, 1874-11-10
B0NAMY PRICE,
His Lecture Yesterday
| Evening on CONNER.
cial Crises.
Standard Hall Filled
with a Large All
dience.
A Lucid and Interesting
Treatment Of His
Subject.
The Real Causes Which
Lead to Crises.
Destroying Capital in Unre.
muneratiye Under.
takings.
NF$
What Constitutes Capital---How
Nations Grow Richer
or Poorer.
An Unconvertible CURRENCY, |
and How Set Aaoat.
d Word About Banking and Bankers
---Their Aid in Creating
Crises.
Folly of a Further Issue of
Greenbacks.
An Unconvertible Curreu,cv
and How Set Afloat.
d Word About Banking and Bankers
---Their Aid in Creating
Crises.
Folly of a Further Issue oil
Greenbacks.

Tho audience which greesod Bo namy Price
the fohticai Economist at Stand ard Hail las
evening" WAS worry large in numbers as vol ae
emlnontly respectable. Many Of fho more prom.
inons lawyers, merchants, banka,o, clorgymon
ana CAPITALISTS aud htorary mon 1T tho city, AZ
VOL al SCORE or two OF laios, wa re- rtoaont and
all seemed to appreciate tho prao ticAlly scientific
talk OF O1fords distinguished Professor, and
waited pationtly-over two Lours-unt,] l,o con-
clnded. The hall Was densoly crowded, 80 much
go that moro people could not hire boon forced
in. Tho majority obtained seats, but two or
three hundred were amply compensated for
standing up.
The lecturer was introduced I,y
Z. Q. LAnHEp, ESD,
nho said:
CITIZENS: At the, request Of thu
Board OF Trade and Of the Ci.tizons' Agsocintion
Prof. Price has kindly consiHated to deliver Ice
ture In Chicago. Ho is Of tho University of Ok
ford, NJ you we'll know, aul bis reputation ~
thinker and writer on tho Eubjects about which
he is to address uB is 60 'Sell known that c.
tcem it TO be raro priVi ege that We arc to have
the pleasure Of hearinE kim. have tho honor
to Introduce to you Prof. Prico, Of Oxford.
[Applaune.]
Prof. Price WAS recel'od with tho clapping Of
hands when ho came forward, and acknowledged
tho compliment BY graceful bow. Whom tho
applause aubsided ho ispoke as follows;
PnoI'. PRICE.
LADIES AND dESTL1 MEN: propose to speak
to you Of commercial criscs. need hardly toll
you 1t ID subject Of infinite debatc, Of endless
dispute. and great uncertainty among all tho
writer's and most Of tho baukora In tic morcan
ttlo community. 1T ought not to be difficult
subject, aud yet 1t always treatod as such. but
1 nope Bhall bo a.'le to show yon how It co1nes
to pass that mat .or which is not roal1y com-
pcated its own ature, however hard it NAV bo
to follow 1t out in s.ail, has bcon muddled to TIN
extent it has
Now, VIC must In all tlcso questions. and
In my question. that is Investigated by rnan1
proceed from m examinations Of tllo facts, va
must begin with htattng tic facts TINT wo want
to explain; we. must not begin with theory
anterior to the nyostigation Of tic facts, Un-
fortunately, III this subject tho non-ncicntlflo
orybody having his theories
everybody ha': Jug luis ideas mado up before he
has looGed at he facts-Aas boon tho uniyorual
pfocess aud Il Uuco tho confusion.
WHAT ARE TIL EFFrcrs OF COMMERCIAL cR1sEs
1hose aro t. 10 distinct Btageg in which they
present then lHelyos. Tho iirat aro tho efreets
.has .1 occur u tho banhing world,--in tho
itsell heard aud tho storm frat roaohcs AID
alter"nFae 40 far moro important class or ef-
1eots which ero subsequent to tho storu1-tho
eHects "h't III spread over tho nation, which arc
1oit " osd ~ laboring man, which nre fot bY
ovoty merct 'utile house and firm long long after
lhe asot'n al consed to reach into the coInn,or-
clal Gentra l.. Take tho effects 10 tic banking
Torld-'n tho Wall street of New York and tho
Lombard stree. Of London. First thvro aro
H.. HE nuMnL1hoa UNDERGROUND
Innt eeIt IN houses arc in dangerous az 1t ia |
cal9ea 'hshy condition; they aro beginning |
" w suspected bY their creditorH-uliS- |
fl''nEs are beginning to bo felt aa |
81 ~ .Ae poaMsl1blAty OF meeting their on
tabe'non H, ~: IAen taeto are tho difficulties |
, Inhs ma h'1cat themselves III tho speculative |
3hareB- In the difficulty, increasing manifegtiy
u meeu ng calls-in tho difficulty OF providing |
,arsM ,rl or eont'noing public works; and gem
'Ea! VI eaalne6a teFvauoa tho banking cnl,l1nl.