| | 1911 10,129,435 49,386,946
'- | | 1912 11,006,487 50,999,797
| |
1913 ,- Tariff reductions to | | 1913 11,394,805 53,171,537
| produce a revenue; | | 1914 12,768,073 62,391,503
| not on a protective | |
+ basis. The further | |
| regulating of | |
| business. | |
'- The "World War." | |
------------------------------+---------+--------------------------------]
The retarding or precipitating influence of a good or bad condition of
agriculture upon the advent of a panic is also indicated.
The symptoms of approaching panic, generally patent to every one, are
wonderful prosperity as indicated by very numerous enterprises and
schemes of all sorts, by a rise in the price of all commodities, of
land, of houses, etc., etc., by an active request for workmen, a rise in
salaries, a lowering of interest, by the gullibility of the public, by a
general taste for speculating in order to grow rich at once, by a
growing luxury leading to excessive expenditures, a very large amount of
discounts and loans and bank notes [Footnote: Our recent banking history
has proved rather an exception to this law as far as bank notes are
concerned, because of the obviously unusual cause of sudden and enormous
calling in of government bonds, the basis of bank-note issue.
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