The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-23

community, which became involved in Il.
nanCial aldistress, lmportations having been
tor several years, and still continuing,
greatly in excess Of the expectations, &C.
cording to the immutable laws OF trade,
the balance had to be paid principally in
solid money, Of which the augmented
trade with India and China had absorbed
large proportion. The Bank Of the Unit.
cd States had been compelled to import
specie, in the first sixteen months
OF its operations, to the amount OF over
seven and quarter millions, at cost OF
moro than half million of dollars. The
expectation Of specie during the same
period was supposed TO have exceeded
the importation by banks and individ'
uals. The metallic currency remaining
in the country, instead OF entering into
circulation had, since the resumption oi
specie payments in 1917, remained in the
vaults Of tho banks until drawn out at q
premium for expectation. The paper
currency had, at the same time, been vio-
lently contracted from an aggregate, in
1915 and 1916, Of one hundred and ten
millions to about forty-tive millions al
this time-a reduction OF fiity.nine, per
Cent.-therGby reducing prices and enter
prises created by its previous undue ex.
panslon. While the banks were thus
contracting their discounts, the princi.
pal American staples began, toward
the close Of the last year, 10 de-
cline rapidly from the high price they
had commanded for number Of years in
foreign markets, The reduction in the
price Of cotton and breadstuffs soon
reached so per cent, and the losses there.
by sustained rendered additional loans
necessary TO the merchant at time when
itwas most difficult to obtain them. The
result was most disastrous both to the
merchant and the agriculturist. But
upon the NEUTRALITY-SUSPICIOUS. by
unequal competition with his foreign
rival, and suffering equally with the
merchant and farmer, from the inability
Of all classes to purchase-.the change
fell with crushing weight. The price Of
raw cotton continued 10 decline with con-
siderable uniformity from this time foi.
ward for quarter OF century.
"Flour had also gradually fallen of
from its high price OF ten to fifteen dol.
lars barrel in 1917, to five or six in the
present year, in domestic ports; and to.
bacco, from Sl4S in 1917, to $ll0 this year
and S75 in 1922. A light depreciation in
other crops, greatly diminished the power
Of n large portion OF the population to
purchase manufactures, or even TO dis
charge obligations already contracted In
anticipation oftheir revenues. A general
paralysis now fell on all branches Of in
dustry. Tho distress became more gen.
erAl and severe than had ever been
known, and but little alleviatiOn was
experienced for several years 10 come.
The banks suffered from lack Of specie.
Bankruptcies overlook the mercantile
aud shipping interests, whose merchan.
disc lay on their hands, and whose ships
could neither be employed nor sold, save
at ruinous losses, Rents and the value
OF real estate were enormously y deprCcia.
ted Farms were mortgaged or sold at
One.half or One.third their value. Fac.
tories and workshops were everywhere
closed. Manufacturers were forced 10
abandon extensive and nOuriShing estab.
lishments, reared as II by magic in the
last five years, and with their operatives
and muititudes Of handicraft workmen
entered into competition with the cult.
vatOrs Of the soil, and swelled the pro.
ducts Of agricultural labor, for which
there was no longer q market.
"The suffering among manufacturers
was more severe In Rhode Island, New
York and Pennsylvania than elsewhere.
The number Of persons thrown out Of
since the peace was variously
estimated at from 10000 to 10000, and,
with their families, the number deprived
Of support was com puted at from 160, 900
to 246,000. The cities Of Philadelphia
and Pittsburgh suffered extremely, and
the Western country generally partiCi.
pAted in the common and extreme
distress. The extent Of the suffering
throughout Pennsylvania was forcibly
portrayed in the report Of committee
OF the Legislature appointed TO investi-
gate its causes and TO prepare remedies.
A memorial was also presented to Con.
greSs from the Western part Of the State,
that manufacturers were In
the last struggle Of dissolution, estates
were sacrificed, families ruined, agricul-
ture wasdeclining, internal trade was ex.
capital was dcr9ant and
were idle. -
"In Rhode Island, New York and other
districts, similar reduc.
tions Of labor, and sacrifices Of mills and
for a fraction Of their original
cost, we're quito common, many establish.
mcnts being entirely broken up.
"The question Of protection TO the
manufacturing interests began once more
to be agitated as Indispensable, and nu-
merous appeals we're made from various
quarters 10 Congress for It's interposition.
Many able advocates appeared In behalf
Of legislative measures, considered OF VI.
tai Importance 10 n class threatened with |
total ruin, and among the most able was
Matthew Carey, Of Philadelphia.
1.-THE duties on imports we're already |
as high as Congress deemed It prudent TO
co. But the Secretary OF the Treasury
on the 9Th Of February, in conformity |
with resolution Of the House Of the
2Olh Of April last, reported on the pro.
priety OF laying specific duties upon ar.
ticleS then charged Ad valorem, and pro.
posed schedule Of such articles, with |
specifc rates attached, greatly higher |