The New York herald., 1876-09-06

ties aud weaknesses OF humanity We would rectiiy
that tendency and our minds would be led throueh
derived tApplausc. Gentlemen OF the Conference.
for the people Of the State OF New York. IN your gahu
and noble and benevolent work, bid you God speed
loud applause
ADDRESS BY DAVID A. WELLS.
CAUSES AND REMEDY FOR THE UNIVERSAL DE-
PRESTON IN INDUSTRY AND COMMERCE.
SARATOGA, Sept 9, 1915
At tho evening session of the Conference of Charities
Hon David A. Wells delivered long and remarkable
address
Mr. WELLS ADDRESS.
We have room only Tor the following extracts from
Mr. Wells able and interesting address ms the causes
and remedies for the present universal depression oil
Industry
THE SITUATION.
This is the centennial year Of national existence
Never before have been rich natural resources
which in their aggregate undoubtedly greater than
enjoyed by any other people Seed umc aud har-
vest which in most other countries are ever matters
OF anxiety seem little 10 ail US that the only ques
concerning their results is but question OF how
great shall DO the abundance The social and political
difficulties of other countries come 70 us as tho
murmur OF aron ocean, Our insirumen-
talities for intercommunication, Tor the dIilu-
sion OF knowledge ana the education OF tie
were greater while the gathered products
oil multiplied industries, displayed as never before
indsputaDly prove that the hand OF our craftsman
has lost nothing OF Its cunning. On the other hand,
there is no one point upon which there present
more perfect unison OF sentiment among the people OF
this country than that the times, to familiar ex
presson arc sadly out OF joint The returns Of capital
invested in almost every species OF industrial enter
prise declared to DO unsatisfactory Labor every
whore complains that il Is inadequatey rewarded
afforded oppors unity of earn ny honest va
hood; and the LABOR OF other countries which formerly
nockcd to our shores Eldorado OF Industrial op
portuny, tssthcs oil its faith in the alleged grew
OF labor by refusing, IN great measure, to any
Ion ger come, by returning disappointed 10 It's original
avocations-the INN gatiou Tor The fiscal year 1875
having been only l1o UUO as compared with 359 SO5 or
the fiscal year 1873
Trade Is stagnant not revive. Constructive
to meet the necessities oil certain future growth
in business and population have nearly all been
pended. Confidence between man aud man in respect
TO all financial and commercial transactions has been
greatly impaired, rather almost entirely destroyed ;
while every department of public administrative trust
seems stricken and pervadcd with gangrene OF cor
rupton and incapaclty.
What now are the causes OF these striking contrasts
and experiences, and wherein TO be found remedies
tor condition Of affairs so obviously unnatural and
unsatisfactory are questions which come very close
the material and moral welbeing OF every Ameri-
can require apology for beins presented Tor the
OF association specially devoted to the
investigation OF social and economic phenomena
OF THE WORLDS ANNUAL PRODUCT
The question OF the amount Of capital the results Of
the accumulation OF their own labor, available to the
people Of the United States as an insrumcntaty for
the attainment OF material abundance, in comparison
with The amount OF capital similarly accumulated III
other countries, leads TO discussion OF the compara
tive wealth OF different nations the value OF this
nua product, the annual net gam over all expenditures
tuat Is available for capital the work of
production and the per capita oil national wealth in
different countries, supposing an equal distrIbu
ton OF wealth could be effected From 1868 to
1870 the annual income Of the United Kingdom OF
Great Britain England, Scotland, Ireland anu Wales
was $4,000 ooo, 900; Of France, $1,000 600 600; Of
000 000 and Of Russia, 81 6uU 900 0O0 These hgues
understand represent the gross annual income OF
these natonstheir net annual income, the original
savings out OF which the nation provides food and
clothing. and pays all taxes ana expenses, and
for new capital being about onefourth less DOUBTLESS
these estimates-especiay those for Great BRITAIN
small, but it must be remembered, in judging OF
them that the income OF very large proportion Of
every nation does represent directly pro-
ducve or in other words is second hand de-
pendent income, paid out OF the nations original
ings, and, unless properly allowed for, gives to any
estimate of national income magnitude that Is un-
warranted and deceptive But correct not, the
given the results OF the only Investigations
that have been made on the subject and made by men
whose ability to arrive ut correct opinions cannot bo
questioned
HOW MUCH DOES THE WORLD sAvEs
How much out OF these annual incomes Is saved and
available lor new capital is also variousiy
estimated, but II is current opinion among econo-
mists that the Frcnchman, considered nationally
saves out OF hts income than Engl,shman, aud
that, whole, the British people more economi-
cal tnan the Americans.
