Commercial Crises of the Nineteenth Century

reckoned- among the most important subjects for consideration in the concluding years of the nine- teenth century. From time to time all civilised countries are now exposed to a complete upset

or the wherefore ow if this recurrence of financial and in- dustrial disasters could be traced to well-defined natural causes, mankind would, in this in other drought proves to be, like monarchs, amenable to skilfully-used ex- plosives in the higher air. Many of the trade difficulties of ancient times of the middle ages can be directly traced to drought, or to flood, in the same way that

district, to make up the deficiency in another. Formerly, periods by the establishment of granaries and grain pits, which were not opened until such time as failure of the crops in the particular region e system of production, that is to say, of articles of social use for profit, by free labourers who are paid wages-did difficulties arise in the trade or finance of any t>..omrounity from an actual super- fluity of the wealth which the members of that

modities which they need and which they make. Local gluts and national crises due to the same cause, which now take so wide a range, have been recorded before the present century. " In the common way of living on trade, men, their wives or children, often lose half what they get eith er by dear bargains, bad debts or law suits of which there will be neither in the college ; and if the earth gives but forth its fruit,

market; and, above all, his products are owned and are dealt with under his own con- trol. So soon, however, as in the course of economical development, the workers began to produce no longer as individuals for their own

right of individual appropriation or ownership, and with it the power to exchange, which form- erly belonged to the individual workers. The workers are working socially for social objects : the employer appropriates individually, and

such grave anxiety to every thinking man. Thus the problem dently solved by a reference to over-population, and there persist in this explanation ; though it bas been conclusively proved time after time that the power of man to produce wealth is increasing in every civilised country in a far more rapid ratio than any increase of population ever recorded

cal Economy at Oxford and Cam bridge still prostrate themselves had only G'.lded another to his long list The ablest summary of the causes .ormulated outside of the school of Marx is really

on enables the machine industry to conquer the old forms nevertheless, the crisis is approaching. There is no social control whatever exercised over the individual rush for profit. As the labour in the

production involves an antagonism betwe<:'n ey and commodities. the circulation of the capitalist's commodities is checked, or the realisation of his paper repre· senting work done is impeded, then the work cannot be carried on at all, but must be stopped altogether. But before this point is reached, doubts arise as to whether matters have not

a commercial and financial crash. What has happened? The capitalist class has virtually declared its own inability to conduct the busiuess of the community. The form of ion has revolted against the form of

changes which are now being brought about, un- consciously and anarchically, may the near future be r:arried on consciously and in an orderly fashion by an educated and organised democracy, will be partia,lly suggested in the

at the same

In this case, as in many others of a like kind, the

ill afford to lose joined in the chase,

strain. All the records of the

at this juncture, October, 1847, that the

prf that

at the handful of

at any rate, they were, like other financial

ky description required to be financed,

at and it is true

st (1891) have died

it had at the commencement of the month of May, 1873, but

nt of the Pacific Slope

at high prices

it may said, in every warehouse. Mills,

nt of a good standard at high wages, and now to find whole towns full

it is manifest that the older

lastd four years, from 1878 to 1882. Had the