Publisher's Synopsis
Excerpt from An Enquiry Into Some of the Causes of Fluctuations in Trade: A Lecture
In Scotland our experience has been rather less unfavourable than elsewhere, and we have tided over the time with comparatively little inconvenience. Still we have been unmistakably conscious that the times have been bad; while in England great con cerns in the iron districts have collapsed, extensive mercantile houses have suspended, and industrial companies engaged in the manufactures of Yorkshire and Lancashire have gone into liquidation.
In the United States the pressure has' been especially felt. In September, 1873, there arose a panic in the Stock Exchange of New York which spread throughout the country, and from that time till now the people have had to endure the miseries of Hard times. Every kind of industry has been affected.* Coal and iron works have been closed. Mills are partially at a stand. The works of new railways have been stopped, and the affairs of some of the old companies are in confusion. Vast numbers of unemployed parade the streets of the great cities, and bread riots have not been unknown. Even the tide of emigration has threat ened to turn.
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