WCP2016

[1]

38 Queen’s Gardens,

London W.

21 Nov^r/st 85/

Dear Mr Wallace

I am so out of condition at present that I do no work & next to no reading— when most of what reading I do being by a proxy. I have, however, looked into your little volume,¹ for which I thank you. Much of what I read, I quite agreed with, especially the chapters on "Foreign Loans" & "War Expenditure." In some cases, however, it strikes me that your representation of Malthus is somewhat too highly coloured.

[2] There is one factor which seems to me not an improbable one, which neither you nor others have taken account of. During the past generation one of the causes of the great exaltation of prosperity has been the development of the railway system, which while it had the effect ^{of opening sources of supply & means of demand distribution had also the effect} during a long period of greatly exalting certain industries concerned in construction. There was consequently a somewhat abnormal degree of prosperity [3] which lasted long enough to furnish a standard of good times & to be mistaken for the normal condition. Now that this unusual & temporary cause of prosperity has in considerable measure diminished, we are feeling the effects.

Truly yours | Herbert Spencer² [signature]