regards that commodity, there is said to be a glut. 

 The natural consequence is that prices fall. 



When the converse takes place, i. e. when a very 

 much lesser quantity of any commodity than is re- 

 quired, is offered for sale, the market is said to be 

 stinted. The natural consequence is that prices 

 rise. 



But 7 in both cases, values remain the same ; and 

 by the common lam, which, in markets regulated by 

 recognized principles of commerce, compels an equi- 

 librium between real and apparent values, disturbing- 

 influences removed, prices are soon adjusted. 



All this, however, pre-supposes realities, actual 

 existences, to deal with. But cut these off) and 

 how stands the case ? Supposing, for instance, one 

 country to be wholly dependent on another for the 

 supply of any particular commodity, and a rebellion 

 suddenly to break out in the former, or a war 

 between the two. The supply is, of course, sud- 

 denly stopped. As regards that particular com- 

 modity in the market, then, howsoever great tha 

 demand, there can be neither real nor apparent 

 value. It is non est, and trades existing on it are 

 starved. Or if, from a similar cause, the supply, 

 though not entirely cut off, should be reduced so 

 low as to meet but an inappreciable portion of the 

 demand, the result is much the same. This is called, 

 I believe, a Crisis ! 



The laws and principles of Political Economy, as 

 far as with the aid of modern authorities I have been 



B 2 



