(MPERIAL GRANUM, W. C. WILE, M. D., in the New England Medical Monthly, January, 1888-"In the delicate conditions of the stomach, when every thing else has been rejected I have saved many lives by giving IMPERIAL GRANUM. I consider this as one of the very best foods the physician can find to assist him in carrying through his patient to recovery; and I have found it of inestimable value in the later stages of Phthisis, Gastritis, Gastric Catarrh, Dyspepsia and Dysentery. It requires little effort of the stomach to digest and I have never known it to be rejected if properly prepared, given in small quantities and at frequent intervals. The great care used in its manufacture will lead the physician to expect the same product all the time, and we can assure him that he will never be disappointed, as we have fully tested it in our extended experience."

We speak from experience when we say that the IMPERIAL GRANUM is both safe and nutritious. It has been on the market for many years, and the largely increasing sales show that many others have found like results attending its use.-The Christian Union, N. Y.

As a Medicinal Food IMPERIAL GRANUM, which is simply a solid extract from very superior growths of wheat, is unexcelled. It is easy of digestion, is not constipating, and is to-day the STANDARD DIETETIC preparation for invalids, for the aged, and for the very young.-North American Journal of Homoeopathy, N. Y., Dec., '87.

IMPERIAL GRANUM has now been before the public for many years, and is generally admitted to be a standard preparation. There can be no doubt that this is due to its uniformly superior quality, and the successful results obtained with it in all cases where an artificial food is required.-Popular Science News, Boston, February, '88.

"IMPERIAL GRANUM.-A neighbor's child being very low, reduced, in fact, to a mere baby skeleton from want of nourishment, as nothing could be found which the child could retain, at the urgent request of friends the parents were induced to try IMPERIAL GRANUM, which proved such a benefit to the child it grew and thrived beyond all comprehension. At the same time I had a child sick with cholera infantum; on being presented with a box of Granum, with the high recommend from this neighbor, used it and continued its use to raise the child on, and I firmly believe this had all to do in saving the former child's life and the greater part in restoring my own child to health. A. C. G."-Leonard's Illustrated Medical Journal, Detroit, Mich., Oct., '87.

P. VARNUM MOTT, M. D., Boston, Mass., in the Microcosm, New York, February, 1886."There are numerous Foods that are much vaunted, and all have their adherents. The 'IMPERIAL GRANUM,' in my hands, seems to be all that is claimed for it, and experience has brought me to rely on its use where its special properties are indicated. In infantile diseases it has proved very efficacious, and I always direct its use when a child is being weaned."

The lives of untold thousands of infants have been saved by IMPERIAL GRANUM, and careful mothers are loud in their praises of this well known food, and pharmacists can safely recommend it.-Proceedings Illinois Pharmaceutal Association, 1887.

"On some other Planet there may be a better Dietetic Preparation than IMPERIAL GRANUM, but not on this."-" The American Analyst," New York.

SOLD BY DRUGGISTS.

JOHN CARLE & SONS, New York.

To speculate is American. In no other country is speculation carried to such an extent as in ours. The sum total of our speculative trade presses close upon the aggregate of our national wealth. The practice of speculation is well nigh universal. We have professional speculators and amateur speculators. We speculate in produce, we speculate in land. We speculate in manufactures, in railways, in mines, in stocks and bonds, in gold, in iron, in live stock. We speculate in anything and everything. The rich speculate and the poor speculate. Saints speculate and sinners speculate. Not only bankers and brokers, but merchants, mechanics, lawyers, doctors, legislators, ministers of the Gospel, dry goods clerks, newsboys, and bootblacks, endeavor to multiply their legitimate earnings by some form of speculation. Even ladies who must earn their own livelihood are trying their skill in the way of speculation; and many a snug little fortune has been accumulated by the keen speculating instinct of women.

Of course the entire amount of the speculative trade throughout the country cannot be accurately estimated; for its methods and forms are too complex to be easily traced. But a glance at the work of some of the principal centers of speculation is sufficient to show how enormously disproportionate is this element in our national commerce. The transactions of the Chicago Board of Trade amount to more than three billions of dollars in a single year; of which more than seven-eighths are purely speculative. The speculative trades of the various Exchanges in New York are estimated at from four to five billions annually. These sums are however small in comparison with the deals of the Stock Exchange. Several years ago it was estimated that the par value of the annual sales in the New York Stock Exchange exceeds twentytwo billion dollars. The entire wealth of the country in 1880 was less than forty-four billion dollars, or less than double the sum involved in the transactions of this single Exchange.

