National Affairs: Inherent Instinct

Reporting for an interdepartmental committee on stockmarket regulation, wide-eyed Assistant Secretary of Commerce John Dickinson told President Roosevelt last January: "It must always be recognized that the average man has an inherent instinct for gambling. ... If the speculative instincts of our people could be turned into other channels, this instinct might be satisfied without far-reaching economic consequences which come from widespread public speculation in the stockmarket."

In Congress and in three State Legislatures last week other legal channels for public speculation were being surveyed. Representative Edward A. Kenney of New Jersey...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!