Passing from external to internal changes, we meet with this backward and forward movement under many forms. In the currents of commerce it is especially conspicuous. Exchange during early times is almost wholly carried on at fairs, held at long intervals in the chief centres of population. The flux and reflux of people and commodities which each of these exhibits, becomes more frequent as national development leads to greater social activity. The more rapid rhythm of weekly markets begins to supersede the slow rhythm of fairs. And eventually the process of exchange becomes at certain places so active, as to bring about daily meetings of buyers and sellers—a daily wave of accumulation and distribution of cotton, or corn, or capital. If from exchange we turn to production and consumption, we see undulations, much longer indeed in their periods, but almost equally obvious. Supply and demand are never completely adapted to each other; but each of them from time to time in excess, leads presently to an excess of the other. Farmers who have one season produced wheat very abundantly, are disgusted with the consequent low price; and next season, sowing a much smaller quantity, bring to market a deficient crop; whence follows a converse effect. Consumption undergoes parallel undulations that need not be specified. The balancing of supplies between different districts, too, entails analogous oscillations. A place at which some necessary of life is scarce, becomes a place to which currents of it are set up from other places where it is relatively abundant; and these currents from all sides lead to a wave of accumulation where they meet—a glut: whence follows a recoil—a partial return of the currents. But the undulatory character of these actions is perhaps best seen in the rises and falls of prices. These, given in numerical measures which may be tabulated and reduced to diagrams, show us in the clearest manner how commercial movements are compounded of oscillations of various magnitudes. The price of consols or the price of wheat, as thus represented, is seen to undergo vast ascents and descents whose highest and lowest points are reached only in the course of years. These largest waves of variation are broken by others extending over periods of perhaps many months. On these again come others having a week or two’s duration. And were the changes marked in greater detail, we should have the smaller undulations that take place each day, and the still smaller ones which brokers telegraph from hour to hour. The whole outline would show a complication like that of a vast ocean-swell, on whose surface there rise large billows, which themselves bear waves of moderate size, covered by wavelets, that are roughened by a minute ripple. Similar diagrammatic representations of births, marriages, and deaths, of disease, of crime, of pauperism, exhibit involved conflicts of rhythmical motions throughout society under these several aspects.