Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-05-16

wo individuals may gain handsomely Now, in
rade, rightly conducted no loss oneh, 10 accrue
L Is the regular action Of business between the
xremes OF demand and supply, predieacd upon |
cal values !, is only Of late years, believe,
ha, the inordna,c desire Of our people to become
uddcnly rich has led them off from fair and hon
,rablo business transactions
Blu, am sure that can see nothing but what
q fair and honorable in what you term speculation,
Mr. Emory
ITO me, ii appears neither fair nor honorable
for il takes an undue advantage Of the ignorance
Or necessities of others Instead Of having some
regard to the good of the whole, it is founded in
narrow, selfish policy, that looks only 10 the pres
cnt individual gain In its operations il inter
ferss with tho regular process trade, diaulbng
its equitable action from lis source 10 its ,ernna
ton, and necessarily producing injury II some
point lie, me instance the very case upon which
our present conversation is founded, and TO enn-
bic me to make my position clear | will assume
that Mr. Harwood has become first in possession
of news from the West Indies for that is the point
that will govern our market during the next few
months, of advance in flour He has on hand
some three or four thousand barrels, you as much
more, and nearly like quantity In purchas-
ing our -four as merchants, thus standing between
the manufacturer and consumer, aud acting for
their mutual benefit as well as our own, we are
fairly entitled TO a prof. upon orr goods OF the
regular advance, il any ia the natural tncos
But Mr. Harwood, in his selfish desire to benefit
himself forgcts ,ha. we have rights and interests,
and instead Of bcing conented with the profits that
will accrue in the regular operation of trade be
Gomez envious to possess our share of the profits
as well as his own. He therefore conceas from
u.s. under show Of ignorance OF any event calcu-
lated TO effect the market, the knowledge he has
obtained, at the same time that he artully tries to
induce us to sell We sell and in a day or two
the intelligence, which to him was private, is a
matter known TO all We are involved in loss,
while he has added to his share Of the profits,
what would have been our own, had he not inter
fered with our business Is that honorable is
that honestf
1t is considered all far in trade, Mr. Emory
The few who engage in speculation may think
ii so; but hope that the common perception OF The
mercantile community distinguishes its true char
acter, and brands it as evil
Il certainly is an evil, Mr. Emory; that I am
ready to acknowledge for it dlsurbs the healthy
action of trade. But it is one Of those evils con
seauent upon the present state of business
| Consequent upon the present selfish state OF
mankind, which looks so intently upon individual
interest, thut ii can Distinguish nothing worthy Of
consideration beyond tina, centre. ! am glad that
you are able to see it as an evil for am sure tina,
recognizing it as such, it will be hard for You to
see it as wrong in principle. If it be evil in its
effects upon trade. then it must be evil in its begin
ming. A good fountain cannot send forth bitter
waters
4 don't know Mr. Emory, that have any sci
fish ends to subse:ve in advocating the cause o
speculation. have never engaged in it, and new
er could gain my own consent to do so. Severa
III, I hayn loo
had taken advantage of early information, anc
monopolized an article But always felt tina,
had no right to my neighbors share and tried t.
content myself with my own. Selfinterest, in sucl
cases, always reasoned strongly. but | neve
could be induced to give up my samples In on
instance, remember, merchant in this city, VIII
has made good deal Of money by speculation
knowing that | had about forty thousand dollar
idle, and that had facilities for large bank &C
commodptions, equal to his own, proposed that
should Join him and purchase up all the ice i
Boston, New York and Philadelphia, establish
ing agencies in each place. We could then, h
sad, advance the price TO double the PREVAILING
rates, and realize handsome return But | rt
fused the proposition, because ! could see no rea
son why two individuals should thus prey upon
whole community. The ice trade was going OF
and thousands Of families were provided with
most desirable and healthy article of summer us'
at fair rate and could not consent TO step
and interfere with it, thus deprying hundreds an
perhaps thousands Of individuals from rs use, aft,
1t had become necessary to their comfort
Il certainly honor your principles of action
. Mr. Emory said, with warmth
The merchant argued resumed the other, TIN
ice was n mere luxury and might be fairly spc
:, uiated in But | could not see why, by raisn
its price in the market, from purely grasping an
selfish eods, should deprive any one from eve
a luxury so called. Both Of us are accounl'
! rich, aud each Of US has the means Of purchasn
/. / any article Of comfort or luxury he may desir
. How cruelty selfish would have been, for US
have deprived the poor man and his family from
draught Of cool water during the sultry and d
bllitaiing season IN order still further 10 have ,
" creased our wealth
al Itrus then, that your mind has come back
q that state Ia which you can see all speouiaIions
a be evil in principle You acknowledge that "
p" have never been able to gain your own conse
10 engage ia them from any instructive percepti'
that they were wrong. DO not then LEI the II
W piled or open countenance Of such proceedings
" business men destroy the force Of q these true p
az cop,ions Join witb the few bat high minded ~
ia society who are willing to act from the pru'
= pie, live and ld live, IN an open aVowal Of q
q Truth as well as IN qnie; exhibition Of Il IN
y business relanons
4 feel the force OF what YOU saw Mr. Emoi
:, bosh as regards the evil Of speculation, and 9
:. ayowal oflrae principles OF action Whenever IN
~ are clearly seen Particularly DO feel the lof