the sum below ten million dollars which his maintained stock would then bring), so that he would be bankrupt at least to the extent of five million dollars, and, incidentally, have additional fines to pay and perhaps be put in jail for criminal profiteering. And all this would be the result of a reversion to the exploded theories of the mercantile system! Most of these prosecutions when the matter is understood, are simply attempts to punish men for not exchanging a greater amount of sugar, for a less amount, or in other words for not agreeing to an actual confiscation of their stock. Indeed, in the Myatt case,[1] the indictment was for selling sugar at fourteen cents per pound and making four cents; and as sugar subsequently reached twenty-eight cents, remembering that the real transaction consisted of exchanging commodities for commodities, in that case there was a charge of crime, probably for no other cause than not giving two pounds of sugar for one pound.
The purpose of the Lever Act, of course, was to insure, as far as possible, an indefinite and increased continuation of these revolution from goods to goods, called "business," so as to require not only a guess for a present turn, but for a security against risk in the many subsequently to take place.
But everyone knows that none can forsee what our taxes are to be. Propositions now before Congress, if these errors are to prevail, would sweep away one hundred per cent. and upward of profit. Everyone knows that prices are enormously high. No one can, of course, know when the inevitable drop will take place. A merchant knows only that it must take place, as it already has in the case of silk and leather commodities involv-
- ↑ United States vs. Myatt, 264 Fed. Rep. 442. 1920.
