New-York tribune., 1876-12-08
THE Financial DEPRESSION
MIR. D. A. wr11s's REASONS FOR ITS EXISTENCE

MR.. D. A. wRILss REASONS FOR ITS EXISTENCE.
BosToN, Dec. mir. David A. Wells delivered
a lecture on "The Present Industrial, Commercial and
Financial DEPRESSION its Causes and its Remedies, I'D
the Lowell Institute, last evening" The following is
summary OF his points
The first phenomena which mcrited attention in con-
sideration OF this subject was the univesaty but ~ te
time great irrcglarlty, OF the economic disturb
ance; for existed not merely In the United States but
almost everywhere whatever the degree OF nations
resources He called attention. Also to bow this disturb
ance. geographically considered had differed In degree
grevOus iu Massachusetts, light in California calamity
almost unto death to the inhabitants OF many Wild and
sparscy settled territory and IL had not enriched those
at the great centerS of exchange He coud think OF but
general cause.-the steady and extensive use OF labor
numerous illustrations how the employment OF the
amount of labor now as ip 1850 resuiIed
attention. however, to one other cause. which
The London Economist considered of sufficient import
ance 10 stand by ITSELF and that was the opening " Ie
Canal, which had diverted from employment about
20O0000 sailing tonnage and established steam tonnage
shortened the time for operations IN India produce III
Europe the extent OF hvesixths Obyated TIE neces
siy accommodating and carrying large stocks IN Eulopo
or to sum up, 1t had rendered unnecessary large ana
costly amount Of the old machinery OF an Important
branch of the worlds tradewarehOuses, sailing vessels
capital six months bills and the merchant bi5eu WIN
his large retinue OF enplOyesaGd had caused immense
los mischief and confusion. All these improvements
society had accommodated itself to such changes
and the past few had been that period OF transition
But as1ore important influence than any other in pro;
uucng depression una Inc LOSE
during the last ten or hteen years, III ways "ncn 10
enumerated as follows Invested by the people vi tAe
country in worthless or unremuneratlye enterprises,
which they had been led by advertisements IN reSOus
and other newspapers 10 believe were secure ana wOu
pay large interest; expended by nations for llnpe,
Inens and equDments OF war; and not for usctnl ana
productive articles the per cent Tor the ater Oeg O
than II per cent and III the case OF the Unueu
states not more than per Of the present debt
labor lost while were In the army, etc inc transfer
active aud floating capital 10 fixed and untransIerdDe
capital or unremnneTative railroads. by
tile failures. which in this country for the t%sntyone
months ending sept 30 1876 involved an lndeDtuhess
OF 1858 900 900, and mere than per cent or all me
caused by largely increased Federal, state, and muni-
cipal expenditures and deuted bonds Under all these
webs then considered the historical sequences OF me
various agencies that had been at work TO produce tne
rs the primal cause, fostering as IL did, the splnt
OF trade and speculation as cCntradlstlhct IIOnl
the spirit OF production Next Me me iSe
wages labor had advanced the effectiveness OF LABOR
measured either by quantity or qualty OF natlona pro
duct, had greatly dtmnished and IN THIS connection ne
alluded to- and condemned being without just cause,
the spirit of discomfort prevailing among workinglnen;
than labor carefully discussed the doctrine OF ex
trcIne protection, which he condemned the disastrous
influences Of IN irredeemabe currency he
railroad lines in advance OF any need, ana the position
OF the Government IN connection with sucn ehrprses
and spoke sadly of the dimnutiOn OF the agricultural
products OF tne country. Among the reasons why ts
industrial and commercial distress was UNIVERSAL ne
mentioned first the fact that nations and countries were
now so closely united tuat local disturbance IN one
would affect the whole body polite, ana ne also shOWeu
ho@ many causes at work III thls country ste as ,, IN
creased national and municipal expenditures, the spirit
OF speculation, waste and eAtravaGance were also at
work In other countries. n, -,
said that we had right expect that the United State
enjoying the maximum Oi natural advantages, would
tae precedence OF other countries In recovering IRON
the present denrcssOn A reGstablishmcnt OF SOUND
system Of currency was not alone sucient 10 Drng 9ac
our prosperity there must be complete ana radical
change I'm the entire fiscal policy OF the natiOn There
had got DO reduction in all pubic expenditures