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It is not too much to say that what is

impairing the vitality of the human race in every branch of life is the failure—a very natural failure—to recognize this fact. After so many years in the clover of a rising market they cannot school themselves to endure the bleak east winds of a falling market. Therefore exchanges are held up, but exchanges are the life-breath not only of commerce but of social and political existence. Unless we can get exchanges going freely, the future of the world must remain dreary and precarious.

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