Theconverseistruewhentheproceedsfromtheenterprisediminish。Themarket-valueofthispaperisinpartspeculative，sinceitisdeterminednotonlybytheactualincome，butalsobytheanticipatedincome，whichiscalculatedinadvance。Butassumingtheexpansionoftheactualcapitalasconstant，orwherenocapitalexists，asinthecaseofstatedebts，theannualincometobefixedbylawandotherwisesufficientlysecured，thepriceofthesesecuritiesrisesandfallsinverselyastherateofinterest。Iftherateofinterestrisesfrom5%to10%，thensecuritiesguaranteeinganincomeof£；5willnowrepresentacapitalofonly£；50。Conversely，iftherateofinterestfallsto21/2%；
thesamesecuritieswillrepresentacapitalof£；200。Theirvalueisalwaysmerelycapitalisedincome，thatis，theincomecalculatedonthebasisofafictitiouscapitalattheprevailingrateofinterest。Therefore，whenthemoney-marketistightthesesecuritieswillfallinpricefortworeasons:first，becausetherateofinterestrises，andsecondly，becausetheyarethrownonthemarketinlargequantitiesinordertoconvertthemintocash。Thisdropinpricetakesplaceregardlessofwhethertheincomethatthispaperguaranteesitsownerisconstant，asisthecasewithgovernmentbonds，orwhethertheexpansionoftheactualcapital，whichitrepresents，asinindustrialenterprises，ispossiblyaffectedbydisturbancesinthereproductionprocess。Inthelatterevent，thereisonlystillanotherdepreciationaddedtothatmentionedabove。Assoonasthestormisover，thispaperagainrisestoitsformerlevel，insofarasitdoesnotrepresentabusinessfailureorswindle。Itsdepreciationintimesofcrisisservesasapotentmeansofcentralisingfortunes。[2]
Totheextentthatthedepreciationorincreaseinvalueofthispaperisindependentofthemovementofvalueoftheactualcapitalthatitrepresents，thewealthofthenationisjustasgreatbeforeasafteritsdepreciationorincreaseinvalue。”The。publicstocksandcanalandrailwayshareshadalreadybythe23rdofOctober，1847，beendepreciatedintheaggregatetotheamountof£；114，752，225。”Morris，GovernoroftheBankofEngland，testimonyintheReportonCommercialDistress，1847-48[No。3800]。
Unlessthisdepreciationreflectedanactualstoppageofproductionandoftrafficoncanalsandrailways，orasuspensionofalreadyinitiatedenterprises，orsquanderingcapitalinpositivelyworthlessventures，thenationdidnotgrowonecentpoorerbytheburstingofthissoapbubbleofnominalmoney-capital。
Allthispaperactuallyrepresentsnothingmorethanaccumulatedclaims，orlegaltitles，tofutureproductionwhosemoneyorcapitalvaluerepresentseithernocapitalatall，asinthecaseofstatedebts，orisregulatedindependentlyofthevalueofrealcapitalwhichitrepresents。