The Pamphlet Collection of Sir Robert Stout: Volume 4
Stagnations more and more Frequent
Stagnations more and more Frequent.
The periodical prostrations to industry during the present century have become more and more frequent. The evil increases like the startling compounded accumulations of capital. Immediately before the late civil war, the country was on the verge of a profound stagnation, which was only averted by the immense requirements and the wasteful necessities of war.
We fail to realize that the market outlets of peaceful civilization, should be in as full activity, as when forced by the necessities of war. Until this lesson is learned, these periodical prostrations will be more and more frequent. The few rich neither need nor can they consume the immense productions of machinery. Is machinery a curse? Shall it be stopped, and the mass of people starve in listless idleness, while the few are exhausting these over-stocked markets? The world will not retrograde. Rather in some way enlarge consumption among the whole people, and so promote general activity, comfort, and civilization. This can only be done by enlarging the volume of money, thereby reducing interest, increasing consumption, and infusing life into all useful occupations. A contracted volume of currency, governing high interest, is death to industry!