He just wanted to see the elephant!

A little context: David Moats is my great-great-great-great-grandfather and $500 in 1880 would be about $11,600 in 2015 after adjusting for inflation.

The Elkader Register May 27, 1880, p. 3

TAKEN IN BY SHARPERS.

Mr. David Moats, an old and prominent citizen of Highland, did a very foolish thing the other day, one that will be a lesson to him as long as he lives. Last Friday was circus day and Mr. Moats came to town to see the elephant. In the course of the forenoon he became acquainted with several sleek talking men, who done the agreeable to him, and introducing him to the side show, proceeded to initiate him into some of the mysteries and tricks with cards. The careless manner in which the cards were handled convinced him that he could name the winning card and never fail. Mr. Moats is not a betting man, but just to learn these careless boys a lesson, he came down to town and borrowed $500, and returning to the side show, bet it and of course lost his money.

He took his loss philosophically and took measures to regain the money. Sheriff Place and Murdock & Larkin took the matter in hand and through the proprietors of the circus, induced the monte man to refund all but $50. The attorneys and sheriff were paid for their services, the net loss amounting to only $200. Mr. Moats is a highly respected and well to do farmer of Highland, and this experience though costly, is a valuable one to him.