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Updated: May 24, 2025
But if these gentlemen suppose that the extrusion of small notes would be in any degree a remedy for overtrading, or moderate in any degree the disastrous fluctuations of which everybody complains, they have read the history of commerce only in the most superficial manner.
In 1840 the Land Fund received in New South Wales amounted to 316,000 pounds; in 1841 it was only 90,000 pounds; and in 1842 Sir George Gipps, in his address to the Council severely reprimanded the colonists for the reckless spirit of speculation and overtrading in which they had indulged during the two preceding years. This general reprimand had a more particular application to Mr.
The mania of 1825 and the mania of 1866 were striking examples of this; in their case to a great extent, as in most similar modern periods to a less extent, the delirium of ancient gambling co-operated with the milder madness of modern overtrading.
During the days of Yoshimasa's shogunate such profits were realized that overtrading took place, and there resulted a temporary cessation. Fifty years later, when Yoshiharu ruled at Muromachi , a Buddhist priest, Zuisa, sent by the shogun to China, and an envoy, Sosetsu, despatched by the Ouchi family, came into collision at Ningpo.
Speculations, overtrading, panics, money convulsions, occur in countries where small notes are not tolerated, just as they do in countries where they are; and they occur in both without our being able to trace them always to the state of the currency. The truth is, indeed, that nearly all the great catastrophes of trade have occurred in times and places when and where there were no small notes.
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.
Neglecting to pay them at the time expected. 10. Paying in something of less value than we ought. 11. Breaches of trust. 12. Breaking of promises. 13. Overtrading by means of borrowed capital. SECTION III. Method in Business. There is one class of men who are of inestimable value to society and the more so from their scarcity; I mean men of business.
Attracted by the cheapness of the goods offered and full of confidence in their ability to meet all debts with the proceeds of the lucrative southern trade, the people indulged in extravagant 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.
But the leaders thought differently, and from their own point of view their course was natural. The country desired more silver. Business was largely extended, overtrading was the rule. Farmers and business men were straitened for money. Economists, statesmen, and politicians had told them that, as their trouble had come largely from the demonetization of silver, their relief lay in bimetallism.
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