that any man can sell in one session of the Exchange is limited only by the amount that he can offer for sale, and he can offer any amount his tongue can utter; and he is not compelled and cannot be compelled to show his ability to deliver what he has offered for sale until after he has finished selling, which is the following day.  You will ask as I did:  Can this be possible?  You will find the answer I found.  It is so, and must continue to be so, or there will be no stock-gambling.  Mark me, for this statement is weighted with the greatest import to you all.  A member of this Exchange can sell as many shares of stock at one session as he cares to offer.  If any attempt is made at the session he sells at to compel him either before or after he offers to sell to show his ability to deliver, away goes the stock-gambling structure, because from the very nature of the whole structure of stock-gambling the same shares are sold and resold many times in each session and the seller cannot know, much less show, that he can deliver until he first adjusts with the buyer and the buyer cannot adjust until after he has become such by buying.  If a rule were made compelling a seller to show his responsibility before selling, every member would have every other member at his mercy and there could be no stock-gambling.  When I had worked this out, I saw that while the few tricksters of the ‘System’ had a perfect device for taking from the people their wealth, I had discovered as perfect a means of taking away from the few the wealth they had secured from the many.  With this knowledge came a conviction that my way was as honest as the ‘System’s,’ in fact more honest than theirs.  They took from the innocent, I took from the guilty what had already been dishonestly secured.  I determined to put my discovery into practice.

“I might never have done so but for that Sugar panic in which I was robbed of millions by the ‘System’ through Barry Conant.  In that panic the ‘System,’ with its unlimited resources, filched from the people by the arbitrary manufacture of stocks, and by their manipulation did to me what I afterward discovered I could do to them, without any resources other than my right to do business on the floor of this Exchange.  You saw the outcome, in the second Sugar panic, of my first experiment.  In a few minutes I cleared a profit of ten million dollars.  I could have made it fifty millions, or one hundred and fifty, but I was not then on familiar terms with my new robber-robbing device, and I had yet a heart.  To make this ten millions of money, all that was necessary for me to do was to sell more Sugar than Barry Conant could buy.  This was easy, because Barry Conant, not knowing of my newly invented trick, could buy only what he could pay for on the morrow, or, at least, what he believed his clients could pay for; while I, not intending to deliver what I sold—­unless by smashing the price to a point where I could compel those who had bought to resell to me at millions less