than I sold at—­could sell unlimited amounts—­literally unlimited amounts.  When Barry Conant had bought all that he thought he could pay for, he was obliged to beat a retreat in front of my offerings, and I was able to smash, and smash, until the price was so low that he could not by the use of what he had bought, as collateral, borrow sufficient to pay me for what I had sold him.  Then he was compelled to turn about and sell what he had bought from me, and when I had rebought it, for ten millions less than I had sold it for, the trick had been turned.  I had sold him 100,000 shares say at 220.  He had sold them back to me say at 120, and he stood where he had stood at the beginning.  He had none of the 100,000 shares.  Both of us stood, so far as stock was concerned, where we had stood at the beginning, but as to profits and losses there was this difference:  I had ten millions of dollars profits, while Barry Conant’s clients, the ‘System,’ were ten millions losers—­and all by a trick.  The trick did not differ in principle from the one in constant practice by the ‘System.’  When the ‘System,’ after manufacturing Sugar stock, sell 100,000 shares to the people for $10,000,000, they so manipulate the market by the use of the $10,000,000 that they have taken from the people as to scare them into selling the 100,000 shares back to them for $5,000,000.  After they have bought they again manipulate the market until the people buy back for $10,000,000 what they sold for $5,000,000.  The ‘System’ commits no legal crime.  I committed no legal crime.  I had not even infringed any rule of the Exchange, any more than had the ‘System’ when they performed their trick.  Since my experimental panic I have repeatedly put the trick in operation, and each time I have taken millions, until to-day I have in my control, as absolutely as though I had honestly earned them, as the labourer earns his week’s wages, or the farmer the price of his crops, over $1,000,000,000, or sufficient to keep enslaved the rest of their lives a million people.

“What do you intelligent men think of this situation?  You know, because you know the stock-gambling game, that the American people, with their boasted brains and courage, come year after year with their bags of gold, the result of their prosperous labours, and dump them, hundreds of millions, into this gambling-inferno of yours.  You know that they are fools, these silly millions of people whom you term lambs and suckers.  You chuckle as, year after year, having been sent away shorn, they return for new shearing.  You marvel that the merchants, manufacturers, miners, lawyers, farmers, who have sufficient intelligence to gather such surplus legitimately, would bring it to our gambling-hell, where upon all sides is plain proof that we who conduct the gambling, and who produce nothing, are obliged to take from those who do produce, hundreds of millions each year for expenses, and hundreds of millions each year for profits—­for you