About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1869 6 A.W. Series De Bow's Rev. A.W. Ser. 1 (1869)

handle is hein.slavery/dbowrev0040 and id is 1 raw text is: DE BOW'S REVIEW. ESTABLISHED IN 1846. JANUARY, 1869. ART. I.-RdAL ESTATE LOAN IN THJE UNITED STATES. Macauley, in one of the most interesting chapters of the History of England, tracing out the origin of the national debt, makes a brilliant eulogy of the creation of the debt, which he considers as having largely contributed to the great- ness and prosperity of Great Britain. The evident partiality of the historian for his hero, George II, who imported from Holland, the system of puplic loans, has lead him to exagerate the general atvantages of a public debt, justifying its increas- ing enormity by the facility with which the interest has always been paid. But there is a great deal of truth in what lie says of the effects of the eeation of the national debt upon the circulation of riches. - Labor is necessarily productive, and when a high degree of civilization permits and encoura- ges its development, production usually exceeds consumption under given circumstances. This annual excess of production is added as capital to the previous capital which served to produce it, and the capital always increasing in geometrical ratio, increases constantly the means of labor and the field of operation. But the regular progress of capital may often be interrupted by its too great accumulation at any one time, as, when the productions of labor have increased too rapidly to permit its useful employment. Then,'labor diminishes, there being no demand for capital, it remains inactive. To bring it into activity, new projects are started. Their success encour- ages more adventurous enterprises, which may, in consequen- ce of the abundance of capital, succeed also. The inordinate desire of employing idle capital actively, induces extravagance, when disappointments are experienced, and sometimes the capital itself is lost, by the too great ambition to avail itself of the new enterprises and combinations. Embarrassments VOL. VT--NO, 1. 1

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most