London, 13 November 1885 

Dear Sir, 

I received your two letters 6/18 and 9/21 August while I was in Jer- 
sey* and immediately sent you the letter you desired for the 
Coeeprnia eacmnuxs. +28 Since then I have been prevented by press of 
work from replying more fully to these letters as well as that of the 

25 August/5 September. 

? See this volume, p. 322. 

I had no doubt that the 2nd volume* would afford you the same 
pleasure as it has done to me. The developments it contains are in- 
deed of such a superior order that the vulgar reader will not take the 
trouble to fathom them and to follow them out. This is actually the 
case in Germany where all historical science, including political econ- 
omy, has fallen so low that it can scarcely fall any lower. Our Kathe- 
der-Sozialisten** have never been much more, theoretically, than 
slightly philanthropic Vulgérékonomen,” and now they have sunk to 
the level of simple apologists of Bismarck’s Staats-Sozialismus.© To 
them, the 2nd volume will always remain a sealed book. It is a fine 
piece of what Hegel calls die Ironie der Weltgeschichte,4°°° that Ger- 
man historical science, by the fact of the elevation of Germany to the 
position of the first European power, should be again reduced to the 
same vile state to which it was reduced by the deepest political degra- 
dation of Germany, after the Thirty Years’ War.? But such is the 
fact. And thus, German ‘Science’ stares at this new volume without 
being able to understand it; only, a wholesome fear of the conse- 
quences prevents them from criticising it in public, and so, official 
economic literature observes a cautious silence with regard to it. 
The 3rd volume‘ will however compel them to speak out. 

Of that 3rd volume, I have completed the first transcript from the 
original into a legible manuscript. Three-fourths of it are almost fit 
for publication as they are; but the last fourth, or perhaps third, will 
require a great deal of work: the first section (relation of Mehrwertsrate 
to Profitrate') and then the subsequent sections on credit and partly 
also on Grundrente*; besides certain portions of almost all the other sec- 
tions. For the last two months I have been compelled to attend to 
a good deal of other work which had been neglected by my exclusive 
attention to the 2nd and 3rd volumes. * This will continue for some 
time yet, and then, maybe, the revision of the English translation of 
Volume I which is nearly completed, will occupy me for a month 
longer, but then I shall start with the 3rd volume and carry it out to 
the end. Maybe it will be published in 2 sections, as it will contain 
about 1,000 pages. 

I thank you very much for your extracts from the author’s letters 
from 1879 to 1881.*7° I could not read them without a sorrowful 

* of Capital - vulgar economists - © state socialism - “ the irony of world history - 
* of Capital - ' rate of surplus value to rate of profit - ground rent (or rent of land) 

smile. Alas, we are so used to these excuses for the non-completion of 
the work! Whenever the state of his health made it impossible for him 
to go on with it, this impossibility preyed heavily upon his mind, and 
he was only too glad if he could only find out some theoretical excuse 
why the work should not then be completed. All these arguments he 
has at the time made use of vis-a-vis de moi*; they seemed to ease his 
conscience. 

After completing the 3rd volume and selecting from the other ms. 
the portions fit for publication, I shall very likely try to collect such of 
the author’s correspondence as is scientifically important, and there 
his letters to you rank amongst the first. When that time comes, 
I shal] therefore avail myself of your kind offer of placing at my dis- 
posal copies of these letters. 

I am often in the case of forwarding to you pamphlets, etc.— 
republications of the author’s and my own writings, etc., but do not 
know whether it would be safe to send them direct to you. I should be 
much obliged if you would tell me what to do. 

I hope our mutual friend’s” health is improving, notwithstanding 
the bad prognosis of his doctors. 9°? Any news with regard to him will 
always be welcome. 

That crisis of which the author speaks in his letter, was indeed an 
exceptional one. *7! The fact is it continues still, all Europe and Amer- 
ica suffer under it to this day. The absence of the financial crash is 
one cause of it. But the principal cause is undoubtedly the totally 
changed state of the Weltmarkt.° Since 1870, Germany and espe- 
cially America have become England’s rivals in modern industry, 
while most other European countries have so far developed their own 
manufactures as to cease to be dependent on England. The conse- 
quence has been the spreading of the process of overproduction over 
a far larger area than when it was mainly confined to England, and 
has taken— up to now —a chronic instead of an acute character. By 
thus delaying the thunderstorm which formerly cleared the atmos- 
phere every ten years, this continued chronic depression must pre- 
pare a crash of a violence and extent such as we have never known 
before. And the more so as the agricultural crisis of which the author 
speaks, has also continued up to now, has been extended to almost all 

* myself - > Hermann Lopatin’s - © world market 

European countries; and must continue while the virgin wepHosem * 
of the Western American prairies remains unexhausted. 

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