Now in some sections of our country a transaction of this kind—essentially fraudulent, under however respectable auspices—is a disastrous check on productive industry by the heavy freight-tariff which it imposes,—so heavy sometimes as to keep bulky commodities, as wheat and corn, out of the markets where, at a fair cost for transportation, they might find remunerative sale. Thus the very means devised for opening the resources of a region of country may be abused to their obstruction and hindrance. In fine, dishonesty in all its forms has a diffusive power of injury, and, on the mere ground of self-defence, demands the remonstrance and antagonism of the entire community. While in most departments of conduct there is a wide neutral *ground between the right and the condemnably wrong*, there are matters of business in which there seems to be no such intermediate territory, but in which what is fair, honorable, and even necessary, is closely contiguous to dishonesty. Thus, except in the simplest retail business, all modern commerce is speculation, and the line between legitimate and dishonest speculation is to some minds difficult of discernment. Yet the discrimination may be made. A man has a right to all that he earns by services to the community, and these earnings may in individual instances reach an immense sum. We can easily understand how this may be, nay, must needs be the case with the very high salaries paid to master manufacturers. Such salaries would not be paid, did not the intelligence, skill, and organizing capacity of these men cheapen by a still larger amount the commodities made under their direction. The case is precisely similar with the merchant engaged in legitimate commerce. By his knowledge of the right times and best modes of purchasing, by his enterprise and sagacity in maintaining intercourse with and between distant markets, and by his outlay of capital and skill as a carrier of commodities from the place of their production to the place where they are needed for use, he cheapens the goods that pass through his hands by a greater amount than the toll he levies upon them, which—however large—is his rightful due.