The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-23

lilies saa relations. aud whsn. hard times came about
they were not rule. the verge OF starvation or
OF crime They appealed their relatives They did
NOT take TO the road, nor beg nor steal The largo
cities according his observations were tho centres
Of Distress and in these thought the classes that
suffered most were the clerks. salesmen and persons
oil ike employ ment.
LOCAL DISORDERS.
All local troubles, the Professor thought. dated
ssroyns capital turned millions away from industry
and useful producti0n. The South was roduced 10
~ modern times had been SO completely reduced.
During tn's period the people OF the North dd not
Zee! any particular distress IN business Newspapers
OF thai time showed that men had an idea that thsy
had only 10 get INTO debt 10 get rich.
Mr. Hewitt-Thst was ~ the season when some
body found out that national debt was blessing
witness- Yes; and wo were giving our notes al
this while for waste; yet the dav Of settlement was
that war, which, until 1873 w had surrendered;
man IN The speculative days referred to would Dor
soil from the use Of ID he would eudeiyor 10 borrow
5000, 600 10 order to make $4,000.
Mr. Hcwitt and tnis plan OF business WORKED wen
Witness so far IS know Il did; but the rate OF
Interest rapidly Increased until 1870; money GOT
tighter loose capital was used up and there was no
further supply have spoken oil The period OF speeu-
ation and imitation, aud we now experiencing tho
Mr. Rice wanted TO know II the old rule like
Ike would not Apply ID TINS case, and further In
naiion would not help the country oos " us all
localities
NATIONAL BAxKRuPrcY.
The witness replied that no was not homeopathic,
and that while further imitation might b. tenn
porary helpit would result national bankruptcy.
long discussion ensued on the probable ELECTS OF
naiionaI bankruptcy and tho Professor thought non
capitalists would suffer IRON u worst. Capital would
be drivea IRON tho country. wages would % dim,n-
isheG and employmont would be reduced. The SUB
siiution OF greenoacks ior bonus would be OF no
benefit 10 anybody, and The VILLAGES thought such
suggestion wild a nd unreasonable.
Mr. Hcwnt--Woud the Ia1oring casses-(I don't
know any better term 10 cmploy)2
Witness-CsIl Them non-capitaiisse.
r hu IN NJ nm
bensht from the proposed ISSUE Of In place
OF bondsY
Wi,ness-No, sir; inn atom with success would DO
Impossible; everybody understands that trick now.
"i.bcrius ciasscs mad been used previous sttings
Of the committee, and, while he did like IL, no
knew OF no better substitute. eAr
The committee then questioned the witness as 10
several plans OF relief from tho hard times shat mad
been submitted to thom. FIRST Dir. Rice suggested
the building oil cities noar the agricultural districts,
thereby creating market for productions. Inc VIII
had faith Ia what he termed tne old Story OF
putting jaciory next 20 the farm - cities built
themselves natural resources only could lead TO such
benefits On tho question OF government colonization
o. Tho Territories The witness thougnt that Congress
could not Interfere without doing more harm than
good; only the least worthy people would be trans-
planted, and he thought that wniio the governments
could accomplish no good IN such task. IL was
golden fold Tor private philanthropy.
certain classes OF laborers that thcy get air
snare OF the results OF their labor. s}f 81
WitDes,-I don't know what is meant by fair
share. Now, have private grievance ! don't got
fair share think tuat college professors are not
tend saying anything abous IT, but since everything
is be- regcneruied may we'll Let that 90 IN. Tho
tairest share, US understand IT, Is the biggest snare
Soon after the witness concluded, and Mr. Hewitt
said there were other matters which they would like
TO nsar him upon ut some future time. fsh
ISrEMrERAKcE AND DEPRESSION.
Alter recess OIL ten minutes Mr. William Z. Dodge
Introduced. MI Dodge said tie asked 10 come
before the committee the president OF National