This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 Excerpt: ... speculators, convinced that the article would soon rise, bought a vast amount of cotton which was about to'be exported to Europe, and soon sold it to American manufacturers at a snug advance. They got rich, but did good. Our manufacturers bought cotton of them much cheaper than they could have obtained it if they had ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 Excerpt: ... speculators, convinced that the article would soon rise, bought a vast amount of cotton which was about to'be exported to Europe, and soon sold it to American manufacturers at a snug advance. They got rich, but did good. Our manufacturers bought cotton of them much cheaper than they could have obtained it if they had had to re-import; the planters received more than England was going to pay them; the cost of two freightings across the Atlantic was saved; and the speculative profits remained in this country. We can see that proper speculation always tends to be advantageous. It acts like a governor to a steam engine, preventing prices from rising so high or falling so low as they otherwise would. Shocks in the market that but for it would be terrible are so distributed by it as to render them least harmful. The effect of absolutely wise speculation would be to annihilate speculation. Honest speculation is, therefore, negatively productive, like the work of judges, army, and police; it is not creative of wealth, but preventive of loss. Gambling manifestly lacks this saving character. It does not steady prices, but the reverse. At best, it but transfers property from pocket to pocket. There need also be nothing wrong in buying or selling an "option" or a "future," if only real business is in question. To buy out-and-out for future delivery is sometimes a necessity of every great business. You, being a dealer in actual cotton, agree to deliver me 1oo bales of the fibre next July 1, and I, actually wishing to purchase, agree to pay you so much a pound. Who can object to such a transaction? But I may not be sure of needing the cotton, in which case I covenant with you to deliver it for so much in case I desire it, though I need not take it un...
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Add this copy of Wealth and Moral Law to cart. $17.63, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2017 by Hansebooks.
