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It does not however |
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It does not, however, follow, as a matter of course, that home speculation shall always prove profitable either to the invester or to the nation at large. We have said already, that the proper function of capital is to foster and encourage labour; but this may be carried too far. For example, it is just twenty years ago, when, at a time of great prosperity in trade-the regular products of this country being as nearly as possible equal to the demand-a large body of capitalists, finding no other outlet for their savings, gave an unnatural stimulus to production, by buying up and storing immense quantities of our home manufactures. This they must have done upon some abstruse but utterly false calculation of augmented demand from abroad, making no allowance for change of season, foreign fluctuation, or any other of the occult causes which influence the markets of the world. The result, as is well known, was most disastrous.
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