you sell so many barrels of flour, at such a price, on time, as it is called,—­that is, you engage to receive, or to deliver, so many barrels, at the prices and in the times agreed upon, in the hope, that, before the period of your contract comes round, prices will have so varied as to enable you to buy, or sell, the quantity bargained for, upon terms that will give you a profit.  In a word, you simply agree to run the risk of a change of prices such as to give you a profitable return.  The operation is identical with that of betting that such a card will be turned, or that such a horse will win in a race, or such a candidate be elected President.  On ’Change we are charitable enough to suppose each speculator possessed of data such as to make his venture seem reasonable to himself.  This is the system, and, though very like gambling, it has the advantage of presenting to men of small means the chance of large profits, provided they are willing to run the risk; since, while with a capital of ten thousand dollars I could make an actual purchase of only two thousand barrels of flour at five dollars a barrel, the profit on which, at an advance of twenty-five cents per barrel, would be very small,—­by risking all my money upon a single venture, and leaving myself a ‘margin’ of fifty cents to cover the greatest probable decline in price per barrel, I may purchase ‘on time’ all of twenty thousand barrels, the profit upon which, at the same rate, would be equal to fifty per cent of my entire capital.  This is the legitimate system by which such rapid fortunes are made and lost upon ’Change.  Now suppose, that, operating in this way, you are in possession of a secret means of intelligence, instantaneous, to be relied on, peculiar to yourself,—­does not Monsieur perceive that it insures one a fortune incalculable, and to be made within the shortest time?  If I to-day learn that to-morrow’s steamer will bring news that cotton has advanced one cent a pound, of course I am justified in buying cotton to the utmost extent that my capital and credit will afford me means, being sure of selling it to-morrow at a higher price; and if I am continually in the receipt of similar information, I can turn my capital over fifty times in a year, and double it every time.  There is actually no limit to the possible fortune of a man who is so favored, provided he conjoins prudence and boldness to his manner of transacting business.  The supplying of such secret and unshared information to the firm of John Meavy & Co. was the end of my invention, Monsieur.  I was to go to Liverpool, and act as signaller, while he was to stay in New York, receive the information, and buy or sell in accordance with it.