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The Pamphlet Collection of Sir Robert Stout: Volume 30

A Nice Distinction

A Nice Distinction.

My readers must not confuse the this sort of trading with dishonesty. The distinction may be a nice one, page 7 but still it exists, and anyone who will study the transactions of business of this era will gradually find out that fraud is quite a different thing to smart financial manipulation. And to assist him in his task I may as well add that it is a fraud of the most culpable kind if a man suffers from repeated misfortunes and eventually finds a load of debt forcing him downwards and removing further and further the goal of freedom which he has for long struggled to attain. But it is fair trading of the most honorable nature for an individual of good address to plunge into a sea of speculations which no sound man would touch, to reassure doubting minds by a lofty eloquence that it will all come right in the end, and to avert a crash as long as possible, until at last the huge column of smart financial manipulations grows too formidable for itself and destroying its own equilibrium, topples over and falls with all the majesty of a great convulsion. I repeat that the distinction is extremely nice, though an expert can draw it after long practice.