Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-12-26
Letter from New York.


ducng the condition and changes in such index Of
the money market are to be sought in a more in
innate investigation Of the state Of our producing
industries and in the cherished condolences or de-
moralization in our business pursuits. In times
Of ordinary prosperity about one-third Of our pop
ulation, male and female, are devoted to work
producing commodities for exchange or sale.
New York and the suburbs depending upon II
number an aggregate population Of two millions,
or six hundred and sixty-six thousand six hundred
and sixty-six persons devoted to producing indus
tries: the other two-thirds being young children,
household servants, or those whose employmeDts
furnish directly no commodities for trade or for
the support Of the people. 1t will be readily seen
that the decentralization Of our producing indus
tries must affect all conditions in society and all
interests predcated on the work and labor Of our
metropolitan people The workshops without
workmcn, the forges aud furnaces without fires,
the mills whose wheels are afflicted with aus
pended animation, and crowds of idle men
gathered daily Mt places of public resort, are y
more certain indication Of distress and financial
trial than depression in the exchanges of the
" Bourse." During about three years last past the
producing enterprise of our people has been so
paralyzed as to nearly annililate many branches
of business The working capacity of the popua-
ton has scarcely found half employment II
every working person could, when employed, earn
one dollar d. y, and all were employed. the net
product in wages would amount to six hundred
and sixty-sx thousand six hundred and sixty-six
dollars per day, or four million dollars per week
or two hundred and eighty million dollars year
The humiliation Of industry would annihilate its
gains and leave the working people to spend on
their past savings for subsistence; or their sup
port, If they have been improvident, would be re-
mi,ted to public OF private charity. There are
various artificial conditions that affect finance and
lead to false conclusions from given state Of the
money market. But the number of idle men and
idle women in "a community are a sure indication
Of depression in its material condition
Changes from a state Of war to the conditions In
which restored peace found our country could
not fail Of testing emergencies arising from such
changes. During the war, a deprecated currency
became the standard ofvaues, and money, such as
it was, seemed plenty and easy of acquisition 1t
would have produced no mischieis il people had
acquired and spent their money, as the phrase is
ION he mouket," that is, bought and spent what
they paid for in their current funds But the
mistake of most people was they counted dollar
AS worth dollar; when in fact, in current ex-
change of the world it was worth all the way
from forty cents to ninety and subject to per-
petual fluctuations
In the faith that all property would change for
the better in value, 50 as to make dollar worth
a dollar, when greenbacks should become inter
changabe for gold, great public works were I'M
dertaken and city bonds were issued for their
cost entaing interest obligations equal to ten
or fifteen per cent per annum, aud a principal to
be liquidated at a hundred cents for an intrinsic
benefit Of forty to eighty cents u the dollar.
So in matters of private enterprise, it was easy
to run in debt. but not so easy to pay when
dollar should become equivalent to gold Such
changes in commercial values have affected the
labor market, either to diminish wages or to de
prive large classes of opportunities tn work at all
One Of the most singular incidents il. this ex
perence is the disposition of operatives to resist
the inevitable, and throw themselves out of en-
ployment by trkes and combination, that ignore
changes in the times that enforce BANKRUPTCY, or
the reduction of the cost Of production by the
manufacturers. Observation has shown us that
trades-unionS so called, are guided both b,
ignorant and selfish leaders; and in their bylaw,
and constitutions are in conflict with the rights OF
the i''"N'"''' '''@ch' anu WIFI tue CONSTITUTION
and laws of the land
OF late years, strikes have generally occurred AT
times wheh hnah'lal conditions enforced the
alternative to reduce wages or shut up the mills,
the closing movement being one of greater safety
to the manufacturers,
About ten years since, sp-cirpenters and calk-
ers struck for four dollars and fifty cents n day
wheh they were receiving TOUR collars IL was al
tle 'lose oil the war "heh American commerce
hau niue prestise OF PROMISE ana the Shp-uuild-
erS oo'hpeteu their hihlteu contracts they had on
manu- anu ''"Seu '"e'' N"'uS
iron sh'PS nave, III measure superseded
WOMEN NeSSe's' anu Tue 'raue' 80 sia"shtereu ny
'uoHe ""on' S"Pl'r'e"' p'act'c"''E ue"u III
the cl'y oi new iork 'o'uay'
in"Se VINO 'huS 'hfe" themselves Out "i en-
PioSiheh' were 'orcsu 10 20 10 'he STATE oi Name
lor "orN ]" 'nel 'r"ue' ~ from TWO uo'rS anu Il
ha'i Z" t'ree "oll''rS haN' WINE thef Iaihliles
"'u i" oe SnPl"''e" III '"e Guy W Ne" iorN' as
oelore lheSh'pS needing repairs were sent either
I" Maine OF rI'l'ue'phi'' ahu the strikers iouhn
theN had destroy ed the business on whlch they
were dependent Tor h'lhg. lhelr victory was
IKE that oil samson wheh ne crushed himself IN
pul''ns oowh the temple Oh DAson' oueh VIC
tory III other tr'deS-nhi'hs may not nave been as
complete put resulting 10 u greater or less extent
ID IKE c'iahitleS' but, IN many Instance the
posses nave not waited Tor strikers nut reduced
the NUMBER Oh workmeh 10 mere skeletons OF or
gah'A'tlohs' rs compared with WHAT they Tor
merry employed mus large traction oil our
laOoring population were thrown ont oi employ
ment and compelled to exhaust their little savings
IN Keeping the wolf from the door thls depres-
sion OF business mas fected all classes OF people
The landlords, II they rent their honSes do not
realize iohr per cent on their cost, and in many
instances not enough to pay taxes and repairs
Families with depleted incomes are either
driven into the country, or are crowded into small
apartments, leaving many houses vacant subject
to depredations of boysand loafers, and what is OF
more significance, to the full amount Of the taxes
amounting to one-fourth or one-thrd of proper
income from the property Real estate is gener
ally about the last thing 10 be affected by changes
In the times. But 1t Is generally believed It Il
now down to "hdrd pan, and il there is change
it must be for the better Goods have gone down
in proportion to the diminished cost of their pro-
duction. The old stocks having been exhausted
articles OF prime necessity are being manufac
tured, ana thriving trade seems to be pushed
by the manufacturers and the jobbers. Full time
is made in our factories but few Of them are
working up to their capacities rs to numbers en-
ployed. still there is better feeling aud bet