SPORT, SPECULATION, AND COUNSEL'S OPINION.
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.
A. Briefless, Junior.
Pump-handle Court, June 1, 1895.