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298 1879. The prevailing depression in business from which this country has suffered for six years, and from which nearly every country in Europe is suffering still, has probably furnished support to a greater number of conflicting economical theories than any other occurrence of ancient or modern times. . . . The result, we need hardly say, has not been to raise the reputation of political economy as a science. In fact, it has never seemed so little of a science as during the past five years, owing to the extraordinary array of proof and illustration which the holders of the most widely divergent views have been able to produce.—The Nation (New York), May, 1879.

1879. We have just passed through a period of depression, of which, though it came in perfect agreement with all past experiences, was complicated by such an exceptional conglomeration of untoward circumstances, and protracted to such a weary length, that men seemed to lose faith in the revival which was almost certain to come sooner or later, and began to ask whether the commercial supremacy of this country was not permanently undermined. And now, with the new decade, the revival is really here.—The Recent Repression of Trade, being the Oxford Cobden Prize Essay for 1879, by Walter E. Smith, London, Trübner & Co., 1880.

1881. The industrial depression is generally thought to have commenced in the closing months of 1874, and it increased in intensity throughout 1876 and 1877.—Professor, "Free Trade and Protection," London, 1881.

1885. The present depression of trade is remarkable, not so much for its intensity or for its extent in both of which respects it has been equaled or surpassed on previous occasions but for its persistence during the long period of eleven years. The industrial depression is generally thought to have commenced in the closing months of 1874; and, during every succeeding year, it has continued to be felt with more or less severity, and its remarkable persistence has been commented on by politicians and public writers. Usually, a period of depression is quickly followed by one of comparative prosperity. Such a reaction has been again and again predicted in this case, but, up to the present time, there are no satisfactory indications that the evil days are passing away. It is evident, therefore, that we are suffering in an altogether exceptional manner; that the disease of the social organism is due to causes which have not been in action on former occasions, and that the remedial agencies which have been effective on former occasions have now failed us.—Bad Times, an Essay on the Present Repression of Trade, by Alfred Russel Wallace, London, October, 1885.

The following are notable extracts from the testimony presented to the Royal (British) Commission, appointed August, 1885, to inquire into the depression of trade and industry, and embodied in their reports submitted to Parliament in 1885–'86:

1885. At the present time, a general depression of trade and industry is stated to exist throughout Italy. While, however, depression is general, it does not act uniformly on all industries.—Testimony of Ellis Colnaghi, Her Majesty's Consul-General at Florence, October 8, 1885.

The depression began full ten years ago, and still continues.Testimony of the Linen Merchants' Association of Belfast, Ireland, November, 1885.

The origin of the depression from which we suffer, and which is at the lowest point yet reached, seems to be a reaction from the coal-famine period of 1872–74, and which was perhaps due to the inflation consequent on the