Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-09-10
The Causes Of Depression and the Rem
edies Therefor.

The Causes Of Depression and the Rem
edies Therefor. Ii
Charles II. Marshall, shipping mer.
chant of New York, said before the La
Dor Congressional Committee last week
that he thought that many of the evils
had arisen from too much legislation,
much of which has been very depress.
ing on trade. The legislation attend
ing on the war had induced a specula-
tive era, which was hollow prosperity,
proving in the long run to be disastrous.
He said the results of paying off the
bonds without interest would be rise
in the price of gold; withdrawal Of
capital from the country; revulsion Of
trade, depression in manufactures, and
final destruction of all manufactures
and all industrial pursuits. 1t would
produce speculation and a final collapse,
which must be ruin to the country
The question of currency was far more
important than the tariff, and sound
currency was the most important of all
the measures that Congress could at
tend to at the present time.
He said that the only persons that
would be benefited by fluctuating cur
rency would be spectators and middle
men who traded in irredeemable money.
The workingmen would really have to
] {1aA In 1n NJ o1o
would consume.
He was in favor of removing the du-
ties on all articles that did not pay for
collection, and would impose duty on
tea and coffee. He thought that this
imposition might be rather unequal
when compared with the means of con-
sumers, but it would relieve the work.
ingmen of other more oppressive taxes.
He was not opposed to the taxation Of
wealth, but he did not see any taxation
but what the workingman would have
to take his share.
Mr.. Carroll d. Wright, Superinten.
dent of the Bureau of Labor statistics
of Massachusetts, before the same com.
mittee, said he did not believe that Ia
Q borer has ever received adequate wages
for the amount of labor expended
l. Neither did he think that capital is suf:
I ficiently rewarded. He thought the
employment of children in mills was 8
d great evil and a very serious phase o.
9 = the labor question. He believed thai
q an honest and economical administrar
ton of the national, State and municip
. al governments, and equitable taxation
7 of all, is of far more importance tx
workingmen than all eight of ten houl
y laws. He thought it the duty of tn.
!, Government to maintain its coin anG
currency at all times at par with the gold
if standard of the commercial world. HI
t did not belive that protective tariff
q would prevent reduction of laborerl
4 wages. He believed that industry il
/, its inception should be protected unit
d it could compete with the same indus
try in other countries and after that i
n should not be protected, and should only
Y be taxed for necessary revenue. He di(
6 not believe there ought to be tariff OF
raw wool and the workingman woult
q be benefited if it was remoeed. Thi
r only road he saw out of the present de
g preston was hard work, and encourage
U ment of governments in their economi
/. cal management.
d Alonzo w. Beard, a large clothing
a manufacturer of Boston, Massachusetts
y said that the immediate cause tina
q led to the depression was extravaganza
u on credit-extravagance that was no
y paid for. People have been spending
u money that they never owned, but OBJ
4 tanned simply on credit. The failure t.
= pay credit made the man giving j
fail to pay the original producer, and al
have to fail. The great fires Of Chicag,
). and Boston also tended to cause depres
: sion. Then again real estate and rail
/ roads were expanded and had to con
g tract. Capitalists were afraid to inves
!. their capital, and they preferred to keel
: it idle or out at interest. He believed
that the volume of business is increas
Il ing every day.
n He believed the government should
: redeem the bonds in coin, and that tn,
acts under which the bonds were issued
contemplated such redemption. It wal
4 a question Of common honesty, and t,
argue otherwise would demOralize tn,
;, people.