(3.) By speculation, (commercial gambling).
The first two of these means of obtaining riches are, in some forms and within certain limits, lawful, and advantageous to the State. The third is entirely detrimental to it; for in all cases of profit derived from speculation, at best, what one man gains another loses; and the net result to the State is zero, (pecuniarily,) with the loss of the time and ingenuity spent in the transaction; besides the disadvantage involved in the discouragement of the losing party, and the corrupted moral natures of both. This is the result of speculation at its best. At its worst, not only B loses what A gains (having taken his fair risk of such loss for his fair chance of gain), but C and D, who never had any chance at all, are drawn in by B's fall, and the final result is that A sets up his carriage on the collected sum which was once the means of living to a dozen families.
83. Nor is this all. For while real commerce is founded on real necessities or uses, and limited by these, speculation, of which the object is merely gain, seeks to excite
