Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-08-08
THE COAL PANIC IN ENGLAND.

Great Increase In lanufacturcs thu
Gaase-The Supply Not Equal to th.
The whole manufacturing industry oi
England is just now in the most in.
tense excitement, owing to the unpre
cedented rise in the price of coal. All
through the present year coal has beer
rising rapidly in price, until it is now
between 30 and 100 per cent. deare1
than it vas q twelvemonth ago, and
is constantly on the rise. Besides the
manytrades directly affected coal is an
element entering SO essentially into al.
most every production that it is scarce.
" possible to think of any important
industry the conditions of which NAV
not be almost vitality changed by the
present state of affairs.
Many reasons have been suggested
for this extraordinary phenomenon.
certainly without precedent in the
present generation, if indeed it ever
had a precedent. Some have thought
it might be the result of mere tempo
rary speculation others that it may
arise from an inherent deficiency in
England's mineral resources. The
former Of these suggestions 10 scarcely
worthy of notice, the disease having evi-
IDENTIFY . deeper and more lasting root.
As to the latter, the best proof against
it is that the rise in prices has profited
the laborers engaged. Had it risen
from any increased difficulties of min
ing, the result witnessed would have
been only an exceptional rise in the
prices of some mines, according as it
became profitable to work mines of
increasing difficulty. The true cause
is to be found in very different direc-
tion, and the London Economist thu
explains it:
Within the last two or three years
there has undoubtedly been an immense
increase in every sort of manufacture
throughout the world. Railroads have
been extended, steamers have been
multiplied, machinery in every trade
has been increased, the effectiveness of
machinery has been daily intensified
by new inventions. The result is that
the producing power of mankind is at
q higher pitch than it has ever been,
and it follows that not only are the
raw materials of every manufacture in
great demand, Is they are in every
prosperous period, but the instruments
OF production, especially coal, are now
prominently in demand. Production
has increased SO rapidly from variety
OF cause, that it has overtaken the sup
ply OF the instruments with which it
works, and coal is the great iustru-
ment. Experience aud theory combine
to teach ue that the article so much in
request should 90 to famine prices. Po-
itical economists are quite familiar
with the great fluctuations in the price
OF food, in consequence of small varia
tions in the supply and as regards
prices, coal is now in the position of
food when the harvest has been de-
ticlent. The case would be exactly
analogous It We could suppose, instead
OF an insufficient harvest, the sudden
introduction OF q new population to
compete for the old supplies. The
supply of coal and the means of sup
plying it have not diminil lhed-have,
on the contrary, greatly increased-but
the sudden multiplication of the wants
of the world has had all the effect on
it which the sudden introduction of a
great many new mouths would have on
the customary sufficient supplies of
food"
If this view of the case Re the true
one-and it certainly appears reasona-
ble-it is evident that considerable
period of time must elapse before re-
lief can be felt from home resources.
Nothing can alter the circumstances
but fresh supply to meet tue unpre.
cedented demand; but as the labor,
expense and delay of the opening new
mines and extending the workings of
old ones are very great, and as q large
amount of skilled labor is necessary
for this purpose, this cannot be sudden.
y obtained. What the effect on manu-
factures and production will be, owing
to 50 great q change in their conditions
lasting over, any considerable period, is
very evident. The rate of profits must
be considerably reduced among the
various trades affected blythe use of
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