In the meantime, production has greatly increased and the originally increased demand upon the market has been satisfied. Nevertheless, production does not stop. One producer does not know what the other is about, and even if, in a lucid interval, misgivings may arise in the mind of some capitalist, they are soon smothered by the necessity of profiting by the opportunity in order not to be left behind in the competitive race. "The devil takes the hindmost." In the meantime, the disposal of the increased quantity of goods becomes ever more difficult, the warehouses fill up. Yet the hurly-burly goes on. Then comes the moment when one of the mercantile establishments must pay for the goods received from the manufacturer months before. The goods are yet unsold; the debtor has the goods, but no money; he cannot meet his obligations and fails. Next comes the turn of the manufacturer. He also has contracted debts that fall due; as his debtor cannot pay him, he, too, is ruined. Thus one bankruptcy follows another until a general collapse ensues. The recent blind confidence turns into an equally blind fear, the panic grows general, and the crash comes.
At such times the whole industrial mechanism is shaken to its very center; every establishment that is not planted upon the firmest ground goes to pieces. Misfortune overtakes not the fraudulent concerns alone, but all those which in ordinary times just managed to keep their heads above water. At such times the expropriation of the small farmers, small producers, small dealers and small capitalists goes on rapidly. As a mat-
