fixed and legalized in the form of interest-bearing securities, this malady of the affections becomes extremely difficult to remedy, even though it be true that these legahzed affections, preconceptions, or what not, centre upon the metaphysical stability of the money unit.
But while it is true that depression is primarily a business difficulty and rests on emotional grounds, that does not hinder its having grave consequences for industry and for the material welfare of the community outside the range of business interests. Business enterprise, it is true, proceeds on metaphysical grounds and is swayed by considerations of nominal wealth rather than by considerations of material serviceability ; but, none the less, business enterprise and business metaphysics control the coiiise of indxifltry.
Dull times in business means dull times in industry, of course. But a caution is necessary on this head. The yearly output does not usually I vary extremely between brisk and dull times, lexcept as measured in price. As measured in I material terms the discrepancy