VI.

Apart from these special circumstances, the seeming crisis of the year 1851 was, after all, nothing but the halt that overproduction and overspeculation make regularly in the course of the industrial cycle, before pulling all their forces together in order to rush feverishly over the last stretch, and arrive again at their point of departure—the General Commercial Crisis. At such intervals in the history of trade, commercial failures break out in England, while, in France, industry itself is stopped, partly because it is compelled to retreat through the competition of the English, that, at such times becomes resistless in all markets, and partly because, as an industry of luxuries, it is affected with preference by every stoppage of trade. Thus, besides the general crisis, France experiences her own national crises, which, how-ever, are determined by and conditioned upon the general state of the world’s market much more than by local French influences. It will not be devoid of interest to contrast the prejudgment of the French bourgeois with the judgment of the English bourgeois. One of the largest Liverpool firms writes in its yearly report of trade for 1851: > “Few years have more completely disappointed the expectations entertained at their beginning than the year that has just passed; instead of the great prosperity, that was unanimously looked forward to, it proved itself one of the most discouraging years during the last quarter of a century. This applies, of course, only to the mercantile, not to the industrial classes. And yet, surely there were grounds at the beginning of the year from which to draw a contrary conclusion; the stock of products was scanty, capital was abundant, provisions cheap, a rich autumn was assured, there was uninterrupted peace on the continent and no political and financial disturbances at