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was that my master would have aided me sent. The spirit smiled and said, " Then to happiness in order to give happiness to before proceeding further I redeem my one he hated so much,

promise!” First muttering a few words He resumed : “ And then your mother which I did not understand, he said in a died, and when she died all my old love low, distinct, commanding voice, for her returned, and my hatred of you “Safura! and yours redoubled itself. I sought out Immediately a faint luminous appearher grave, and on it swore an oath that, ance became visible. This grew more alive or dead, in the living world or in the and more distinct, until in a few moments next, I would revenge myself to the ut- the spirit form of her whom I loved so most on all belonging to your father. I well hecame clearly defined in the dark. tried to trace you, but you had left Syria, ened room. But oh, how sadly changed so had your sister, and I could obtain she was! The sweet, happy expression no clue to either of you. I was making was gone, and in its place was a sad, the necessary preparations for going to hopeless, suffering look, as of one who Europe to seek you, when I myself was has undergone torture, and who knows it assassinated in my sleep. Nay, you have must be repeated again and again.

cause to congratulate yourself," he As soon as she appeared both Inglott said, as Inglott made some movement ex: and I leaped to our feet, and were advancpressive of pleasure. “ Had I not died ing towards her with words of love on then I should have lost the revenge I have our lips, when the being checked us by a had, and shall shortly have. Not long gesture. after my death i saw from afar the spirit “ Hold!” he said. “ You have no part of your sister among the pure and the in her now. She is a fallen spirit, and is happy; so I knew that she was dead, and now mine to punish for the sin she has had escaped unharmed from the life of committed in our spirit world. Pure and misery I bad destined for her. A sad and innocent on earth, she was removed far bitter blow for me, you may be sure ! beyond my influence when she died, and And I know not how I should have ac- would have remained so forever but for complished my vengeance on both her your false friend here, who by the power and you had not your own presumptuous of his wicked selfish will and uncontrolled actions put you in my power. Yes; passions forced her back to this gross writhe in anguish and fury as you will, material world once more, and filled her but it will not alter the truth, nor dininish heart with love so earthly that she is now the sting that lies in it. Remember, too, unfit for happiness beyond the grave, and that you are powerless against me, for 1 must be cleansed and purged of her am far beyond your reach. I shall wreak worldly taint through æons of misery be. my vengeance on you to the full, while fore she can return to her former state of you cannot touch me!”

happiness and purity. And this task of Anything so pitiable as poor Inglott's purification by fire, Inglott, has been allotcondition during this part of the being's ted to me, your arch-enemy, to carry out. narrative I have never seen. He looked Thoroughly shall I perform my task, alas if he were about to have a fit, his fea- though the thought that Safura is to be tures and limbs working convulsively, all fitted again for happiness through my inthe wild passion of his semi-Oriental na strumentality is gall and wormwood to me. ture striving to find vent in action, while But what is my punishment compared to he was powerless to move, spellbound by the joy of complete revenge on you and the being's malignant power.

yours? I have slain your father with my * Ah! sneered the spirit, “I touch own hands, broken your mother's heart, you nearly now! My revenge is close at brought your only and dearly loved sister hand. You sought the spirits, and would to almost everlasting miserý by means of not let the departed rest in peace. One your bosom friend, and now there is nothnight I was sent to obey your cail, and ing left to you but agony of mind on earth unwillingly enough I went. But when I and torture beyond the grave, because saw you I recognized you, and reading your own presumptuous sin alone has both you and your friend like an open given me power to injure you and to glut book, I quickly decided upon my plan of myself with revenge on you and yours?" action. I promised to produce your sister As he ceased, Inglott rose slowly from and the man who has done you the dead- the chair into which he had fallen, cowerliest wrong of all. Is not this so ?ing and covering his livid face with his

Inglott was past speech, so I nodded as- trembling hands during the last part of

ITS EFFECT UPON TRADE.

