New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-03-21
COMMERCIAL CRISES.
LECTURE by PARKE GOODWIN BEFORE THE FREE
TRADE CLUB.

LECTURE by PARKE GOODWIN BEFORE the FREE
TRADE CLUB.
Parke Goodwin delivered last evening be-
fore the New-Yofk Free Trade Club lecture
on "Commereial Crises" The parors OF the
club were filed with large audience.
among which were many ladies' The address was lis
tened to with much attention. Among those present
was Peter Cooper. who delivered an address.
After brief description Of the phenomena preceding
commercial crises the ascending prosperity, extension
of business enterprises imitation Of credit and the con-
scauent collapse, Mr. Goodwin said: These are not
transient phenomena, but recurrent their effects are
general ami permanent do not refer to tue loss OF
prouery nor the waste Of energy but to the deeper
evils that AFFECT human character itself. Cities become
maelsT0s that up who seek in them the RAPID
ACQUISITION OF wealth. This Fictitious increase OF trade
brings reckless competition aud introduces into business
tue habits OF the gambler. In these seasons OF slnu'
lated activity credit means simply facility to incur
debt The funded debts OF the nations or the word
alone amount to 900 OOOOO0 # TO this sumis added
that of the municipal corporate and private debts We
tagger at the enormous aggregate These debts must Do
paid OF the productions OF the year when the ue
turns the middle classes which are the enterpfl'lhs
classes struggle desperately 70 keep their heads aOo'o
water; the honest by selling stocks and properly he
dishonest by forgery and dedication. Meanwhile Their
property bought by those already rch and the result
"A an oligarchy of wealth. The worst effect when t1e
collapse has been attained, IN IN the hum Vt
Of persons thrown out of employment lug
prudent live while their savings others
become criminals and tramps; all alike arc
discouraged In he discomfort are bred notlons Oh SO
clasm and communism; absurd projects OF teVolu,oa
are BON In these periods Of reaction As 10 tDr causes
Of these cyclones many theories have been ~
These perturbati0ns belong TO modern times anl "
nations whore credit Is given. The connection between
these crises and credit is close that one "r'ef ""'
said that "a crisis is n suspension or cIedlt. ...,
After "A brief consideration OF personal mortgdge ihu
mercantile credits, the lecturer confined Inc SGeo
of these troubles found IN another KIND O' credit
banking or money credit founded upon bills suppos1Su
ro present coin and deposits liable at any time 10 Will
draWa Coin limited by the abundance OI mo mse'',
Of which 1t Is COMPOSED; PtYe[roSSuuc,Ion and
consumption Is disturbed by this money cred ,
the rise and iall OF prices. which should ihulcaho
the excess OF over-prOductlOn, are lhnuebeeu w no
abundance OF money. or the ease OF cfrdiL ibge 90
stimulus OF bank loans where there ought TO DC re-
straint study OF banking statistics VIII SNOW M IN
finale relation between bank loans ana mereanltl99
bu uess. From them one may determine tno St no
ascending prosuerIty and those or stagnauon al 20
rolysis: ore may predict from them tue approachins
crais The one 81 dy of economists shOud De, w,
NAV be economical but 20 learn the supreme So
OF colo as one OF most beneicent lpstIuWehlsV
man progress that good Providence haS VOuchsaeu"
tbp world,