CHAPTER  VII
BIMETALLISM  AND  TRADE  DEPRESSION
§  /.  The  Industrial  and  Financial  Sides  of
Business.
The  monetary  or  financial  explanations  of  commercial
crises  and  consequent  depressions  do  not  in  the  least
invalidate  this  analysis,  nor  can  they  be  accepted  as
substitutes  for  it.  Every  fact  in  the  production,  distribution, ­
  and  exchange  of  commercial  wealth  has  its  bookkeeping ­
  or  financial  side.  For  every  change  that  takes
place  in  the  economic  nature  or  the  ownership  of  commercial ­
  goods  there  is  some  change  in  the  ownership
of  money  or  of  credit.  There  is  some  correspondence
between  the  two  classes  of  movements,  but  not  an  accurate
one.  Oscillations  in  the  total  quantity  of  money  and
of  credit,  changes  in  the  distribution  of  its  ownership
may  take  place  without  any  facts  of  corresponding  size
or  character  in  industry.  The  operations  of  the  money
market  furnish  familiar  examples.  A  company  is  floated,
credit  is  manufactured  by  bankers  and  other  persons,  is
imputed  to  certain  persons  and  will  for  certain  times
and  purposes  perform  the  functions  of  money,  without