the producer at a lower price even than the one contracted for.
The producer may have become bankrupt by the operation, but the speculator has got his pound of flesh and is happy. If his aim is to plunder the consumer then he buys up all the available goods offered of a certain kind at the producer's price. He can do this without trouble as the transaction does not cost him a single penny; he pays for his purchase, not in cash, but in promises. He need not settle his account for weeks or months, as the case may be. Thus without real possession, frequently without going to the expense of a single dollar, the speculator becomes owner of the goods, and if the consumer wishes to buy any of them he must apply to the speculator and pay the price he demands. The speculator receives into one hand the money given him by the consumer and after abstracting a portion as large as possible, which he puts into his own pocket, he hands over the remainder with the other hand to the producer. In this way the speculator, without labor, without benefiting the community, becomes wealthy and influential. Capital extends to him the highest favor, unlimited credit. When some poor fellow of a working man wants to start in business for himself, he meets with the utmost difficulty in borrowing the small sum he requires to purchase his tools and raw material, and to support himself until the sale of his first productions. But when some idler with sufficient audacity decides to live upon the labor of others and wants to carry on some speculative buying and selling on a large scale, both producers and consumers place themselves at his disposal, without waiting even to be entreated. They say that they run no risks; the credit demanded only exists in theory. The producer does not give up his goods; he only promises to deliver them on a cer-
