Excerpt from Speculation on the Stock and Produce Exchanges of the United States
The fifth chapter Of this essay attempts to consider the evils of speculation, so far as to describe their nature and to point out what forms are of chief importance. There are many points which ... are passed over with the most meagre reference. SO important a question, for example, as the relation Of speculation to crises is little considered; but it is believed that enough has been said to show that the advantages Of speculation presented are not the advantages merely Of an idealized speculation, but are genuine and practical advantages of speculation to-day, however much off-set by corresponding evils. Some books are devoted purely to the harmful in¿uence of speculation,' some more exclusively to its benefits. Neither the one nor the other can make any claim to furnishing a ground of ultimate judgment on the system as a whole.
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