e contact with every other human being within the
commercial world. If ever a reign of peace and plenty shall extend over
the world, no one doubts the importance of commerce and intimate exchange
in bringing that time. The full advantage of free exchange in promoting
human welfare cannot be over-estimated.

_Exchange limited by powers._--With all its advantages, there are certain
obstacles in the way of its extension, always more or less effective in
limiting its range. A community can have few exchanges among individuals
if all are busied in the same or similar trades. A farming community has
little need of buying and selling among the farmers. A horse trade or an
exchange of one brute for another may supply all necessities. In larger
communities similar limitations are found where abilities are similar, or
where habits in education, government or religion are very uniform. In
such cases opportunities for exchange are limited, and commerce itself
grows slowly.

The story of pioneer settlements is uniformly one of slow and uncertain
commerce for want of the variety in wants and abilities which makes the
very foundation of exchange. Sometimes "day's work for day's work" is the
limit of exchange throughout a whole region or country. In the world at
large limitations often arise from hostile feelings between nations, and
as yet the highest freedom of exchange between people under different
governments has seldom been reached. The United States affords the
brightest example of people with varied characteristics developed through
the stimulating effect of ready exchange.

_Commerce over-estimated._--So rapid has been the advancement of systems of
exchange within the last half century that men are prone to over-estimate
the importance of commerce and its interests. The amount of wealth in
motion exaggerates the importance of wealth itself, so that multitudes
overlook the foundation in productive industry, and become mere bettors
upon the market, attempting to catch a part of the moving wealth as it
passes. Any speculation in mere commercial transactions may become a very
serious obstacle to legitimate industry by its effect upon both the
industry itself and the incentives to industry among the people. This
danger is increased by the greatly extended interest in exchange among the
rural population.

Scarcely a farmer in our country is beyond the effect of any extensive
commerce throughout the world. The crops of South Ameri