suspend business during the worst season, close their mills or work short time, perhaps half the day; wages fall by reason of the competition of the unemployed, the diminution of working-time and the lack of profitable sales; want becomes universal among the workers, the small savings, which individuals may have made, are rapidly consumed, the philanthropic institutions are overburdened, the poor-rates are doubled, trebled, and still insufficient, the number of the starving increases, and the whole multitude of "surplus" population presses in terrific numbers into the foreground. This continues for a time; the "surplus" exist as best they may, or perish; philanthropy and the Poor Law help many of them to a painful prolongation of their existence. Others find scant means of subsistence here and there in such kinds of work as have been least open to competition, are most remote from manufacture. And with how little can a human being keep body and soul together for a time! Gradually the state of things improve; the accumulations of goods are consumed, the general depression among the men of commerce and manufacture prevents a too hasty replenishing of the markets, and at last rising prices and favourable reports from all directions restore activity. Most of the markets are distant ones; demand increases and prices rise constantly while the first exports are arriving; people struggle for the first goods, the first sales enliven trade still more, the prospective ones promise still higher prices; expecting a further rise, merchants begin to buy upon speculation, and so to withdraw from consumption the articles intended for it, just when they are most needed. Speculation forces prices still higher, by inspiring others to purchase, and appropriating new importations at once. All this is reported to England, manufacturers begin to produce with a will, new mills are built, every means is employed to make the most of the favourable moment. Speculation arises here, too, exerting the same influence as upon foreign markets, raising prices, withdrawing goods from consumption, spurring manufacture in both ways to the highest pitch of effort. Then come the daring speculators working with fictitious capital, living upon credit, ruined if they cannot speedily sell; they hurl themselves into this universal, disorderly race for profits, multiply the disorder and haste by their unbridled passion, which drives prices and production to madness. It is a frantic struggle, which carries away even the most experienced and phlegmatic; goods are spun, woven, hammered, as if all mankind were to be newly equipped, as though two thousand million new consumers had been discovered in the moon. All at once the shaky speculators abroad, who must have money, begin to sell, below market price, of course, for their need is urgent; one sale is followed by others, prices fluctuate, speculators throw their goods upon the market in terror, the market is