Thus also, when, in anticipation of a scarcity of some one commodity, a merchant so raises the price as essentially to diminish the sale, *he earns his increased profits*; for an enhanced price is the only practicable check on consumption. For instance, if at the actual rate of consumption the bread-stuff on hand would be consumed a month before the new harvest could be made availing, no statistical statement could prevent the month of famine; but experienced grain-merchants can adjust the price of the stock in hand so as to induce precisely the amount of economy which will make that stock last till it can be replaced. They will, indeed, obtain a large profit on their sales, and will be accused by ignorant persons of speculating on scarcity and popular apprehension; but it will be due wholly to their prescience that the scarcity did not become famine, and the apprehension suffering; and they will have merited for this service more than the largest profits that can accrue to them. The same principles will apply to *speculation in stocks*, which is in many minds identified with dishonest gain. Stocks are marketable commodities, equally with sugar and salt. They are liable to legitimate fluctuations in value, their actual value being affected, often by facts that transpire, often by opinions that rest on assignable grounds. Now if a man possess skill and foresight enough to buy stocks at their lowest rates and to sell them when they will bring him a profit, he makes a perfectly legitimate investment of his intelligence and sagacity, and in facilitating sales for those who need to sell, and purchases for those who wish to buy, and thus preventing capital from lying unused, or remaining inconvertible at need, he earns all that his business yields him by the substantial services which he renders.