Vicksburg weekly herald., 1877-07-27
Senator Wallace Reviews the
Situation In PeAasylvanIa.

Situation In PeaasylvaAIa.
A DEPLORABLE STATE OF AFFAIRS
cHAReEABLE TO RESUMPTION AND
THE CONTRACTION POLICY.
Special to the Cincinnati Euqcirer.l
WAsHISeToN, July 2j.-senatOr
Wallace, Of Pennsylvania, who is now
In this city, ascribes the present
troubles In that State 10 the depression
OF business prevalent in al mining
manufacturing and numbering lccali'
lies. He says that the depression il
unparalleled in the history Of Pennsyl.
vania industry, and most people be-
Iieve i, 10 be the result OF the grinding
process toward a lower standard Of
values now going on. Railway cor,
poratiOns feel the poverty of business
men, and experience the result. Of thelI
inability 10 employ labor. Neither
raw materials nor manufactured arti.
cles are in demand, and comparatively
little transportation thereof is needed
The men who stand between cap.
ital and labor and have both
are disirusted by the owners
of capital. The security they offer for
loans is unsatisfactory there is no sci.
tied value for their lands and mills and
their established character for in.
tegriiy and energy 60 for naught under
the policy that lowers the value oil
every thing but Government bonds.
No new enterprises are undertaken
and business long established languish-
es or is carried forward by renewed
mercantile paper at high rates OF in
terest. In the cities and rich sgricul-
tural districts money is abundant and
cheap, If first.class names or undoubted
collaierals are given in pledge for It's
return, but even there these conditions
can not be complied with by one ont
of ten who hire both capital and labor,
and the anoMAiy is presented Of cheap
money side by side with Thousands OF
unemployed aud starving artisans con-
fdence is wanting, and In The down.
ward tendency no risks Sre taken.
Much Of the labor 10 the State
can not ind employment, or its re-
wards are reduced. or The demands
upon il are increased for the same com.
while the actual necessities
OF life 10 not cheaper. Incorporated
capital, whether bank, railway, mining
or manufacturing, is exacting upon its
agents; shares 90 downward under
smaller passed dividends, and they are
sought 10 be Increased by bringing ex-
penses down through reduction Of the
quantity or the pay Of the employees.
This policy has brought US what are in
substance bread riotp,a we are but re.
peating the experience OF Great Britain
on her return to specie payment. 1t Is
that the cause of the strik-
ers has the sympathy of vast masses of
our people, and that very many Of our
business men recognized the result
which they have foreseen from their
compulsory inability to employ labor
At its fair reward, and in the policy
which has produced a long. continued
and ever-increAsing depression OF our
Industries. The struggle in our State
will soon result In The restoration
of order and the supremacy of law;
Tor no man can be permitted 10 die.
ate by force 10 another whom he
hall employ and what wages he shall
'Ay. But the blood already shed con.
ronts us as a startling effect from some
leep cause, and calls for a remedy If
he cause be found. l, cannot be
ound in q continued depression of
business interests nor ought il to be !
ought in Imitation or a raze Of values, (
But may 1t not be found in q cessation /
If the processes OF the Treasury by
which values continue 10 be reduced. ,
bsnished, and business men .
,ankrupted? Is not the credit OF the .
Government above par? Are the in-
erests OF business, the distress OF la. /
'or, and the penury Of vast masses of
'eople not 10 be- considered It's our re. /
urn TO specie payments? The Gov. /
rnment that bankrupts in people aud
tarVes lie artisans and their families
or the accomplishment OF a theory.
Iowever correct, is unworthy their