96 
Capitel IV. 
Auf diese Weise erklärt es sich ja auch, warum 
der Zitisfuss oder Diskonto, im Gegensatz zum Börsen- 
zinsfuss, so bedeutende Schwankungen aufweist denn 
sfreithar, und dennoch koprtziren sich gewisse vo/lswirthschaffliehe 
Sehriffste/ler darauf, sie in Jbrede zu stellen.“ 
Laveleye begeht nur den Fehler, nicht zwischen Bauk- 
zinsfuss (Disconto) und Börsenzinsfuss zu unterscheiden und daher 
zu übersehen, dass ein Ueberfluss oder Mangel an Geld, wenig 
stens zunächst oder unmittelbar, nur auf den Bankzinsfuss, nicht 
aber auch auf den Börsenzinsfuss einwirken kann. 
50) So bemerkt auch J. M, Mill, — im Widersprucli mit 
der von ihm^ anfänglich aufgestellten allgemeinen Theorie über Ka 
pital, Kredit und Zinsfuss —, Principles etc. B. III Ch. XXIII: 
,,There is, however, -a frequent ease, in which the purpose 
of the borrowèr is different from what I have here supposed. He 
may borrow money, neither to employ it as capital nor to spend 
it unproductively, but to pay a previous debt. In this case, 
what he wants is not pure hasing power, but legal tender, 
or something which a creditor will accept as equivalent to it. U is 
need is specific ally for money, not for commodities or 
capital. It is the demand arising from this cause, 
which produces almost all the great and sudden va 
riations oj the rate of interest. Such a demand forms one 
of the earliest features of a commercial crisis, .,4t such a 
period, many persons in business who have contracted engagements, 
have been prevented by a change of circumstances from obtaining 
in time the means on which they calculated for fulfilling them. 
These means they must obtain at any sacrifice, or submit to bank 
ruptcy ; and what they must have is money. Other capital, however 
much of it they may possess, cannot answer the purpose unless mo 
ney cun first be obtained for it ; while, on the contrary, without