THE RELATION OF ECONOMIC CRISES TO ERRONEOUS 
AND DEFECTIVE LEGISLATION, 
WITH ESPECIAL REFERENCE TO BANKING LEGISLATION. 
EDWARD D. JONES, B. S. 
INTRODUCTION. 
Commercial crises are socio-economic phenomena, and as 
such they direct attention to the character of the economic re¬ 
lations which individuals, and other economic units, bear to one 
another. Despite the diversities which, for the purpose of 
analysis, it is necessary to emphasize, we must recognize the 
existence of a wonderful uniformity in the character of these 
relations. This uniformity is partly maintained by the more 
or less emphatic assertion of the social will through legislation, 
custom, etc. In so far as actions have a social bearing, the 
social will has a right, directly or indirectly, to control their 
character. The wisdom with which this control is exercised 
must obviously be of the greatest moment. The elaboration 
and evolution of civilization is constantly increasing the im¬ 
portance of the social relations; and nowhere is this tendency, 
at present, more marked than in the economic field. When 
now it is said that in the present century, for the first time in 
history, the course of business is being marked into distinct 
periods, by an intensifying series of industrial convulsions and 
depressions, the economic importance which social solidarity is 
giving to law and public opinion must be apparent. 
The present paper attempts only to deal with the first of 
these two means of control, namely, legislation, and that only 
from an historic point of view. Judging from the importance 
of the connection existing between crises and economic legisla¬ 
tion, we should expect considerable attention to have been de¬ 
voted to the subject. And, indeed, much has been done but a 
study of the principal work presents a review of what is at 
