CIIAPTEK XV 



Before I advert to the very difficult subject of 

 warranty, I think a word or two upon horse auctions 

 would not be out of place. There is something 

 particularly attractive in an auction ; though the 

 most deceitful of all markets, the purchaser takes a 

 pleasure in being deceived. It partakes of the ex- 

 citement of the gaming-house ; yet the most sober 

 people speculate in the sale-room without compunc- 

 tion. The possibility that the auctioneer may speak 

 the truth, (a bare possibility it must be owned) the 

 certainty that if he does, the purchase is cheaply 

 made, the accidental bargains occasionally realized, 

 though not more than twice in a thousand sales, and 

 above all, the self-increasing stimulus of competition, 

 the jealous fear lest the half-crown more of some less 

 parsimonious bidder should make him the happy 

 man, combine to induce a semi-intoxication of cupid- 

 ity, that leaves a novice no chance of escape without 



