain circumstances
should be discouraged. I do not wish to rely upon case law, but would
rather appeal to that honest, manly feeling that is (so I have been
given to understand) the birthright of every Englishman. When all Nature
is smiling, and man (smoking a three-shilling cigar) is at rest, why
trouble about mounts and starters and blanks?
I have in my mind at this moment the drawing of a certain sweepstakes.
An eminent counsel (I will not mention his name), was present and drew a
blank. On his behalf I appeal for a revision, a reversal of judgment. Do
not let there be a mixture of the glories of Nature with the ups and
down of sporting speculative practice. Let those who took part in that
sweep--winners and losers alike--return their stakes. I will hold them
on the general behalf. Then when I have received the cash as trustee I
will find out that eminent counsel and place the money in his hands. I
have nothing more to add, save to set forth as a guarantee of good faith
my signature warranted by my address.