Excerpt from The Stock Exchange: A Short Study of Investment and Speculation Confessed; that it is sometimes morally and ecomically right to spend all one '8 income' and even to borrow may be admitted. But nevertheless, progress depends upon saving. Banks and Stock Exchanges, which facilitate and encourage saving, are themselves the fruits of saving; without saving they could t have been called into existence. When capital shrinks, when the community they, serve sinks into decay, these institutions like - 5 wise must come to grief. Thanks, however, to the onward march of invention and science, as well as to the growing reluctance of nations to engage in war, progress is w the rule; and decay the exception. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art techlogy to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.