PRACTICAL PAPERS. 
297 
ply. A fall in price from excessive supply is checked, first, by 
enlarging the number who are now able and willing to buy ; sec¬ 
ondly, by a lessening of the supply through a check in produc¬ 
tion, or through the action of holders and speculators. 
Articles falling in the second class mentioned, those of which 
the supply is absolutely limited, are less numerous. Ancient 
sculpture, paintings by the old masters, antique relics, etc., are 
examples in point. No power can add to the supply, though 
time or accident may sensibly diminish it. The price which such 
things will bring is wholly settled by the competition of pur¬ 
chasers. Demand and supply will be equalized when price is car¬ 
ried to that point where competition is eliminated, and theie are 
just buyers enough to take off whatever is for sale. 
Those in possession of things of this class have a natural mo¬ 
nopoly of the market. But any commodity whatever may be the 
subject of an artificial monopoly, and the influences which oper¬ 
ate are very much the same as in the case of a natural one. If 
the monopolist sees fit to abuse his power, he can fix the price as 
high as he pleases, short of what purchasers either could not or 
would not pay; but he can only do so by limiting the supply. 
Things which are the subject of a natural monopoly are rather 
exceptional than otherwise, and have little bearing in the economy 
of society. But it is very different with those commodities which 
fall in the third class, for which the demand is urgent and contin¬ 
ual, and the supply for some time, at least, very difficult, or even 
impossible, of increase. 
Such is the case with grains and other products of the earth. 
Most nations depend upon their own harvest to a great extent for 
subsistence from year to year. When this has been gathered, 
there can be no further home supply for a twelve month. The 
mischief which might otherwise flow from this condition of things 
is very much lessened as nations come to act upon the idea that 
their true relations to each other is one of interdependence, rather 
than of absolute independence. In this connection, too, we are 
enabled to see the important service which a certain class of mid¬ 
dlemen are enabled to render—a class against whom, in this day 
and age of “corners,” some prejudice is very apt to exist. The 
usefulness of the grain dealer consists in great part in his econo- 
