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Updated: June 8, 2025
He must sow and reap in ignorance of the aggregate production of the year, and is peculiarly subject to the depreciation which follows overproduction. But while the fact I have stated is true as to the crops mentioned, the general average of prices has been such as to give to agriculture a fair participation in the general prosperity.
In 1876 there was a great crisis in the iron trade; owing to overproduction there was a great fall of prices in England, and Germany was being flooded with English goods sold below cost price. Many factories had to be closed, owners were ruined, and men thrown out of work; it happened that, by a law passed in 1873, the last duty on imported iron would cease on the 31st of December, 1876.
Mesdag began gathering his treasures at a time when the Barbizon school was hardly known; when a hundred other painters had not been tempted by the dealers into overproduction; when, in a word, fancy prices were not dreamed of. The Alma-Tademas are among his best, little as we admire his vital marbles and lifeless humans. An early portrait of his wife is here.
All the moist soil beneath is strewn with snowy flakes, for at night flying foxes blunder among the branches, destroying more blooms than they eat. But why grumble? Birds which nip off petals and musty foxes which brush down whole posies in their clumsiness are but positive checks to overproduction. Do they not avert the unthankful task of carting away dozens of barrow loads of superfluous fruit?
Then the government decides the amount and kind of food needed, and the citizens, drawn by lot, are ordered to produce it. The government watches very carefully its food supply. In the case of overproduction, certain citizens, those less skillful, are ordered to work at something else.
Although underconsumption has been a constant historical phenomenon for a thousand years, the general break down in trade, due to overproduction, has appeared, for the first time, within the last fifteen years.
The choicest crops are raised between five and six thousand feet above sea-level, and lands in this zone are worth as much as $500 an acre. The scientific cultivation of tea paid its pioneers handsomely, but the current opinion is that overproduction is killing prices, and that a new crop must be sought probably rubber.
Overproduction of cotton goods on a credit basis, inordinate speculation, reduction of duties on importations, produced the inevitable result, and the commercial world began to totter on its foundations. The final ruin is foreshadowed in the letters of Daniel Anthony.
In the process, while the cost of certain products has been reduced by economy in operating expenses, the enormous dividend requirements of heavily capitalized corporations has necessitated high prices, a large business, and the danger of overproduction, and a virtual monopoly has made it possible to lift prices to a level that pinches the consumer.
We come now to the second element of the whole process of evolution, namely, what we may call overproduction or excessive multiplication. Like variation and so many other phenomena of nature, this is so real and natural that it escapes our attention until science places it before us in a new light.
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