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Updated: May 25, 2025
Then, there was the theory of general "gluts," and of what is still denounced as over-production. The best cure for commercial distress would be, as one disputant asserted, to burn all the goods in our warehouses. Another common theory was the evil effect of manufacturers in displacing work.
The argument against the possibility of general over-production is quite conclusive, so far as it applies to the doctrine that a country may accumulate capital too fast; that produce in general may, by increasing faster than the demand for it, reduce all producers to distress.
They were first printed in 1498, and went through a number of editions during the author's lifetime. As a young man and it is to his earlier years that the bulk of the eclogues must be attributed Spagnuoli was noted for the elegance of his Latin verse; but his facility led him into over-production, and Tiraboschi reports his later writings as absolutely unreadable.
If he could get two or three of the larger organizations in the East and West to join with him, selling costs could be reduced, over-production would be avoided, and the general expenses could be materially scaled down. Through a New York representative, he had been picking up stock in outside carriage companies for some time and he was almost ready to act.
I will not say that there has not been over-trading, and over-production, and a too great expansion of bank circulation. This may all be so, and the last-mentioned evil, it was easy to foresee, was likely to happen when the United States discontinued their own bank.
A big opportunity is constantly tempting one of them to undersell; new firms are constantly springing up with new machinery, willing to trade upon the artificially raised prices, by under-selling so as to secure a business; over-production and a glut of goods tempts weaker firms to "cut rates," and this breaks down the compact.
In such times bills that fall due are pretty sure to be replaced by new ones drawn against fresh production since over-production is a common symptom of commercial exuberance or against a resale of the goods on which the original bills were based.
The publisher explained to him, in the kindest manner, that there was an enormous over-production of verse, and that it took a great part of one man's time simply to overhaul the cart-loads of it that were trying to get themselves into print with the imprimatur of his famous house. "You are young, Mr. Hopkins. I advise you not to try to force your article of poetry on the market.
"If we get every one out on the farms, then there will be an over-production of farm products and a fall in prices." True, but there are farmers who could do better in towns; what we want to do is to make it easy for people to get on the land about the cities, then it would be equally easy for those farmers who are better adapted for city life to get near the cities.
But, sir, the stoppage of private industry is the result of over-production, and insufficient markets. If, then, production continues in the national workshops, how will the crisis be terminated? Undoubtedly, by the general depreciation of merchandise, and, in the last analysis, by the conversion of private workshops into national workshops.
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