If the price level is falling (i.e., the standard unit is appreciating), the burden of the great mass of outstanding debts is growing heavier upon the debtors.[12] Sooner or later some of them break down under its weight.

At such times many attempt to shift their capital from active investments such as stocks, to passive investments such as bonds.

When the price level is rising, the opposite conditions prevail.

But such adjustments proceed uncertainly and unevenly in different industries, with much speculation in shifting from one type of business to another, and with much accompanying miscalculation.
Sec.14.

#Tariff changes and business uncertainty.# Another variable influence in American business has been the tariff.