BY SIR LYON PLAYFAIR.

the being's speech. For one moment he

From The Contemporary Review. looked at me with bloodshot eyes, filled THE PROGRESS OF APPLIED SCIENCE IN with reproach and contempt, and then he began to move unsteadily towards Safura, who crouched in one corner of the room in an agony of sbame and remorse.

PERIODS of depression in manufactur

But the being held up his hand to forbid his ing industries are common in all machinefurther advance. Inglott turned swiftly using countries, generally occurring at the upon him with a furious gesture of wild same time and extending over the same rage and despair; but before he could have been twelve marked periods of de

periods. During the present century there reach him, he fell to the ground at his feet, the blood streaming from his mouth, pression, * short, sharp, and severe in the and a bitter curse upon his lips.

early part of the century, because then He never spoke again. As he fell, the

machinery and hand labor were in full malignant being and poor Safura disap- periods of depression were at tolerably

conflict. From the year 1837 to 1873 the peared, this time forever. I gave the alarm, and tried to raise my 1873 the depression has been persistent,

regular distances of ten years. Since friend, but he shrank from me with a of horror in his glazing eyes, and I had no tries in 1879-1882, after which prices

with a short cessation for special indusheart to force my unwelcome help

, upon maintained their abnormally low level. him. Before medical aid could arrive he was dead, and the hands of a stranger and As this prolonged depression has been of his faithless friend laid his lifeless body must have one cause, dominant and uni

common to all machine-using countries it on a couch.

An inquest was held, and, on the med- versal in its character, sufficient to govern ical evidence, a verdict of death by the the local differences of countries and navisitation of God was returned. I was, oftionalities, with all their diverse fiscal course, examined as the only witness of arrangements. It matters not whether the his seizure, but I had time to prepare mained in the enjoyment of peace; whether

countries were devastated by war or resome story - I forget what - and no mention was made of the being and Safura. I they were isolated by barriers of protecknew that such a tale would not be be- tion, or conducted their industries under lieved. After the funeral, I went down free trade; whether they abounded in the into the country, but not to my home, for raw materials of industry, or had to imI cannot meet iny family,

port them from other lands; under all And here I remain, a broken man;

these varying conditions, the machinebroken in nerve, in spirit, and in health, using countries of the world have felt the – waiting for death, which I long for and fifteen years of depression in the same yet dread, for I know that for me death way, although with varying degrees of is but the commencement of punishment intensity, During this lengthened period even more severe and more awful than I

the hand-labor countries were not serinow suffer. Yet, while I linger on earth, ously depressed, though in the later years I am so haunted by the reproach and con

since 1883 they have suffered in sympa. tempt conveyed in Inglott's last look; so

thy, because the purchasing power of weighed down by sorrow that my selfish Europe became lessened and the

commodconceit and overbearing passion should ties grown by the hand-labor countries of have been the instruments by which the Asia and Africa were not in demand at accursed being was enabled to strike the the old prices. Thus, comparing the years deadly blow; so stung by remorse that 1885 and 1886, the prices of exports, as my sin should have dragged down Safura given in the Economist, declined in the -- whom I loved, and shall ever love, with latter year 6.34 per cent., whilst prices of all the undisciplined strength of a wilful imports declined 6-37 per cent. In other man's heart — from purity and happiness words, the prices fell all round, practito lasting woe and 'degradation ; and so cally the same both as to buying and maddened by the knowledge that my own

selling

The machine-using countries presumption has placed her forever be have a population of four_hundred milyond my reach, – that a hundred times

lions, or if we exclude Russia, which day I make up my mind to risk the un.

is scarcely a machine-usingcountry, of known horrors of future punishment, to three hundred millions ; while the handescape the maddening tortures of my present existence.

