Behind the extravagance of the narrative situations, the humorous narration itself, and the comic techniques, there is a more serious intent to "Spotted Horses." With all of the different character types found in the story — from the rational narrator, to the mild, meek, and down-trodden Mrs. Armstid, to the strong and determined Mrs. Littlejohn, to Ad, the half-wit son of Eck Snopes, and to the amoral Flem Snopes — we have a magnificent cross section of rural persons who inhabit Yoknapatawpha County. There are also strong implications that things are out of control in this particular community.
The narrator, V. K. Ratliff, is not named in this particular story, but Faulkner uses this itinerant sewing machine agent as a character in most of his stories involving the Snopes. The opinions Ratliff expresses are those felt by most readers — for example, his view of Flem Snopes: "That Flem Snopes. I be dog if he ain't a case, now." The story's unity lies partly in the fact that this same incredulity concerning Flem is expressed at the end of the story, first by I. O. Snopes — "You can't git ahead of Flem. You can't touch him. Ain't he a sight, now?" — and then by Ratliff, who maintains that if he were to do what Flem does, he would be lynched.
Among the things that surprise Ratliff is the cool manner in which Flem enters the community and immediately begins greedily accumulating money, first as a clerk in the Varner store, and then by marrying Varner's daughter, Eula. Once Flem has a foothold in the county, Ratliff believes that in ten years he will own everything.
