New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-27

United States about 100000 persons dependent on
! protected manuaeturers and to protect then. bout
| $4,000 600 people are taxed"
Nj. Hewlit-Wnat representative IN Congress from
manufacturing district 10 dos AYOtc r protection
suppose but II be does he is ONLY THE head Of ereat
trades union he does not vote FOR c best interest OF
Mr.. HewittIe is sent 10 represent lis ds,Iicf noe
the country at large. Senators represent States bue
who Is there 10 represent the NaiiDn have rryer beer
able 10 ind out some few tiy 10 be state Mem and
they get unpopular in their districts that hey never
Mr. Marshall reported 10 relation to the wages Of long
shOrenIen IN New-YCtk. From 1850 ~ 1877 iEeY re-
celyed nom 40 to 80 cents hour day work ana SO
cents for night work Since then they receive from 90
to to, 40 Genus an hour iSr dsy work and % cents
a. good man was formerly from SIG 20
IRON 1850 to 1855 from s. 10 81 rs tlenee Wages Tss
60 "a and ~ 30 in 1865 and 1866. and have iaen
70 80 AT taese rates 1t costs 81 900 more TO copper
ship here than Liverpool OF the class OF men WHO
work at yacht building about 0nehird at work az
the present time Mr.. Marshall added tnat the capital
employed in his business was for the benefit OF tho
laborers the owners demand profit. aud only held
on because they didn't dare 10 let &c.
George W. Dean here asked TO be heard in reply 10
Mr. Mirshas free trade doctrines but Mr. Hewitt ioli
would be heard GU Wednesday on the subject
OF subdies. and would probably present the protective
side. Mr. Dean retired dissatisfied
FINDING FAULT WITH CORPORATIONS
Robert f. Austin, wholesale grocer spoke against
corporations carrying the business OF private per-
He said the railroad companies chartered to do
simple carrying business become manufacturers OF their
own rolling stock hotel keepers etc, thus drying up
private enterprise In answer TO questions by Mr.
Hewitt he said he did not object to the establishment Of
great business like that Of A. Stewart, which swa
lowed up many smaller Ones because IL was done WITH
out Government aid. Railroad corporations took adj
vantage OF franchises given by the people for specific
PURPOSES and for others. Mr. Austin said thar the
present prices OF clothing and provisions, with the
eepuon Of coffee ana rice, were lower than In 1862 and
that with the rate Of wages labOreF would he
better of now than then. He said; "The CHIEF trouble
now ia loss Of business morality Willingness 70 repu-
which the Bankrupt law"
Mr.. Hewitt have been in business for thirtythree
years. aud IN that time less than per cent OF with
whom have dealt have failed through misfortune or
otherwise want 70 say that the great mass OF the
THE MANAGEMENT OF TIE CURRENCY.
George Walker was next invited to appear before tho
committee. He was formerly president Of bank at
Springfield Mass Bank Commissioner OF Massachusetts,,
yicepresident of the Western Union Telegraph Com
pany. and is now vice-presdent and manager Of the
Stock and Gold Telegraph Company. He spoke OF the
bearing OF the currency ON tho present condition OK
affairs
the countries of Europe; che causes are not the same
each country having peculiar circumstances OF
It's The exceptional b causes winch Crisis nave
speculation and Over-absOrptiOn in liked capital
OF the ready capital necessary for the heathin transact
ton OF business The source OF hoatng capital chiefly
the past profits OF labor aud business not tperma-
nently invested. After crisis this floating capital IL
diminished, and there is loss OF credit when makes II
difficult get money into circulation Confidence Is re-
has come from the crops since 1873 gradually the
loan fund" after crisis people get tired OF
small profits and branch out with new enerprses soon
there comes TO be competition between lehder5 instead
OF borrowers; money IS invested In doubtful secuflts
railroads are built in Wall street, spectators call on
the banks for aid, and soon ali capital private aud
corporate, becomes locked up In doubtful and
remote investments and nothing is left TO do busi-
ness with The crisis Of 1873 would have
II had not had paper money OLt inns mace inc us
worse when It eliminated Ihere IS no cOhdiIlOn
OF the currency which will prevent crises hut an ire
deeuabe currency aggnYates and pfo0ugs crisis II
resumption had taken place in 1865, there would have
been little shock to the country, because there was very
little debt; every man owned MS own house ana Ial
In price would not have affected the owner From 1860
U 1873 was y Rod Oi Unprecedented 0eoI-HahdaB,
aud when the crash came everyone was IN 1eoI Tue
Iab0rnR man who owned his house, on which there
was mortgage Of $500, when Il fel IN value 70 zoo
found himself without home, and sloO IN 9eSt. Lnas
the condition OF things everywhere. Inc lnAliOn OK
the currency placed the American manufactures az
disadvantage andoperated as bounty 10 Tue foreign
The effect opaying off the bonded indebtedness OF the
courtrv I'm National currency" continued TIN witness,
would be 10 increase the currency hyefod and depree
ate about the same ratio III the ponds were Iasey
But held in this country and redeemed In grenDacks
debtors would he enabled 10 sell their property pay
their debts and have something over; Dut the largest
holders OF mortgages savings banks Ie insurance
companies, and trust companies Inese mOrlBdEes
would be paid Of and each savings bank depostor
ond receive 60 per cent OF his deposits In greeaback
and would be as much affected IN MS degree 40 TIC IcA
Mr. Hewitt What would you have the Government do
IN s1ch case Al think the Government should inter-
rv eatios i'm becoming the aImonef Of the peoples
MONEY The excess Of population in the cities Is gradu
ally being got rid Of and the cities are gradually grow
inc up to tine necessities OF their pOpuiatons me Lo
don Economist prOphesles that within snort time there
Will be revival OF business in America, ana that IL VIII
become the greatest rival England, especially IN cot
ton and iron manufactures. greaa eVll mas Deeh
INC starting OF enterprises with insufficient capual.
The Government In granting franchises should insure
that the capital adequate TO the purpose nan IN .ew
and should supervise all corporations 10 when Hah'
chges are given railroad is bound to conceal n0thns
from the public; otherwise It has no right 10 exercise
me power of eminent domain or accumulate capital 10
seems TO me that t is within the rlghtO the Onlte1
states to exercise supervision over the railroads. NOT 20
interfere with their rights but to protect the rights Ot
thu afia