Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-02-01

In letter to the New York Tribune, Hon.
Galusha A. Grow, OF Pennsylvania, under
takes to answer the question, What makes
so many tramps? Mr. Grow takes no stock
in the notion that contraction of the cur
rency has occasionei hard times. The f.
ures indeed point to Just the opposite COZ
clusion, since the volume of the currency
was considerably greater in 1873, 1874 and
1875, than the two years of unreal pros
peritY preceding; and the highest amount
Of currency was ahoat in 1874. These
figures should silenc, the nonsense to the
effect that our Woes have bee1 due to coz
traction of the currency. Unlimited expan-
sion would evidently give Us no hel what
ever.
Mr.. Grow furnishes striking proof that
the troubles in business, the stopplge offac-
tories, and the utter want of Unemployment for
vast numbers of workmen, must be ascribed
to tie excess of manufacturing and othsr
industries. He says:
Railroad building in this country COM
paratlvely ceased in 1873, from sheer ex-
haustion in that line of development, having
locked up in unproductive Investment over
S2, 1000, ,000,0 900. Its stOppage. in addition
to leaving unemployed the labor that had
been engaged in the preceding four years in
building 81 900 miles Of road, put an end for
the time being to the great demand for iron,
and with 1t the great demand for coal.
tba t.r ha rod
in the force as well as price of labor in all
three of these great branches of industry
The production Of pig iron in the United
States in 1870 (by the returns OF the Steel
and Iron Association, was l 1866 900 tons,
and of rolled iron the same year, ,325 900
tons In 1873 the product was 2.S6S 900
tons of pig iron, and ,96G,44 tons of roll
cd iron. The foreign importation of pig
iron in 1870 was (coln valuatlon) S2,509,-
$50, and Of rolled IRON. Sl4 l49 ,0S5 and in
1873 it was Sl3 S47 ,2Sl OF pig iron, and
S27. .2lS ,25S OF rolled iron. Thus. from 1870
to 1878 the home product OF pig and rolled
iron was almost doubled, and the foreign
importation almost treb.ed. The increased
in the production Of iron N the one year
frcm 1871 to 1872 was greater than for the
ten preceding years, ard with the stoppage
in railroad building it was, of course, far be-
yond the capacity of the people To consume.
Inc agSresate Pruuuet'.n ., 20 o' an'u'"I'to
coal I'D lo'u was l1,oo-'9o" TONS anu In
1910 II was i ,o'''yoo 'olS' ice ,ISs, ilsIeAse
IN ene pr"'uosi'u ,c. 'a. io' on' yet' Nio'i W
iolI3 "'i- ''o 'pu> 'e.ns ~ lneieese
- .",s ~ f 49, "',I ,L, ~, - nne en.lio
NJ. 80 ~ w. ~ W Is'l:
ISus Io"i $40 81 - - IT,, - I9-9 :"
:, ""a ~, iS-c -o'''
"n1 'i 'a aGI onn p'Nl-1o'i,,n 80 was
A'r IT, .,l',i a,d d;s,-;h,i,o
a. .n.nu Sa1ra.,,a -.
sI. sre -, - a. - Tba {,,a.;-s 80
S"i ISH, ~ % : IN IL %
less than the production of 1873. ana { cor
RESPONDING reduction for the lesssned pro-
duat of lS76. In the production oi iron. il
il estimated that five Jay,' work. on an
AVERAGE are reouired IN nr,ducs a Inn nj
iron. Including the labor Of mipin-apd smelt-
ing the ore. As the product of rolled iron
alone in 1874 was la6. .SS5 tons less than in
1873, GS4.425 days work less would lie re-
quIred in 1874 IN the manufacture of this
single article. In the production of anthra-
cite coal and rolled iron alone over S,OO0.-
900 days less were required in 1874 than in
1873.
ersrv otbor branch of ,ns,b,,ic,I
and manuf,ctnring industrv nrodac.i,n
had hscn stimnI, ,tci in 1S-S bev6nd rho ea-
pacity of the people to consume. For
there can be NJ question that the
ability TO buy in 1873. the YEAR of the crash.
wa as great as in anv preceding year. War
consumption and war destruction gave the
first impulse to enlarged prliuction, and in.
creased the demand and enhanced the price
of eyerythinc. An exraudcd currency of
irredeematle paper (made uecessary bv the
warl Stimulated a spirir of wild adventure.
and an unparalleled cxtrayaganee in the
habits of living.
Inc importation OF lOTef1E niercnanGl@e IN