New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-29

M neither asked nor desired "The remedy" be con-
surplus productions; transmitting skilled mechanics
into agFieuurists will bring about the same eVn IN re-
gard 20 productions of the SOIL and will be waste OF
acquired skill which ought DO used In that WORK
where 1t win be effective. The best work for the
avenues for foreign trade advertise for the lowest
bidder steamship lines for the purpose OF re-
moving our surplus productions 70 reihuhora''o
Mr. Hewitt-would you restrict these bids to American
built ships Al would IL is necessary FOR the saliva,
ton of country with long coast line, that she should
be able to build her own ships Also would nave INC
Government pay its money 10 American citizens III,
O.-But suppose Brazil should insist upon Brazilian
built shipsi Alt would perhaps, II IL were ship
in every country taking care Of itself want take
care OF America Every man In America rs ta3ed 20 sup
put this burden u.s. ii fair TO bring In competition
with citizens of another country who have no snare
Mr. Roach SAID that an iron ship could be produced on
the Clyde for about 10 cent less than on the Della
ware bat that this difference would be reduced as TAXA
became less the of interest money less
Mr. Hewitt said that 1t was great easlacton 10 nS
from man who had passed through every stage OF G
experience and who, though he might not DO re-
garded as abstract thinker was concrete WORKER
of the best kind.
WANTS OF THE MISSISSIPPI VALLEY.
Cyrus Bussey. president Of the New-Oreans Chamber
Of Commerce, was next called lie said: / am engaged
in the cotton and Western produce business have been
engaged in since was fourteen years OF age
and have been in contact with laboring men in Ohio
Illinois and Iowa before going to New Orleans. am
here to speak for the Mississippi Valley. do not
believe that this country producing too much or hat
the condition of the labOrng man so bad has been
reureseuted The labor question should he considered
from both agricultural and q commercial pOint OF
view With the staRnatiOn in manufacturing indus
tries the number OF agriculturists has increased
very greatly, and the fear now Is that 700 many
persons will engage In agriculture thus lowering the
price of farm products IN too great degree. Greater
transportation facilities are needed by the people OF tue
West, and the money expended In improvements OF river
navigation by lessening the cost Of shipment abroad
goes back into the pockets Of the people"
Mr. Bussey then argued IN favor OF the Government
maintaining the tariff sugar; keeping the MISSES
spi River within ITS proper channel from 81 LOUIS 10
New-Oreans, and aiding IN the estaDsnenI OF Ibes OF
steamers to convoy the productions Of the Mississippi
Valley TO other countries, with which profitable com
merce could be built up. He said: ave have spent
millions TO get our commerce the ses-beard and have
then stopped; could well afford TO spend $1,000
600 annually in subsidies or man contracts 10 get u
from the sea-board to profitable markets"
GEORGE A. POTTER's THEORY.
George A. Potter, residing in Brooklyn, and mer-
chant Of NewYOrk said that be came before the com
mitee as man who had studied the scientific side Of
the labor question He attributed the present depression
TO economic ignorance aggravated by class legislation;
deprecated currency and unequal distribution OF
values "when we cut adrft7 he said, from our
m00rngs 1860, currency was less than 500 600
600; the banks suspended in 1897 on S2i4,OOO.-
600. which showed us that thst was our
limit; the per capita rate OF the currency
the mechanism OF exchange is improved; aud II IS not
probable that demands for currency are greater nan
increased since then. We now have S6OO.OOO.OO0 of
paper in circulation. when VIC deTaud only S2OOOOO,-
not going TO do It; we may try but the attempt VIII
break down."
Mr.. Hewitt-Then how do You account for the fact
that paper money not now depreclatedi Abe
cause of the sluggish calculations il Is the very stagn9-
ton in business OF which complain that keeps gold
and paper nearly at par let business rovivc aud lot
money circulate freely and paper viii down and gold
will 20 up
time In the future impossible that the history OF
the world shows no instance in which paper currency,
issued for war debt has been redeemed In coin Mr.
Hewitt stated that the currency had been reduced
since 1865 nearly S30O,OOOOOO, ana that the
value IN god of The currency In circulation
during the entire tIue had remained about the
same Mr.. Potter sand that the near approach ~
values OF gold and what had created the
slugashness in business and the fan in prices The con-
dOn of the country growing worse and worse the
disparity between circulating and fixed capital was IN
creasng constantly and the tendency was 10 collect the
wealth Of the country IN the hands OF class. The only
remedy he suggested forced Increase OF The cTcu
laton, TO DC accomplished by Governments forcing
upwaTds the price Of gold not by issuing more chr
renew but by Tedeeming the currency at something less
than Oncthrd its face vaue Mr.. Potter expOunded his
theory at great length, and it nearly before
he closed.
Mr. Hewitt said that the sessions Of the committee in
NeWYOrk bad closed for the prest. He hoped IN the
future hear from mechanics and others who mad not
YET appeared before the committee There were trades
organizations composed OF very intelligent meni he
hoped to hear from them.