To Prohibit Certain Financial Institutions from Participating in Gambling Activities: Hearings, Ninetieth Congress, First Session, on H.R. 9892 ... June 1 and 2, 1967

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U.S. Government Printing Office, 1967 - 137 pages

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Page 28 - Experience has shown that the common forms of gambling are comparatively innocuous when placed in contrast with the widespread pestilence of lotteries. The former are confined to a few persons and places, but the latter infests the whole community; it enters^ every dwelling; it reaches every class; it preys upon the hard earnings of the poor; it plunders the ignorant and simple.
Page 37 - Of those first appointed, one shall be appointed for a term of one year, one for a term of two years, and one for a term of three years; and thereafter their successors shall be appointed for the full term of three years.
Page 28 - They are not, in the legal acceptation of the term, mala in se, but as we have just seen, may properly be made mala prohibita. They are a species of gambling, and wrong in their influences. They disturb the checks and balances of a well ordered community. Society built on such a foundation would almost of necessity bring forth a population of speculators and gamblers, living on the expectation of what, "by the casting of lots, or by lot, chance or otherwise," might be "awarded" to them from the accumulations...
Page 28 - awarded" to them from the accumulations of others. Certainly the right to suppress them is governmental, to be exercised at all times by those in power, at their discretion. Any one, therefore, who accepts a lottery charter does so with the implied understanding that the people, in their sovereign capacity, and through their properly constituted agencies, may resume it at any time when the public good shall require, whether it be paid for or not. All that one...
Page 54 - Federal Savings and Loan Association 2. Office. The home office shall be located at -— , in the County of State of 3. Objects and powers. The objects of the association are to promote thrift by providing a convenient and safe method for people to save and invest money and to provide for the sound and economical financing of homes; and, in the accomplishment of such objects, it shall have perpetual succession and power: (1) To act as fiscal agent of the United States when designated for that purpose...
Page 28 - If lotteries aro to be tolerated at all, it is no doubt better that they should be regulated by law, so that the people may be protected as far as possible against the inherent vices of the system; but that they aro demoralizing in their effects, no matter how carefully regulated, cannot admit of a doubt.
Page 44 - ... duties of the department, all of whom shall be in the classified civil service unless otherwise provided by law; and he may prescribe their duties, and fix their compensation within the amounts appropriated therefor by the legislature.
Page 52 - Corporation, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, and the Federal Reserve Board...
Page 38 - A vacancy occurring otherwise than by expiration of term shall be filled for the unexpired term.
Page 28 - ... of the twentieth century state lotteries were still in existence in Prussia, Italy, Saxony, Hamburg, Spain and Hungary. The subject of its abolition was being constantly discussed in Prussia, however. Lotteries were introduced into America from England during the seventeenth century by Virginia and became widespread in this country in the early part of the nineteenth century. The Continental Congress in 1776 authorized a class lottery for the benefit of soldiers in the field. George Washington...

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