The Glory Of The Nation

There Is No Intrinsic Reason For The Scarcity Of Capital.

Never In History Was There A Method Devised Of Such Efficacy For Setting Each Country's Advantage At Variance With Its Neighbours' As The International Gold (or, Formerly, Silver) Standard.

The Spectacle Of Modern Investment Markets Has Sometimes Moved Me Towards The Conclusion That To Make The Purchase Of An Investment Permanent And Indissoluble, Like Marriage, Except By Reason Of Death Or Other Grave Cause, Might Be A Useful Remedy For Our Contemporary Evils. For This Would Force The Investor To Direct His Mind To The Long-term Prospects And To Those Only.

They Offer Me Neither Food Nor Drink - Intellectual Nor Spiritual Consolation... [conservatism] Leads Nowhere; It Satisfies No Ideal; It Conforms To No Intellectual Standard, It Is Not Safe, Or Calculated To Preserve From The Spoilers That Degree Of Civilization Which We Have Already Attained.

I Expect To See The State, Which Is In A Position To Calculate The Marginal Efficiency Of Capital-goods On Long Views And On The Basis Of The General Social Advantage, Taking An Ever Greater Responsibility For Directly Organizing Investments.