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Vï. Wirtli, oí Vicnua, one ol tne most celebrated of Germán statistioians, argues tliat the crisis which has been ravaging the civilized world the last three or four yeary was caused by the excessive conversión, or rather perversión, of private wealth for public purposes. He has corapiled a tabular statement of the ainouut oí' public securities emitted between 1867 and 187G, and of the payments made on them. The total cmissions of public securities were $6,000,000,000, and of payments made on them 85, 000, 000, 000. Of these emissious, $3,850,000,000 were miule in the years 1871-72-'73-'74, in which the FrancoPrussian war was the principal souroe of expendituro.