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other branches of commerce. Why should it not be? What is there in the nature of the commodity itself which is bought and sold, or in its relations to the public interest, to entitle this traffic to an exemption from the established laws of trade? Yet such an exemption is conceded to it. Let an association of merchants attempt to introduce the usages of the stockexchange into the business of Market street or Pearl street to buy and sell "on time" worthless or fictitious fabrics - fabrics of which there was not, and never would be, a piece in their stores for dealing in which neither clerks, nor porters, nor packing boxes, would be required—and which would only pass from hand to hand in a supposititious transfer, by the payment of "differences" on the prescribed day of delivery. Is there a city in the Union that would tolerate such a bare-faced system of gambling for a single month? Would there not be a universal burst of indignation, at the audacity and profligacy of the thing? Yet wherein would it differ from that class of transactions in stocks on which I am animadverting? The commodities are unlike, but that is all. The principle is the same. And the question for merchants and financiers to settle, is, why a practice should be openly fostered and encouraged in one department of commerce, which would be hooted from any other department of commerce as a disreputable

immorality? This question derives increased significancy from the fact, already noted, that the true character of the practice is not denied. All men (those interested excepted) agree in pronouncing it, not only a violation of the Scripture code of morals, but a huge fountain of social corruption. Why, then, is it not suppressed? Why do not the large and influential body of upright men belonging to that profession, wipe off this stain from their escutcheon, and bring back at least the official business of the stockboard to its legitimate channels? Private transactions they cannot control, although by a moral influence they might reach even these. But their inability to prevent private gambling, does not absolve them from the obligation to discountenance, and, if possible, abolish, public gambling. If they have not the courage to attempt this, the officers of the law should supply their lack of service. And if these are disposed to wink at the evil, measures should be adopted to form a more healthful public sentiment, which might suppress this iniquity, and protect society from its multifarious mischiefs.

In dismissing this subject, I must once more disclaim any intention to impugn the ordinary traffic in public and corporate securities. The stock-broker is as indispensable as the merchant, and his legitimate business every way as respectable and useful. I will

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not say that there are no evils to be corrected within the sphere where his business lies, and to which, if he is a true man, he confines himself. But I have not chosen to speak of them in this Lecture. Every word of censure I have uttered, has had respect to a system which is beyond the pale of lawful commerce, the opprobrium of the stock-exchange, and a plaguespot upon the face of society.

Logical exactness might demand, in deference to the main design of this Lecture, some further notice of stock-jobbing in its connection with periods of excessive speculation. But the length of this discussion admonishes me to close-which I do by reminding you of a saying of our Lord's, which is extremely apposite to our own age and country. The motive power which propels the vast machinery of commerce, its iniquitous no less than its beneficent agencies, is the desire of wealth. This desire takes its moral hue from its motives and its implements. Its perpetual tendency is to excess; and we cannot, therefore, ponder too often or too seriously the admonition, "Take heed, and beware of covetousness: for a man's life consisteth not in the abundance of the things which he possesseth." You may accomplish all that you have set your hearts upon, and compass the utmost limits of accumulation with which your

fancy has loved to decorate your future consequence, and still be without any solid happiness. Nay, the more you surrender yourselves to the mastery of this passion, the more certain are you to miss the true enjoyment of life. Nor is this all. Amidst the cares and aspirations of your Counting-rooms, there is a process going on which involves your profoundest interests. Business may thrive or languish, success or disappointment may attend your plans, wealth or poverty may be standing at your doors-it is all one as to your future destiny. Every hour is bearing you on towards the judgment-seat of Christ; every transaction in which you engage, every calamity that sweeps over you, every auspicious venture that helps to fill your coffers, is helping to mould your characters for endless blessedness or eternal wo. Whether you are oppressed by the leaden stagnation of trade, or elated by the ensigns of a luxuriant prosperity, there is one interest that never droops, one mighty Trafficker whose work never intermits. Invisible to mortal eyes, he is gliding about among you, alike active and unsparing in your seasons of depression, and in the palmiest days of your commercial triumph. While he keeps at a distance, you heed him not: he may mow down his victims by thousands without disturbing your composure. But sometimes he crosses your path so near you―he strikes down a partner,

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a neighbour, a friend, so dear to your heart or so closely affiliated with you in business, that you are startled: you feel like one who sees the ground torn up at his feet by a thunderbolt. For the time, you feel that life's misnamed realities are airy nothings. You are ready to exclaim, with the great British statesman, "What shadows we are! What shadows we pursue!" But how transient, too often, are these impressions! You miss that familiar form in your walks, but the crowd closes in, and, after a few days fills up the void produced by his removal; and though he may not be at once forgotten, the solemn and tender reflections awakened by his death, are soon merged in the absorbing secularities of your profession. Is this to act as becomes your rational nature? Can you appeal, in its vindication, to those maxims of prudence which govern you in your business-arrangements. While you are contriving how you may increase your property, you may be summoned to that world where all the gold that was ever mined, could not purchase a drop of water to cool your parched tongues. While you are hanging with suspense upon the mails and the telegraph, for intelligence which is to consummate or blast your earthly hopes, the voice of God may fall upon your ear, "This night thy soul shall be required of thee!" - I speak as to wise men.