re unavoidable and
those uncertainties which are of the very essence of the transaction.
There is a legitimate work for the stock exchange and for the chamber
of commerce, but there is an illegitimate and vicious speculation on
the stock exchange and the produce market which has lured many
business men to their fall. The ordinary methods of accumulation are
necessarily slow when competition is left free to regulate profits,
while the gambler is spurred on by the hope of quickly realizing a
large profit upon a small investment. It is not strange that many are
charmed by the siren song of the stock ticker, but it means ruin, and
to the extent that a man yields to the temptation his morals are
weakened. There is but one sure measure of rewards, viz., one that
compensates each in proportion as he serves society. The securing of
something for nothing by a lucky turn of a card, or by a sudden
change in the market paralyzes one's purpose, and, in time, renders
him unfit for patient and persistent effort. I might emphasize the
fact that gambling in stocks and farm products often leads to
embezzlement, larceny and suicide, for these are the fruits of
speculation when it becomes a disease. But I prefer to put my
argument against gambling upon the broader ground that it is, in all
cases, a demoralizing influence, whether the gambler wins or loses.

I might dwell upon the evil effects of speculation upon innocent
parties whose property is juggled up or juggled down by the
manipulations of the market, but I would appeal, not only to the
innocent outsider, but to those who may be tempted by the profits
promised to the inside ring. I would suggest, however, that those
who by cornering the market suspend the law of supply and demand,
add crime to vice and defraud those who are induced to invest in
a "chance" which has no actual existence.

Monopoly is the second commercial temptation. Monopolies have been
attempted ever since trading began, and they are more common to-day
than ever before because more money can be made out of them. Many
well-meaning business men permit themselves to be drawn into
practises which are not only indefensible in the realm of conscience,
but which violate the statutes. The officers of the law are
constantly engaged in an effort to prevent the monopolizing of trade.

It is strange that anyone should attempt to defend a private
monopoly, for its plan and operation can be easily understood by any
one who kn