* The marked depressions in the United Kingdom

have been in 1803, 1810, 1815, 1818, 1826, 1830, 1837, And yet, I dare not — I dare not. 1847, 1857, 1866, 1873, 1883.

a

labor countries contain one thousand mil- part of the present one there were severe lion people. The depression in the former depressions caused by the rapid applicahas been general and synchronous, so that tion of machinery to industrial employthis universal result must have a universal ments after Watt's improvement in the cause. In a speech which I delivered at steam-engine. The sufferings of the handLiverpool some years ago I formulated laborers were severe, and labor riots, in this cause in the following words : " That which mills were burned and machinery the world has not yet accommodated itself destroyed, showed the acute conflict then to the wonderful changes which science existing between manual labor and mehas produced in the modes of produc-chanical power. Our late depressions have tion and in the exchanges of commerce.” been altogether of a different kind. Labor Since that time many writers in political has suffered much less than capital, for, on economy have independently arrived at the whole, there has been a general tenthe same conclusion. Among foreign writ. dency to increase wages. The general in. ers may be mentioned Dr. Arthur von crease between 1850 and 1883 is 39-18 per Studnitz, of Dresden; Piermez, of Brus. cent. In the United States, a land of sels; Jules Duckerts, of Verviers; Emil protection, the increase is 28.36 per cent. de Laveleye and Trasenster, of Liège ; between 1860-1883. Even when they have Annecke and Engel, of Berlin. In the not increased, the large fall in the prices of United States, Caroll Wright, the com- the necessaries of life has been equivalent missioner of labor, David Wells, and to an increase in wages. But during the Atkinson have written admirable treatises whole of the depression there has been a supporting this view as the cause of the downward competition in prices of comlong depression. It is important that the modities, so that the margin of profit to the reason for this conclusion should be clearly capitalist is now exceedingly narrow. This stated, because, if it be true, all partial fall in prices has been nearly universal, remedies, such as protection, fair trade, bi- though not equal in all countries. The metalism, and the like, can only have local order of the descent is France, Germany, effects, which may benefit or injure partic. Great Britain, and the United States, the ular countries, but can do little to mitigate two last countries being at the bottom of the universal depression. All the great the inclined plane. The fall in prices of countries have had commissions or com- food stuffs has profoundly affected the mittees of their legislatures to inquire into agricultural industry of this country, the causes of the general depression, but, though at the same time it has given as the inquiries have been confined to cheap food to the people. As our largest their own countries, none of them have importations of food are from America, I taken a sufficiently broad view of a univer- give in a foot-note * the reductions in sal cause. The committee of Congress price. The reductions in the prices of in the United States has taken evidence food stuffs are far too great to have any upon 286 causes for the depression, and important connection with the slight appoints to the same number of remedies. preciation of gold or the larger deprecia. Our own voluminous inquiry in this coun. tion in silver. Countries with a protective try produced a majority and minority re- fiscal system feel the latter less than port, the first being practically that things England, because they have few direct had better be left to themselves, and the dealings with silver-using nations. The second that fair trade (which is nothing volume of trade with hand-labor countries but protection in a domino) is to be our is immense, but their credits are small, salvation. My object in the present arti. and their banking systems are limited. cle is to contend that there are only two The raw materials which they grow causes of the universal depression, viz: such as tea, coffee, sugar, rice, hemp,

1. That the improvements in machinery, wool, cotton, spices, indigo, and dye-wood by new inventions, have produced great - are shut out or hampered by duties in changes in the quickness and economy of protected countries, so this produce natudistribution of commodities, and have pro- rally gravitates to England as a land of foundly altered the whole system of com- free ports.

During the continuance of the long de2. That the improvements of machinery pression both wages and the prices of used in production have increased the supply of commodities beyond the imme. The following are the percentage reductions of diate demands of the world, and have too prices in the United States between 1881 and 1886:

Mess pork, 48% ; lard, 46; hams, 2472 ; oats, 39%; rapidly displaced the old forms of labor.

