Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-08-24
THE LABOR COMMITTEE
LabOring to Elucidate the Labor Quts
tiOn-Horace White and Charles
F. Adams Give their Views
on the Subject.
White Thinks the Trouble Grows Out OF
Railway Speculations, while Adj
ans Thinks IL is Excessive
Railway Construction.

lew IoRK, August 23.-The labor inves-
tigatng committee resumed session this
morning. Horace White was called by the
committee, and st tied he had studied the
financial question and had paid great deal
of attention TO it when be vas a Journalist
and since he retired. He thought that the
present oi.merciai crisis is only one OF a
series that have occurred among nations for
the past two hundred years; and they have
been preceded by the rampant speculationsj in
1873 he thought speculations In railroads
had great deal 70 do with causing the de-
preston which existed; there was also an
enormous speculation in lands, and prices OF
real estate had multiplied beyond anything N
the recollection of witness; tue obllgatlors
incurred by the building of railroads and pur-
chase of real estate caused many Putles 70
become Insolvent; the condition OF the cur
rency had not increased this state OF things;
witness thought he found these periods of
crisis came upon nations, no matter whether
their currency was gold or paper; the speeu
lative era which existed from 1869 to 1873,
witness thought, had something to do with
the present condition of affairsj the accumu-
ton OF capital acting upon the saugulne tenn
peraments OF a certain race OF the people
would produce speculative era the over pro-
duction of machinery had contributed to the
depression, by producing more than there
was demand for, and prices consequently
Iell; ne QlOn Ine VI uld
chlnery had induced the speculative era and
the collapse which followed.
Witness did not think that protective
tariffs would raise the wages of the working
people; it might raise the prices of some of
the commodities to be bought: prot ective
tariffs would stimulate some branches of bus
mess, and lead capital to some extent into it.
Witness SAID he did not think that the wages
of the laborIng classes mad been decreased by
competition between countries in producing
and exporting; the wages of the laboring
classes had been greatly increased during the
past two hundred years. In regard to tariff
duties, he would recommend that they should
be taken off of some raw materials; and about
the middle men question, he said that great
many of those who had been driven out of
business went into bankruptcy, because they
were unnec essary; too many were in bust
ness; if there was a surplus of capital
during the speculative era, it had now re-
treated to bank vaults, having been
driven there by the low rate of
interest. The amounts loaned out by the
banks were, IN great bulk, the property of the
community. Witness said that business was
injured to a great extent by the pro-
tectlve tariff; it stimulated some manutac
turers if it was properly laid down; the accu-
mutation of capital had been so great that
we had to go elsewhere to spend it; we had
more capital than we could employ. Witness
SAID limitation IN the hours of labor should
be made a subject of legislation; it was
direct contradiction of the functions of the
government to interfere with the hours OF
labor; it was an Infringement on some per-
sons liberty. The main object of the gov
eminent was to prevent murders, robberies,
and all deeds of violence. The abridgment
of the hours of labor would transfer a por-
ton of the wages of the employed to the I'M
employed. Every legislative attempt to
transfer capital from the rich to the poor has
resulted in this way, that the rich became
richer and the poor poorer. He did not
think the proceeds Of the sale of public lands
could be used by the government for colo
nization purposes. 1t would be hazardous
thing for our government, with It's present
clvil-service system, to take hold of such a
thing. He did not think that the surplus
population in the cities would be content to
live on lands in the west, and did not sup
pose they could be drawn there with yoke
of oxen, and even if taken there they would
not stay on the lands. He said he thought
the working classes would be better off under
the free trade system than under the tariff
system.
Mr.. Charles F. Adams was nextcalled, and
spoke of railway contractors system of ey-
cessive construction as leading to the present
depression in business. Adjourned to to
morrow.