1 February, 1868.

The Economist, 1. Februar 1868. S. 113/114.
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French Budget.

L. Bonaparte has borrowed upwards of £100,000,000, or at the rate of about 6 Mill. £ a year for every year of the Empire … On 27. Jan. (’68) Magne announces new loan of 440 Mill. fcs (nearly 18 Mill. £ St.) to be raised by open loan, in instalments spread over 20 months, and to involve at the price of the day an addition of 25 or 26 Mill. £ to the National Debt. … The Emperor’s system of open loans has produced one very remarkable effect unknown … except in France. The worse the price of Rentes, the more readily money comes into a loan. The real subscribers under this system are the better off peasantry and small bourgeoisie, who scarcely recognise any forms of permanent investment except land and Rentes; who look to interest rather than to the principal, and consider that a low price is „very liberal of the Emperor.“ Just as in England a fall of Consols below a certain point, z.B. 87 – is always the signal for a rush of bona fide purchasers; so in France, an open loan under 70 will be far more rapidly taken up than one above it. An Englishman would think it less secure, but that is not the French peasant’s mode of calculating.

The Economist, 1. Februar 1868. S. 114/115.
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Liverpool on Commercial Morality.

Liverpool Chamber of Commerce met on 23 Jan. 1868 to discuss this „Liverpool“ fact.

The Economist, 1. Februar 1868. S. 117/118.
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The Nature and Law of Commercial Crises.  Zusatz von Marx.
(John Mills.)

Nach Mills Commercial Crises essentially of mental origin. Tendency in commercial mind to be at times elated, and at times depressed.  Kommentar von Marx.
⦗Dieser Esel glaubt eine besondre Entdeckung gemacht zu haben, indem er die Schwierigkeit „ins Gewissen“ schiebt und die Periodicität der „realen“ Bewegung in eine Periodicität des „commercial mind“ verwandelt. Asinus. Aber die Periodicität selbst sicher keine Entdeckung von John Mills.⦘

Nach Economist no great crisis in den 14 years 1825–1839; the violence of the collapse (er meint 1839) discounted by the minor pressure of 1836–37. Russian War dagegen 1854–56 did not prevent punctual recurrence of collapse in 1857. Failure of Overend anticipated by a year the normal occurrence of crisis. Mills thinks that in 10 years the personnel of most commercial firms and establishments must become greatly changed: Aber diese new men cannot so soon rise into commanding positions. Those who guide commercial affairs are Seniors, whose recollections run over 2 decades. Aber no profiting by experience. Those who possess foresight and experience rather use it to gain a profit at the expense of the incautious, than to moderate their infatuation. The part of a knowing man of business 2 or 3 years ago, was not to abstain from dealing in limited liability Cos, but to back out of them before the exposé which was inevitable. Panics have occurred under every kind of monetary regime. 1815–16, with inconvertible paper currency; 1825 with convertible currency and free issues; 1836–9 with the additional institution of jointstock issuing banks; 1847 und 1857 under the Bank Act; 1866, with the free creation of every kind of banking and finantial financial institution on the limited principle. In Holland crisis on purely metallic basis; United States in a system of universal freedom of issue. Prior to the creation of Bank o. Eng., in 1683, a well marked instance of speculative mania. The Bank o. England, the Bank of Scotland, the first Insurance Co. (the Hand-in Hand) and others of our most important institutions, were really the creations of the speculative mania of 1694–96, the forerunner of the bubble of 1720.

Wages and prices now reduces reduced. Circumstances favourable to real profitable investment, but Public opinion set against it. Hence abundance of ready money capital, small demand for it, consequent slack employment for artisans.

IV) Belgium:

Coal Export. (66)|


  • 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.