Répertoire des administrateurs & commissaires de société, des banques, banquiers et agents de change de France et de Belgique

The work of the Stock Exchange

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Monograph

Identifikator:: 879455993

URN:: urn:nbn:de:zbw-retromon-3116

Document type:: Monograph

Author:: Fellner, Friedrich http://d-nb.info/gnd/171029097

Title:: Das System der Rentengüter und seine Anwendung in Ungarn

Place of publication:: Berlin

Publisher:: Puttkammer & Mühlbrecht

Year of publication:: 1905

Scope:: 1 Online-Ressource (VII,177)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Theil. Die Regelung des Rentengutsystems im Auslande

Collection:: Economics Books

148 THE WORK OF THE STOCK EXCHANGE lative mechanism of modern life, as has so recently happened in Russia. the economist can afford to predict with Prospero 27 The cloud-capped towers, the gorgeous palaces, The solemn temples, the great globe itself, Yea, all which it inherit, shall dissolve And, like this unsubstantial pageant faded, [eave not a rack behind. Speculation in Times of Calamity.—In times of adver- sity, when business is faced with an apparently cheerless future, 1t what might be called the “zero hours of industry,” the specu- lator, who is so often falsely considered the villain of our whole sconomic drama, clearly and unmistakably becomes its hero. A striking example of what speculation can do in a national crisis occurred in France in 1871, after her overwhelming de- feat by the Prussians. In that dark hour of Frances destiny a revolutionary commune composed of the dregs of Paris ruled her capital ; her armies were crushed and all but her unconquer- able soul prostrate; two of her most valuable industrial prov- ‘nces were lost; the Prussian armies stood victorious on her soil, and she faced the huge indemnity of five billion gold francs. If ever the outlook for French business—yes, and for the solvency of the government itself—seemed hopeless, it was then. And yet, as is well known, France's recovery from her Srostration was so swift that it astonished the world. How was this remarkable recovery brought about? Let one of the ‘oremost historians, economists, and publicists of France, M. Anatole Leroy-Beaulieu, answer this question for us:* Let us recall the already remote years of our convalescence, after ‘he invasion, years at once sorrowful and comforting, when with the loom of defeat and the suffering of dismemberment, mingled the joy of feeling the revival of France. Whence came our first consolation, our first vindication before the world? Whether glorious or not, it originated on the Bourse. . . . When more than one political skeptic and discouraged thinker allowed themselves to write down upon the »7 See The Tempest, IV, 11, 152-156. 2 See “La Regence de largent.”’ in Revue des Deux Mondes, February 25, 1897, 3p. 894-895

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