the role of a parasite. He produces nothing, he does not even perform the questionable service of mediator, performed by the merchant. He confines himself to taking away from the real workers, by stealth or violence, the largest part of the proceeds of their labor. The speculator is a robber who robs the producers of the articles produced by forcing them to accept inadequate compensation for their toil, and the consumers, by forcing them to buy from him at an enormous advance. The weapon with which he falls upon producers and consumers like a highwayman, is double-barrelled, and is called elevation and depression of prices, or cornering the markets. He makes use of this murderous implement in the following manner. When his intention is to plunder the producer, he begins to sell certain goods that he does not possess, at a price lower than the current market rates, promising to deliver them to the purchasers a fortnight, a month or three months later than the date of sale. The purchaser of course, buys of the speculator because he asks lower prices. The producer now has only two courses open to him. If he is rich enough to carry his goods without selling until the day arrives when the speculator is obliged to deliver those he has guaranteed to the purchaser, then the speculator will not be able to get the goods at as low prices as he had hoped, and will be obliged to buy them at the producer's price, and lose money upon them, thus being robbed instead of robbing. But if the producer can not do this, and this is by far the most frequent case, then he is forced to sell his goods immediately at such prices as the goods will bring in the market. He must underbid the speculator, who then becomes his purchaser, for the consumer has already ordered what he wants from the speculator. Thus when the time comes for him to deliver the goods, he is able to buy them of
