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Again, our readers may recall the monstrous overtrading in railroad shares in the years 1845-6. Projects involving the investment of £500,000,000 were set on foot in a very little while; the contagion of purchasing spread to all the provincial towns; the traditionally staid and sober Englishman got as mad as a March hare about them; Mr.
These have been already partially disclosed in the enhancement of prices and a rising spirit of speculation and adventure, tending to overtrading, as well at home as abroad.
Paul; 'Owe no man any thing; although the fashion of the whole world should be against you. Should you regard the advice of this section, the counsels of the next will be of less consequence; for you will have removed one of the strongest inducements to speculation, as well as to overtrading.
These have been already partially disclosed in the enhancement of prices and a rising spirit of speculation and adventure, tending to overtrading, as well at home as abroad.
Any time within the preceding five or six years, an intimation on his part that he wished to enter business again would have opened the most advantageous connections. It was different now. There had been a season of overtrading.
It has been sometimes said, that the losses at present sustained by farmers are merely the natural and necessary consequences of overtrading, and that they must bear them as all other merchants do, who have entered into unsuccessful speculations.
On the contrary, our wealth is increasing faster than our numbers. Production is active; industry grows, and grows with astonishing vigour and rapidity. Enterprise in this country requires no artificial stimulant; if it errs at all, it is from time to time upon the side of overtrading and overproduction.
At present State banks are employed as depositories, but without adequate regulation of law whereby the public money can be secured against the casualties and excesses, revulsions, suspensions, and defalcations to which from overissues, overtrading, an inordinate desire for gain, or other causes they are constantly exposed.
For a Lombard Street banker to lend money to a merchant in Cheapside payable at a year hence was, until comparatively lately, a much safer enterprise than to lend it to a merchant in Paris, because the local borrower was always under the lender's observation. If he were overtrading or living on too lavish a scale it would at once be noticed and reported.
Are they to be shut up from our eyes, and excluded also from our hearts? Many of very honest dispositions fall into decay, nay, perhaps, because they are so, because they cannot allow themselves that latitude which others take to be successful. The ways that lead to a man's ruin are various. Some are undone by overtrading, others by want of trade; many by being responsible for others.
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