London, 8 February 1886 

My dear Sir, 

I have received your kind letters 18/30 November, 19/31 Decem- 
ber, 26 [December]/7 January and 8/20 January; also the four copies 
of the translation one of which has gone to the British Museum, 
another to the Colonel? and a third to a lady well known‘ who has 
also translated several works of the Author‘ into your language. 
If you would be good enough to send another copy to Mr Otto 
Meissner, Hamburg, our German publisher, you would very much 
oblige me. 

I have read your excellent preface 5** with much pleasure, and 

a 

of Capital-> (Russ., gen. case) Engels-° into Russian of the second volume 
of Capital- 4 Pyotr Lavrov-* Vera Zasulich- ' Karl Marx 

that I have done so attentively, I should like to prove to you by stat- 
ing that on page X, line 17, the printer seems to have left out a word; 
should it not read as follows: aro u nmepeMBHHasd YacTh Kanumanonou 
croumoctn, * etc.? The omission is not of much consequence for any 
one who is used to the author’s terminology, but would perhaps be 
puzzling to one who is not. 

I thank you very much for your observations on the economical 
condition of your country. °°5 Anything of this class is always of the 
highest interest to me. The last 30 years have shown, all over the 
world, in how little time the immense productive powers of modern 
industry can be implanted and take a firm root even in countries 
hitherto purely agricultural. And the phenomena accompanying this 
process repeat themselves everywhere. What you tell me about pay- 
ments in coupons not yet due occurred all over Germany ten or fif- 
teen years ago and may occasionally occur still; but especially before 
the introduction of the new coinage the complaints about the circula- 
tion of such coupons, not yet due, and originally given in payment of 
wages were universal. The rapid development of German manufactu- 
res has now passed beyond that stage, and ifit still occurs it will be an 
exception; but fifteen years ago it was the rule, especially in Saxony 
and Thuringia. But that your economists should consider this as 
a proof of a deficiency of circulating medium, and that in the face of 
a paper currency depreciated by over-issue at least 36%, that is on a 
level with the views of the American greenbackers who demanded, 
too, an increased issue of paper money because that paper money 
was no longer depreciated and therefore evidently under-issued! 

I am glad to learn that our friend is recommended a change of cli- 
mate—TI suppose it will be about the same where the doctors sent 
him to before and which seemed to agree well enough with his state of 
health. At all events this is proof to me that all danger of a sudden 
crisis in his malady is now over.#? 

I have now at last the whole manuscript of the English translation 
of Volume I‘ in my hands and shall go into the revision of it next 
week, and when I may have an idea how soon I can finish, conclude 
at once with a publisher. °° There are two translators, the one a bar- 
rister and old friend of ours“ (you and he are the two men living who 
know the book most thoroughly) but his professional occupations do 

“that the variable part of capital value, too-’ Hermann Lopatin-° of Cap- 
ital-* Samuel Moore 

not allow him to do it all in time, so Dr Aveling, the husband of the 
author’s youngest daughter,’ offered his services; but both the econo- 
mic theories and the language of the author are rather new to him 
and I know the portion done by him will give me more work. As soon 
as that is in a fair way of getting ready for the press, I shall start again 
with Volume III” and do it to the end, not allowing any other work 
to interrupt it. 

Here the industrial crisis gets worse instead of better, and people 
begin to find out more and more that England’s industrial monopoly 
is at an end. And with America, France, Germany for competitors in 
the world’s market, and high duties excluding foreign goods from the 
markets of other rising industrial countries, it becomes a simple mat- 
ter of calculation. If one great monopolist industrial country pro- 
duced a crisis every ten years, what will four such countries produce? 
Approximatively a crisis in 10/4 years, that is to say practically 
a crisis without end. Uns kann recht sein.° 

Very faithfully yours, 
P. W. Rosher 3°?