Investigations in Currency and Finance

Investigations in Currency and Finance

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1884 edition. Excerpt: ...the West Iudies, aud even the Levant are affected by the same meteorological influences which occasion the famines in India. Thus it is the nations which trade most largely to those parts of the world, and which give long credits to their customers, which Buffer most from these crises. Holland was most easily affected a century agoj England is most deeply affected now; France usually participates, together with some of the German trading towns. But I am not aware that these decennial crises extend in equal severity to such countries as Austria, Hungary, Switzerland, Italy, and Russia, which have comparatively little foreign trade. Even when they are affected, it may be indirectly through sympathy with the great commercial nations. There is nothing in this theory inconsistent with tho fact that crises and panics arise from other than meteorological causes. There was a great political crisis in 1798, a great commercial collapse in 1810-11 (which will not fall into the decennial series); there was a Stock Exchange panic in 1859; and the great American collapse of 1873-75. There have also been several minor disturbances in the money market, such as those of February, 18C1, May and September, 1864, August, 1870, November, 1873; but they are probably due to exceptional and disconnected reasons. Moreover, they have seldom, if ever, the intensity, profundity, and wide extension of the true decennial crises. If it were permitted to draw any immediate conclusion from these speculations, I should point to the necessity of at once undertaking direct observations upon the varying power und character of the sun's rays. There are hundreds of meteorological observatories registering, at every hour of the day and night, the most minute facts about more

Product details

  • Paperback
  • 189 x 246 x 8mm | 286g
  • United States
  • English
  • black & white illustrations
  • 1236966783
  • 9781236966780