[56 THE WORK OF THE STOCK EXCHANGE 
as it exerts itself in the organized and unorganized markets, 
can be of practical value in reducing the harm which so uni- 
versal, inevitable, and powerful an economic force as specula- 
tion occasionally works upon the individual. 
In conclusion, one can at least take consolation in the fact 
already stressed, that so far as prices are concerned speculation 
swiftly readjusts and eliminates the results of its occasional 
excesses. Leroy-Beaulieu not inaptly sums up the matter by 
stating that “the evils which speculation prevents are much 
greater than those it causes.” .But the best summary of a 
difficult question has probably been made by the brilliant British 
logician, philosopher, and economist, John Stuart Mill: 
The operations of speculative dealers are useful to the public when- 
ever profitable to themselves. The interests of the speculators as a 
body coincide with the interests of the public, and as they can only 
fail to serve the public interest in proportion as they miss their own, 
the best way to promote the one is to leave them to pursue the other 
in perfect freedom. Neither law or opinion shall prevent an operation, 
beneficial to the public, from being attended with as much private 
advantage as is compatible with full and free competition.