Before I advert to the very difficult subject of 

 warranty, I think a word or two upon horse auc- 

 tions would not be out of place. There is some- 

 thing particularly attractive in an auction ; though 

 the most deceitful of all markets, the purchaser 

 takes a pleasure in being deceived. It partakes of 

 the excitement of the gaming-house ; yet the most 

 sober people speculate in the sale-room without 

 compunction. The possibility that the auctioneer 

 may speak the truth, (a bare possibility it must be 

 owned,) the certainty that if he does, the pur- 

 chase is cheaply made, the accidental bargains 

 occasionally realized, though not more than twice 

 in a thousand sales, and above all, the self-increas- 

 ing stimulus of competition, the jealous fear lest 

 ^he half-crown more of some less parsimonious 

 bidder should make him the happy man, combine 

 p 



