July 4, 1868.

The Economist, 4. Juli 1868. S. 757.
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Fall of Revenue. 1868.

Unfavourable Revenue. In 1860, 1,964,000l. less than the estimated revenue und deficit, excess of expenditure over income, of £2,500,000. Im Jahr 1860 harvest schlecht, so dießmal. Dann diminution in industry, consequent on the panic of 1866. The effects of 1866 zeigen sich erst jezt in effect upon revenue. Der immediate effect einer crisis ist on the rate of interest. In a very few months capital becomes cheap, because no one engages in new business to use it. But old business has to be finished, contracts made in the day days of prosperity have to be completed in a time of anxiety; the income of the working class is not at first greatly affected.  Zusatz von Marx.
Gradually it is diminished: first the trade directly influenced by the panic are dull and disordered; the income of those employed in such trades declines: then their purchases from other trades diminish of necessity; then those trades suffer too; then the decline in those second trades affects other trades from which they buy; and so a general slowness of commerce and bad remuneration is propagated round the commercial world. But we must not look for the effect as if it were a sudden coup d’état – an instant decline of all things 10%. It is a gradual influence, not beginning till some time after a panic, steadily transmitted and steadily accumulated.

The Economist, 4. Juli 1868. S. 758/759.
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The French Railway and the French Government.

Meaning of 1st, 2nd, 3rd réseau: Gvt in various ways induced the old Cos to undertake the new railways. Each reseau belongs to a distinct kind of bargain with the State, and each bargain has features of its own which other bargains in the same reseau have not. To some the State gives more aid, to some less; from some it exacts more service, from other less. … Pouyer-Quertier, a Rouen manufacturer, boldly asserts that the French Gvt. lavishes vast sums on these railways; that under the name of „subvention“ the State |71 maintains the Cos; that were it not for State help some Cos. would be insolvent, and that nearly all of them would be less prosperous than now, if the State exacted all its rights and enforced on the Cos. all their duties. … An absolute Gvt necessarily acting through men who were poor yesterday, and who wish to be rich to-morrow, influenced by corrupt motives … the present Gvt. of France has always had a taint of share dealing. Some of the principal actors in the coup d’état were deep on the Bourse … Nach Pouyer-Quertier large sums have been spent by the Gvt. on subordinate railways; state made bargains by which it is impoverished that these subordinate railways did not pay and never could have paid; that they were not selected because as railways they were likely to be permanently profitable, but because as momentary instruments of speculation they were likely to augment the gains of influential persons. A gvt of new men, a gvt of poor men, and a gvt. with Bourse connections, is always likely to do this.

Im Lauf dieser discussions (Corps Législatif) kam auch heraus, whence the „Crédit Mobilier“ obtained its deposits. Some of the French railway Cos. have been made to keep money idle. The Company du Midi had nearly 2,500,000l. on deposit in the Credit Mobilier in 1865 and 1866. The managers of the Credit Mobilier were managers of the railway, managers of the concessions, managers of the Bourse, managers of the Gvt., and somehow this large sum did permanently stay as a deposit in the Caisse of the Credit.


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.