298 THE POPULAR SCIENCE MONTHLY. 



1879. The prevailing depression in business from which this country has 

 suffered for six years, and from which nearly every country in Europe is suffer- 

 ing still, has probably furnished support to a greater number of conflicting 

 economical theories than any other occurrence of ancient or modern times. . . . 

 The result, we need hardly say, has not been to raise the reputation of political 

 economy as a science. In fact, it has never seemed so little of a science as 

 during the past five years, owing to the extraordinary array of proof and illus- 

 tration which the holders of the most widely divergent views have been able to 

 produce. The Nation {New York), May, 1879. 



1S79. "We have just passed through a period of depression, of which, though 

 it came in perfect agreement with all past experiences, was complicated by such 

 an exceptional conglomeration of untoward circumstances, and protracted to 

 such a weary length, that men seemed to lose faith in the revival which was 

 almost certain to come sooner or later, and began to ask whether the commer- 

 cial supremacy of this country was not permanently undermined. And now, 

 with the new decade, the revival is really here. The Recent Repression of 

 Trade, being the Oxford Cobden Prize Essay for 1S79, ly Walter E. Smith, 

 London, Trubner & Co., 1880. 



1881. The industrial depression is generally thought to have commenced in 

 the closing months of 1874, and it increased in intensity throughout 1876 and 

 1877. Professor Henry Fawoett, "Free Trade and Protection,' 1 '' London, 1881. 



1885. The present depression of trade is remarkable, not so much for its 

 intensity or for its extent in both of which respects it has been equaled or 

 surpassed on previous occasions but for its persistence during the long period 

 of eleven years. The industrial depression is generally thought to have com- 

 menced in the closing months of 1874 ; and, during every succeeding year, it 

 has continued to be felt with more or less severity, and its remarkable persist- 

 ence has been commented on by politicians and public writers. Usually, a 

 period of depression is quickly followed by one of comparative prosperity. 

 Such a reaction has been again and again predicted in this case, but, up to the 

 present time, there are no satisfactory indications that the evil days are passing 

 away. It is evident, therefore, that we are suffering in an altogether excep- 

 tional manner ; that the disease of the social organism is due to causes which 

 have not been in action on former occasions, and that the remedial agencies 

 which have been effective on former occasions have now failed us. Bad Times, 

 an Essay on the Present Repression of Trade, by Alfred Russel Wallace, London, 

 October, 1885. 



The following are notable extracts from the testimony presented 

 to the Royal (British) Commission, appointed August, 1885, to in- 

 quire into the depression of trade and industry, and embodied in their 

 reports submitted to Parliament in 1885-'86 : 



1885. At the present time, a general depression of trade and industry ia 

 stated to exist throughout Italy. "While, however, depression is general, it does 

 not act uniformly on all industries. Testimony of Ellis Colnaghi, Rer Majesty's 

 Consul- General at Florence, October 8, 1885. 



The depression began full ten years ago, and still continues. Testimony of 

 the Linen Merchants' 1 Association of Relfast, Ireland, November, 1885. 



The origin of the depression from which we suffer, and which is at the low- 

 est point yet reached, seems to be a reaction from the coal-famine period of 

 1872-74, and which was perhaps due to the inflation consequent on the Franco- 