Indian corn, 43 ; butter, 47; tallow, 41; flour. 34%3 At the end of last century and in the early cattle, 18%.

merce.

commodities have declined from the high | English industry ought to have been level on which they stood during the few crushed by these changes, but the truth is prosperous years preceding 1873. This that then and ever since both gold and is true of all countries, but if we contrast silver have been in excess of the demand. the relative position of England and the Before dealing with what I believe to be United States — that is, of two nations the true causes of the depression, it is de. under completely opposite fiscal systems sirable to consider the general features - it is found that wages fell more in the which have given a common character to latter than in the former. In the United the depressions in all parts of Europe. States, between 1873–78, wages of un- The common features have been the same skilled labor fell from 37 to 50 per cent., in all countries — first, that though prices and in the case of skilled artisans to a of commodities have been largely reduced, greater extent. In England wages de the volume of productions and the business creased in various trades. Some of them, of commerce have not been lessened in anyas among iron-workers, in 1874, to about thing like the same proportion; second, 35 per cent. Among miners and ship- that though wages have fallen, they have builders there was considerable reduction. not declined at all in proportion to the In the cotton industry, 1877-79, wages fell fall in prices; and third, that the margin 20 per cent., advancing 10 per cent. in of profit to the capitalist has been very the two following years. On the whole of small. Capital, then, during this longthe industries of this country wages are continued depression has suffered more believed to have risen 9974 per cent, be-than labor. For some time past capital, tween 1872–1883, and to have fallen in when applied to staple commodities, is the United States 5.41 per cent. Thus glad to be content with about 10 per cent. of England suffered considerably less than the cost of conversion of raw material into the United States. The demand for labor a useful product, while labor gets go per in the latter country contracted so much cent. Of the 10 per cent, which goes to that the immigrants, who had numbered the capitalist only from 5 to 6 can be put 400,000 annually, in the six years ending to profit, the rest going to the wear and 1873, dwindled to 138,000 in 1878. in tear of plant and machinery. There is at 1877 half the coal-miners and iron-work- present a want of harmony between capers in the United States being out of ital and labor which tends to continue the work, labor riots became serious. In 1885 depression. Sometimes working men, not depression in the United States was so content with the shorter hours of labor general that 1,000,000 laborers were out of in this country, put arbitrary limits to outemployment. At such times discontent put and to the mode in which the workers exists and strikes arise ; in 1886 there shall be employed. Such restrictions to were 350 strikes, involving 450,000 work- production, 'lessening the very narrow men. If such events happen in America, margin of profit that prevails, have stopped with its protectionist policy, there is little some works and threaten to drive others ground for the contention of fair-traders from this country to foreign parts. A that free trade is the cause of depression better education of masters and men, in England.

which I contend for later, will show that But the bi-metalists bring forward their the interests of capital and labor are not own pet theory of the appreciation of gold antagonistic, but identical. and the depreciation of silver, and deem Having dealt with these preliminary that to be a sufficient explanation of de- subjects, I now turn to the discussion of pression. There might be something in the two immediate causes which have led this theory is the great transactions of to the universal depression in all machinecommerce were paid for in bullion. But using countries for fifteen years. The that merely settles the balance of ex- first of these I have stated to be the change, for exchanges are conducted by changes produced by science in the econan interchange of commodities. If the omy of distribution, and the consequent depreciation of silver had been the cause and profound alterations which have folof the depression of England, which cer- lowed in the commerce of the world. In tainly has the largest traffic with silver. 1869, the Suez Canal was opened, the using countries, it ought to have been result being that the old route round the specially severe in 1873-4; for in these Cape of Good Hope was in a few years years Germany adopted a gold standard, abandoned for the shorter and more ecocontracting by extensive sales her silver nomical route to the East. On the old coinage, while France at the same time route, sailing-ships were chiefly used, and ceased to coin silver money. By 1875 I they occupied from six to eight months in

