, 1879-05-26

IAE HlAfN NAIluN Df IhhQE.
In the last number OF tho North american
Rerieto Prof. BoNAMY pntoE writos Of '*Tho
staRnatioR Of Trade and It's Cause" Tho
article In chiefly remarkable for cloarneBs Of
statement and comprehonRivenosa. All tho
phenomena mentioned by Prof. Pn1oE have
been understood md appreciated by students
Of tho subject; but nobody has- brought
then all together aud explained thomTso we'll
"a he has.
which Prof. Pn1or puts spoeia1 Stress Ii oyor-
consumption. Tho civilized orld aa whole
has consumed more than it Inns earned. In
America the ovor-consumrtton manifested
itsoH especially In rai1road building; III
Grcnt Britain in nn expansion OF loans and
Investments in tho bonda Of irresponsible
foreign Governments. In Germany money
was sunk in Notifications in France
the indemnity absorbed millions. War
Of fixed capital in tho latter coun.
tries, and in Rusaa md Turkey. Famine
nto up tho surplus earnings ot~ Ohina and
1ndia Tha OBJECT Of over-consumptfon in
only ono country was not confined to tho in-
mediato losers. Great Britain, MS a CONNER
cial nation, had 10 Bhnre the misfortune of
Inlia China, and tho United States. Ger
1nany aud France were mutually affected
by tho interruption Of profitable trado-rola-
tons during md after the war. Italy, Aus.
tria, mud Spain l,avo suffered from tho COM
mbn depression III surrounding nations.
Over-produotion ia a consequence, not q
cause, Of ovcr-consumption. Many people
arc unable to perceive this, and 80 explain
tho Htagnaion Of trade by u reference to tho
very evident ovor-produotion following tho
pnnio. This over-production would not
have taken placo, however, IL tho
people had been ablo to consume
as much ntter tho panio rs before 1t. 1twas
not ovor-production which 1nado JAZZ CooKE
& Co. fail, aud stopped railroad building in
the United States, md put ont tho fires in
| tho blast-furnaces, and caused tho discharge
| Of thousands. Of coal aud iron miners, and
ultimately acted ~ au nstringont on evory d.
part1nont Of tr1do and commerce. It was
ovcr-conRumption that sot this train of
causea in operation. It was tho sinking Of
/ millions on millions Of dollars hopolcssly In
A".A e'>' 'A"s :, e"'o' o'e.n ~ 4''s1Ao i"'k
.s.ain upea Wv @ 'n'ess'1ons ios soafs' aha
tho pooplo following upon auoll peziod Of
! speculative aotivity.
uo-.as. ~. Nv ~ ~ aao1A" -, Wv 4nl'
| uo'es ~ wv o""eo" :" eonn.o'
~ s.sa ",rn FIJI, esuas ~ sno nu'ao'a1
s as - su ,.: p1oa"os!ou o'ot5 ,,,' "n'fo
a'.. ~ ~ A''sla ~ gum 40 VI 1npoSa'o'i''y'
sA'',s p01so ~ 4nuAe 4no4o ,,,. -, ,nhny
'u'"s" ,4'''8' 'Ao pool'." e"+ siSo' ""n tno
4 on.o',ou 1'ouet4on " e'nsa'hp',o'' sne.o
A"e. ~ ~ .A. .e"o,o1 ~ - '1o 1uip'y
~ "-.,a.ea ~ w e9Aau.neu ~ as nuch o'
e'' s+'"s :" p1."oeea '0sos pt'A'o as ~
.oAo' oo.n o.osA1 u'u"s "eoanA.''o' 1a's
~ lA'''so'S "'taS "'spioa1' ~ ."e o"i1oa
a'a.eS al'er oat l"'l'o hl''''1"c1usoFs were
'o'''u ~ a'sou"ie' '"o4"''s-l'.'pio ~" oioSo
W .no'1 ss1"o.'so''on.'' ''Au iof t'lne lucy
uv'is'''oo't e., ~ Auop tno's ''@cn,ioES moving
11'oy SOON ~ 'ni" way sunA 'no's capital Ill
.n"u"'ae'o.eu eooos' "n'on Gu c'o1o not DO
o'sPos0o OF ~ @oy Ps'ee' 4acso eoo<a thoy
"o'o IL lnAny r. .ts''neob eoinpe''co 70 otspose
:" W., iA'',f 'nnA.'' "nu h'uo" OF 'he'F
eainan "aa III .h'@ ""y 'osI ~ 'fsoVocaoly rs
:. :. no oeon 'nso"h 's'so tno sea- tfodao-
.'oi. 'non S.oppeu hoso'u'e'y III soa'o 'lhea OF
..aue III otnets' " was 1auon a1in1hlshetl.
1... nno surplus 's'oeAS "oto es"'u"''y 'ekon up.
win renewed prosperity consumption in
cFeasea .eg'1'n".oly; ano' 30 far M tho
o"'teo o'ateS at 1oass arc concerned, tho
"o.7' was 'ong since over
Inc eauso OF sho quick recovery OF tho
unaseo statoa' "hlca, III Wow OF tho o1tent
Oh tAo o'saAtef' ia ASTONISHING. Prof. PRICE
explains 10 10 tlo abundant harvosts. 11o
shoo'd haSa adaeu tho good markots for
them. We have Aad good harvasts before
mud boon compelled to burn our corn for
fuel. mud to tl;aposo of orr whont nj lnsa
thon c,pt Tn,nrovan, ants II, ,,o,,,. - t..r,.
".,.,a', .,s:. .,,,.a :as.as.,a.s 1 ~ |Anao
pos'"1loht tna "lso a'foc'lon Oh capital
towarA stock-fArminB, aud tho exceptional
nlistortunes of our moat dangerous wheat-
orov,o r;vo1a bovo ,,o,,a ,,,a <ron, - ~ :.
Ae~"se'6 Ne'""t %A"t0 AA@NN~ <AAN %4Nt1 ~ kA0