The smaller cities have their Boards of Trade which do a business corresponding with their size and importance. The transactions of the Stock Exchange are repeated with small amounts in almost every broker's office in the land. In every community we find men trying to imitate with their limited resources the movements of the Bulls and Bears of Wall Street. These minor enterprises taken separately appear insignificant in comparison with the traffic at the great centres of speculation; but the vast number of them taken together gives an aggregate which is by no means trifling.

It needs no argument to prove that this speculative element in our commerce, involving as it does such immense sums of money and extending so widely through all classes of society, exerts a controlling influence for the quickening or depression of trade, and becomes an important factor in the distribution of wealth. Plainly the economic effect of so much speculation must be either very good or very bad; but whether it is good or whether it is bad is not so plain. Opinions differ very widely upon the subject. One class of economists declares that "Speculation is the soul of trade." Another class with equal confidence asserts that speculation is subversive of the interests of legitimate trade. A financial panic sweeps over

the land and many voices are heard denouncing speculators as the cause of the trouble. Other voices as many and as loud defend speculation and find the cause of the disturbance elsewhere. Yet in their disagreement all are agreed on one point. Every voice, whether raised in denunciation or defence, testifies to the extent of speculation and its important influence in every commercial movement. In these days of economic study and social agitation, when so much is said about the causes and cure of poverty, the unequal distribution of wealth, and kindred subjects, we naturally turn to the question of speculation expecting to find in it the key by which some of these other questions may be solved.

In his work on "Progress and Poverty" Mr. George says: "Production and consumption fail to meet and satisfy each other. How does this inability arise? It is evidently and by common consent the result of speculation. But of speculation in what? Certainly not of speculation in things which are the products of labor,-in agricultural or mineral productions, or manufactured goods; for the effect of speculation in such things, as is well shown in current treatises which spare me the necessity of illustration, is simply to equalize supply and demand, and to steady the interplay of production and consumption by an action analogous to that of a fly wheel in a machine. Therefore if speculation be the cause of these industrial depressions, it must be speculation in things not the production of labor, but yet necessary to the exertion of labor in the production of wealth-of things of fixed quantity; that is to say, it must be speculation in land."

This is the way in which the founder of the great AntiPoverty Society disposes of the question of speculation and makes it pay tribute to his pet theory. His conclusion is at once illogical in itself and wholly inconsistent with observed facts. Speculation is speculation, wherever it appears, and its nature and effects are everywhere the same. The most casual study shows us that speculation in land is a mere peccadillo when compared with the other forms of speculation carried on in America. Moreover, even at the risk of seeming to contradict (for as we shall see later the contradiction is only apparent) that somewhat uncertain authority expressed in the

general title "current treatises," we assert that no form of speculation tends to equalize supply and demand, or to steady the interplay of production and consumption. Very far from it. The whole tendency of speculation in anything is to disturb the equilibrium of trade, to hinder legitimate exchange, and to increase the inequality in the distribution of wealth.

In our great metropolis we see "grinding poverty and fabulous wealth walk side by side." In the tenements and attics are huddled together multitudes of poor workers of every sort struggling night and day against starvation, not a few of them driven to lives of sin or a suicide's death by the power of despair. Close by them on the grand avenues we may meet men whose fortunes are almost incredible. The Vanderbilt property exceeds two hundred millions of dollars, and Jay Gould forgets whether he signed a cheque for five millions or fifty millions. What is the cause of this inequality? What has taken the money from the pockets of the many and swept it into the coffers of the few? I answer in a word-Speculation.

I do not mean to say that all the very rich or all the very poor are speculators; for that would be manifestly untrue. A. T. Stewart was not a speculator, yet at his death he was worth fifty million dollars. John Jacob Astor accumulated twenty millions, of which only a small portion was the fruit of speculation. The elder Vanderbilt amassed a fortune of from sixty to a hundred millions, much of it entirely independent of speculation. On the other hand very many of the poorest people have never meddled with speculation. There are other causes which must account for many individual cases of pov erty and a few of the large fortunes in the land; but speculation is the underlying force which, more than any other, disturbs the natural laws and conditions of society and brings about such inequality of wealth where all should be comfortable and none should be overburdened with riches.

Doubtless Mr. George in the expression "current treatises," refers among others to the works of John Stuart Mill, who says, "The operations of speculative dealers are useful to the public when profitable to themselves; and though they are sometimes injurious to the public, by heightening the fluctua