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the round passage, while now the time is the Atlantic expended 200 tons of coal to
shortened to thirty days. By the substi- carry an amount of cargo which can now
tution of iron steamers carrying the com- be driven across for 35 tons. The dis-
merce of the western hemisphere through covery of Dr. Joule as to the mechanical
the Suez Canal, a tonnage estimated at equivalent of heat stimulated builders,
two millions of tons was practically like Elder and others, to apply the com-
destroyed, and vast arrangements in com- pound engine to steamers. This has
mercial industry were displaced. In the produced enormous economy of fuel. In
old system of long voyages, large store- 1850 the fine steamer Persia carried
houses of goods had to be provided for over cargo at an expenditure of 14,500
the shipping interests, not only in foreign lbs. of coal to a ton; now a modern
ports, but also in England, which became steamer does the same work by burning
the centre of warehousing, banking, and three or four hundred pounds. The effect
exchange. All this was altered by the of this economy on haulage by land and
mighty power of electricity. The electric transit by sea is immense. In an experi-
telegraph had indeed been invented in ment lately made on the London and
1837, but it required many new discover. North-Western Railway, a compound
ies in science to adapt electricity to the locomotive dragged a ton of goods for one
growing wants of the world. All these mile by the combustion of two ounces of
have been made in recent times. The coal. In ocean navigation there is a much
three discoverers who have revolutionized larger economy. A cube of coal which
commerce Oersted, of Copenhagen, passes through a ring the size of a shilling
Faraday and Wheatstone, of London - will drive one ton of cargo for two miles
lived in my own day, and indeed were my in our most improved steamers. The cost
personal friends. The applications of of transit of a ton of wheat from Calcutta
their discoveries to the various purposes to England was 715. 3d. in 1881 and 275.
of electricity - the telegraph, telephone, in 1885. The haulage of a thousand miles,
and electric lighting - have created new from Chicago to New York, brings a
labor, but have at the same time displaced whole year's supply of food for a man at a
a great amount of other labor. In the cost of a single day's wage. A ton is
United Kingdom upwards of 42,000 per-hauled for less than a farthing per mile.*
sons are engaged in work depending upon The transport of food has thus told heavily
electricity, while probably throughout the upon the agriculture of all countries, be-
world more than 300,000 persons win their cause it has made one market the world
subsistence by the recent applications of - and has largely destroyed the advan-
this science. The amount of labor which tages of national and local markets. I
it has displaced cannot be calculated. have dealt with the effects of this lowering
The whole method of effecting exchanges of prices upon the condition of agriculture
has been altered, because communication in a speech recently published, so I now
with other countries is now immediate.; limit my remarks to manufacturing indus.
the consumer and producer in opposite try. The lowering of prices, consequent
parts of the globe making their bargains upon the more ready and economical dis.
in a single hour, without the intervention tribution of commodities both by land and
of mercantile ag ies or the large ware: sea, has necessarily had an important
house system which former methods of effect upon manufacturing production as
commerce required. The Suez Canal and well as upon commerce. The old factors
improved telegraphy made great demands which ruled production were the value of
for quick and economical distribution of the raw material and the representative
material. Numerous steamers were built value in money of the labor, skilled and
between 1870–3 for this purpose, but so unskilled, used and directed by capital to
rapid were the improvements that they convert the crude material into a finished
were nearly all displaced two years after- product. These factors still rule produc-
ward (1875–6), and sold at half their cost. tion, but their relative values have rapidly
Iron has been largely substituted by steel, changed in recent times. The raw mate.
both on land and at sea, Bessemer's in.
venti having destroyed wealth ; but, • The fall in the prices of ocean transit from New
like the phenix, new wealth has arisen York to Liverpool has been as follows:-
from its ashes. A ship which in 1883
cost £24,000 can now be built for £14,000.

Grain, per bushei

94d.

Flour, per ton
The economy of fuel has also been very
great. Shorily before the opening of the Cotton, per pound

Hd.
Suez Canal, the best steamers crossing Bacon and lard, per ton

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1880.

1886. id.

255.
50s.

78. 6d.

Cheese

15s.

4.

455.

78. 6d.

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