The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-08-28
BUSINESS DEPRESSION.
fufI,er views OF Experienced Men Before
the Congressional Committee.

, NEW YORK, Aug 2O.-Mr. Francis
, Thurber, merchant, was called. He spok
as follows:
"The general depression in business an
, the distress among the poorer classes hav
prevailed for several years, md 1t is no
confined tothis country alone, but exist
all over the world. Itisthcrefore, l think
fairto assume that there are some genera
causes beyond the purely local ones Il
which many are disposed to attribute ou
misfortunes, although these in difercn
countries and localities, of.course, have,
greater or less effect. l do not think thu
those are the wiscst counsellors who
would attribute all our ills to the introduc
ton of labor-supplanting machinery Oh
abuses in corporate Organizations or to tho
currency, or the tariff, or intemperance
and many other elements whiciThRve been
brought to the attention Of your commit.
tee, many OF which have Il greater or less
bearing. Int general way l believe, how
ever, that the primary causes Of the ills
which both the labOring and other classes
are complaining OF are the development oi
steam aud electricity, which, in connection
with labor-saying machinery, have within
n comparatively few years reyolutionized
production and commerce, ALTERED our
manners and customs OF life, and now
absorb the attention Of statesmen OF the
day in the adjustment OF organic laws TO
meet the changed condition OF the age in
which we live. - b 20 ga.4-g4 sstfT
can ovefst0ckcd market means q com
mercial crisis with all its attendant pheno-
mena Of declining prices, idle manufactor-
les and distress among operatives. The
only remedy for this is TO wait until con-
sumption catches mp with production
again. This lnithe present instance, be-
lieve, is nearly accomplished, and that We
are about entering u new en OF pr0speri-
ty. How long this will last, however, de-
pends on circumstances. 1t will certainly
not last MS long US il the producing capacity
OF the world was smaller, and think that
We may certainly look forward for more
frequent periods OF commercial depression,
with their accompanying labor troubles.
in the future than we have had in the past.
The laboring classes arc therefore greatly
interested in the question OF ofproduction,
81 believe that the legislation OF the last
quarter OF u century has been more largely.
in the interest OF capital and corporations
than il has in the interest OF the people,
and that the poorer and middle classes are
sustaining more thanItheir share OF the
taxation necessary to thcsupport Of govern
ment. For instance, our tariff taxes a
portion OF what you cat, drink and wear,
and our domestic productions, which the
tariff does not reach, are taxed by our in
ternal revenue, and largely by charges for
transportation. This is one phase OF tax
alton not generally appreciated or under
stood, but which is borne alike by the
poor and the rich. Every dollar in the
shape Of transportation changes exacted
beyond what will pay fair return for the
capital paid in providing transportation fa-
cilities is direct, and, in my opinion, an
unjust tax upon the public. How. great
this tax is may be inferred from the fact
that the receipts of the railroads OF this
state as given in the report OF the state
Engineer and Surveyor exceed $50, 0,0OO,0 600
annually, and have seen it stated, and
/ believe it TO be true, that probably
one-half OF this sum would pay 10 per cen.
tum interest on the capital actually paid
by stock and bondholders in providing
these facilities. The entire revenues OF
the State derived from taxation arc in the
neighborhood OF SS,000,OO0, and great
hue and cry is raised whenever 1t ispro-
posed to increase this sum even for the
most necessary purpose, while all the time
the public are sustaining taxation in the
shape OF excessive charges fortransporta-
tion many times greater than the entire
amount required for the expense OF gov
ernment. ,.ss-,' ,n;rri,g9
"As regardsSthc currency question, it
seems to me that its importance is overra-
ted by those who arc clamoring for an in
crease in the circulating medium. These
men oyerlookt the fact that the great bulk
OF exchanges arc performed by checks and
drafts, and that both the paper and metal
lie money issued by the government do
but comparatively small amountof ser
vice in this way.
AS regards the tariff, while itisno
doubt true that class interests are to some
extent favored at the expense OF the gen
eral public, it Is, in my opinion,a great
deal better to let 1t stand as 1t Is than to be
constantly tinkering ut 1t and keeping the
community in suspense over
proposed changes which might not be OF
any Improvement. Among the troubles
which the commercial classes OF this coun-
try have to meetarc the frequent propos-
ais for changes in the policies Of admins
trations and political parties. Especially
isthis true OF Presidential elections, OF
which the excitement and turmoil OF one
isno sooner over than the agitation for an
other Is begun. The Presidential term
should be lengthened to Mt least six years,
which l believe would be step in the in
terest OF both capital and labor, ,
AS regards tho evils OF intemperance
tl,ev arc no doubt very great, and particu-
larly so among the labOring classes. / be.
iieye Tint legislation may do something in
the way of taxing heavily all spirituous Ii.
quors, but ] think more may be done by
substituting lighter. class OF stifnulants
for those heretofore 80 largely used, ana
by creatinga public sentimentin favor OF
temperance in its truest sense. The labor
ing classes OF to-day, perhaps, expect too
much from legislation, but certain It Is
that they arc determined to have some
thing, and ! believe the sentiment OF the
community is generally in favor Of giving
them all that il right and practicable.
"The condition of the laborcr OF to-day
is greatly improved over that Of the labor
or OF half q century ngo, and justly so.
All civilized nations have made great
strides forward in providing the material
comforts of life. Whether the laboring
classes have shared in this Improvement to
an equal or reasonable extent with the
classes controlling capital is for your com.
mittee TO ascertain. My own opinion is
that they have not, and that some chan.
Ces in our present laws will have to be
made to meet thegrcat changes which have,
almost unnoticed and unrecognized, Ia
ken place duringthe last quarter of'Ncen;,
tnryH Ne G1ilDAit lNViFf
Well Dol Grafton.
ElItorS Intelllscuccr
Last night Grafton and Mystic Masonic
I.o,lges az this Dlace each contributed