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The Edinburgh Review (v. 44)

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The Edinburgh Review (v. 44)

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    Available in PDF Format | The Edinburgh Review (v. 44).pdf | Unknown
    Sydney Smith
Excerpt from book: AtiT. III.—The late Crisis in the Money Market Impartially considered. London, 1826. r I''here is certainly no subject on which it is of more import- - ance that the public, should be well informed, than the causes of those sudden and ruinous revulsions which occasionally occur in highly commercial and manufacturing countries, and involve thousands in bankruptcy and ruin. Important, however, as this knowledge undoubtedly is, it has hitherto been very little attended to. It is rather mortifying to know, that the severe revulsion we have so lately experienced, and from the effects of which we shall long continue to suffer, was wholly unexpected by the vast majority of our merchants and manufacturers: and, even since it has taken place, a very great discrepancy of opinion has been entertained with respect to the c.auses to which it should be ascribed. Under these circumstances we are sure we shall be excused for availing ourselves of this opportunity, to submit a few observations on the subject. In entering on this investigation, it is necessary to distinguish between those revulsions which depend on political contingencies, and may therefore be considered as in some measure accidental, and those which arise from the miscalculation of individuals, or from some defect in the system under which the industry of any given country is conducted. The causes of the former are plainly beyond the sphere of the Economist. It is his business to determine what course a government ought, under any given circumstances, to adopt with a view to the increase of the public wealth: but it is impossible for him to say a priori what it will adppt. He can neither divine its measures, nor warn those who may be injuriously affected by them, of the approaching danger. We do not, therefore, mean to make ...  
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  • PDF | 408 pages
  • Sydney Smith
  • General Books LLC
  • Unknown
  • 4
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