While, there may have been some agencies which,
acting universally aud con,emporaneously, have
contributed to occasion the economic disturbance
which all civilized countries to be experiencing,
the results OF investigation WILL think establish
point moro clearly than that tho general result
recognize has been due rather the action
OF very many causes, originally local, aud which, IT
nations had been isolated the extent that they
100 Years ago. would have been exceedingly limited
endemic IN their Influences but which, under the close
relationship INTO which nations have been brought by
improved means OF interconmunicaton, have become
ai-pervading or epidemic In their Influences
INFLUENCE OF LABoRsAvING MACHINERY AND PROCESSES.
or such general causes, originating specially in no
one country. but coming INTO action and producing
dis urbance throughout the whole circle OF civilized
States at nearly the same time, think of but
tina, Is entitled 10 he thus classified and that Is tho
steady and extensive introduction and use OF labor
saving machinery and processes Going back to dato
not more removed than 1860, hardly branch
OF regular industry in which gwen product or result
OF that date cannot now be produced with smaller
number OF laborcrs or, what is the same thing COM
pairing the two periods indicated, the employment of
the amount OF labor results greatly Increased
product. Thus a comparatively few years ago the
business OF manufacturing and shoes almost
exclusively the resutoi hand labor, applied in numer
separate processes oi labor dsapp the bust
ness is being gathered into large ores and one man
does with machinery and with greater facility the
same work that three men did IN 1861 In business
SO long established the manufacture OF cotton the
summing up OF results has been thus stated:-Sincc
1860 anost all cards self stripping with better
spinning machines the proportion oil spndles 10 hand
has greatly increascd IN the dressing o yarn one man
and boy do the work of eight men; and weavers,
when paid by the piece. universally cloth
per hour Other illustrations 10 the effect
numerous anu familiar that will specifically call at
tention TO but one other under this nead which the
London Ecoaonsist considers sufficiently importanc
10 stand by 1tseli aud be cited specially responsible
for what II calls tue present 'dlused commercial
preston the opening oil the sucz Canal at the
close oil 1861 Some of the remarkable results which
nave ioo"eu the opening ol Tbs great work have pecn
thus reported 1t diverted from cmploymc mt between
1870 and 1874 about 1000. 900 sailing vessel tonnage,
aud substituted steam tonnage passing through The
canal II shortened the time Tor opcratio in India
pro ucc IN Europe to the extent OF vesxths and this
economy OF time. conformity with the OF the telc-
graph has not only the necessity OF accumu-
atins anu carrying large stocks oi India produce In
Europe (which was essential when every Indian order
nccessated SIX months after 1t gwen uul-
mentj but has aso corrcspondingly diminished the
great advantage which England formerly enjoyed in
ths 'raue rom her immense capital and credit. In
a degree 1t has restored To the Mediterranean ports
the commerce of India, oi which they were so
disastrously deprived at the close OF the fifteenth
century by the discovery of vasco do CANA OF tnc
route by the Cape OF Good Hope Or up, 1T has
rendered unnecessary so large and costly amount
oil the ola machinery OF an important branch of the
worids trade-warehouses, sailing vessels capital,
months bs and the merchant himself and his retinuc
OF enlpioyes-ahd has so altered and twisted many
OF the existing modes ana channels OF business
cause immense losses mischief and confusion. Another
curious result noted Is that while the annual value of
!hls lnu"- european trade-cstmatcd at
S52' OU0 IN lS70hau declined ten per cont in 1874
IN no s..f IN AA.T