230 HORSE-RACING IN ENGLAND 



mere abuse of language. Such operations are no 

 more legitimate business than the gambling at 

 Monte Carlo is. Nor does it matter, as regards 

 the foundation of the so-called business, whether 

 the member of the ring commences with appre- 

 ciable capital or not. He either increases that 

 capital by nefarious means, or he loses that capital 

 in trying to increase it by nefarious means, for 

 in both cases his object is to enrich himself by 

 impoverishing his neighbour ; and that object is 

 nefarious. Mutual advantage, or a possibility of 

 mutual advantage, is the basis of all legitimate 

 business. But in betting there is no such pos- 

 sibility. Nor by betting is the aggregate wealth 

 of the community augmented ; the result is merely 

 a transference of property from Peter to Paul, and 

 Paul may be even a w >rse proprietor than Peter. 

 Of course the ' backer,' if he bets for a livelihood, 

 or is fired with the noble ambition to ' break the 

 ring,' is just as bad as the ' bookie.' 



Nor should another point be omitted. The 

 ' bookie ' is not unfrequently a ruined * backer,' 

 who has discovered by sad experience how hope- 

 less it is to contend with those who have the 



