port upon the sale of their goods, and, what is more important, upon their prompt sale. The prevention of the sale of a commodity, or even a delay in the sale, becomes ever more disastrous to the owner; it may even cause his ruin.
Through commerce the most various and widely separated markets are brought together; the general market is greatly extended, but it becomes correspondingly more difficult to control. This inconvenience is further increased by the appearance of one or more middlemen who squeeze themselves between the producers and consumers. Simultaneously with the development of trade and the means of communication the transportation of products has been facilitated; the slightest cause is sufficient to bring them together in great quantities at any point. All these causes combined render more and more uncertain the work of estimating the demand for, and supply of, commodities. The development of statistics does not remove this uncertainty. The whole economic life of society becomes constantly more dependent upon mercantile speculation, and the latter becomes ever more risky.
The merchant is a speculator from the start. Speculation was not invented at the exchange; it is a necessary function of the capitalist. By speculating, that is, by estimating in advance the demand for a commodity; by buying his goods where he can get them cheap, that is, where their supply is excessive; by selling them where they are dear, that is, where they are scarce, the merchant helps to bring some order into the chaos of the planless system of production that is carried
