The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1879-08-14

the transfer Of capitalize fixed forms, as ships,
NAL standard; the shrinksge Of values in real
estate was due to the causes Just stated; there
bad been an .eS3traoransry and wild imitation il
tie with the industrial operations Of the coun-
expansion; thought the act Of Congress retiring
one; would repeal the Legal: tender, quality Of
coin exchaneeabie At the treasury; would sup
press the issue Of all notes under IS; thought the
National Bank law ought not 70 BE- repealed:
al Bank Of Illicois advanced substantially the
same sentiments.
farmers were in the same condition they were
| five years ago; there had been no increase of
wealth: many had Lost what they had, Others
West; could see no change to their advantage in
farms Of which be had personal knowledge,
value; large farms run BY machinery are run at
a profit; the small articles of daily life had de-
ee to
dollars per month and found: last year it was
" dollars; there was no surplus labor on the
that looked as Il they Were in a destitute
and Ieed iess on hired Sep
81 and for n the se
ask at dwelling for food. and the punishment
was from ten to thirty days in jail; since he
with men looking for work; he was shocked see
good at skilled labor; he had seen as many as six
tween Milwaukee and Chicago; since the pass
age OF the law this class has disappeared; they
lwere honest men looking for work; farmers were
|ery ought to have beneficial effect on labor; it
lcreates labor TO make it. and it reduces
msfes fhe to use make az the calls s1s as
more skill and tn therefore makes higher her
wages; it is capable Of comforting the highest
n it meets in q fair way the labor which it en-
not high enough to make farming profitable; if
Ssd not struck fRe u %osy th
n s5ess to borrow generally; the farmer who
a. sSi's special crops lays BY little every year;
dull fffRta on faEms have not been created BY in
on in the world by buying new land to AID ID F Ct
the farm; men bought land. expecting to make
| Charles Randolph, Secretary of the Dvnra
Trade of Chicago. said there was no doubt but
inst the general a.t business Of Chicago was I'M
taxation was about two per cent. of the real
| value of property; there was no surplus of La
ways an overabundance; the price Of labor was
good. and money was plenty at from four to six
per cent. interest; the reconciliation of silver
bad appreciated values; the city was in a first
class financial condition.
Joseph Eastman, a contractor, said fewer per-
mits for building had been taken out this year
IN Chicago than for i've years past; rents were
deprecated and the shrinkage in the value of
city property had been fully fifty per cent;
Ss 9sts C% H. to oS
consisted Of ten hours, except among the stone
cutters, who work but eight hours; the dis
cutters Onion; they are the only ones who
strike in 1867 or tthereabout, which failed
gained sad have e ms s1SRsisrs da Hss
prospect Of the city was good for four
this and the past trouble were due to working too
| many hours day, and the remedy was by union
conducted it would be benefit to both mem p and
employers; union ought not to demand an in.
crease Of wages. or decrease in the number of
affair. Of the union should be equitably con-
Quoted; the elght-hour system was to be brought
about, not by legislation. but by Labor Con-
gress, conference between laborers and en-
ployers.
On the goth, J. Y. Scammon, an ex-
banker, testified: Believed the primary cause of
the crash of 1873, and the depression since, was
Chicago real-estate had thus become weighted
with mortgages, and over 1900 business men in
Chicago had gone into BANKRUPTCY; tie present
suit Of the development Of new men, ali the old
business element having been wiped out; the
remedy for existing troubles was plenty Of mon
| ey, liquid currency thought about 81, $780,.
OOG 600 was about the proper volume.
Joseph X. G. Forest thought the reason for the
depression Of business was that personal or
| ton to impersOnal paper money; Sherman
was initiating the money of the country. and
would crash Thugs 4 to an extent
| cataclysm was to establish National Central
Bank upon a specie basis. which bank should
full cause Of American depression was the fixing
of American prices by England; fully believed
that the remedy proposed by the preceding wit
try try wanted van was a 3 liquid currency" which
would ebb and flow to meet the demands of
| business.
representative Of the National Labor Greenback
party, thought that the business depression re-
suited from organization during the war and
followed it. gobbied the property and money Of
| the country; the remedy he would apply con-
sisted in an abolition Of the National Banks
and the issue of enough Treasury notes to make
the country easy; money was SO scarce that,
though the Legislature restricted the rate of in-
terest to six per cent. per annum, the pawn
brokers charged six per cent. a month; labor
was 60 scarce that be had himself seen a young
man shot on LaSalle street, a few nights before
shoes To- buy bread o he Would SaVe the dov
eminent turn John Sherman out of office, upset
resumption and furnish work for all laborers
Judge Van Higgins thought the country was
not suffering 80 much from ovcr-productlon as
from under-consumptiOn; the way to improve
enable the workingman to purchase the product
of enterprise ana labor; would have a currency
that is legal tender and redeemable in coin, or
the Government; the remedy for business stag
nation was the issue OF money in volume suff-
| cient to stimulate BUSINESS; thought the con-
traction of currency was the main cause of the
hard times. and advocated the issue of 81 ,OO0-
COO in addition to the present volume.
+ D. Streetsr, a delegate from the Trade I and ID
showing the earnings Of the various workmen at
the various trades in Chicago and said the con-
dition of the labering classes was very bad, but
least one-fifth of the laboring men were out of
employment; there was great suffering among
starvation; no attention was paid to ventilation
in the workshops of Chicago; the improved ma
| chinery now in use was dire calamity to work
was the TACT that the srstocratc people II Ames
lea paid more attention to the welfare of the
| heather in foreign lands than they did to the
rounded; advocated humiliation Of the Compel
tive system of labor. and thought the !aborer
should receive four-ffths Of his product. instead
F. II. McLogan said printers wages were very
low, and at least one-ffth of the men were I'M
employed; thought the Government should ell
force the eight-hour law, and thought that nine
tenths of the eight-hour advocates would be
satisfied to receive eight; hcurs' pay; convict
| labor was another cause of the depression; had
never heard the word tramp applied to persons
| out of employment until after 1873, and thought
the army of tramps was composed of men forced
from their homes by necessity, and that crimes
committed by these unfortunate men were the
result Of circumstances over which they had no
control; there were at least four thousand labor
ing men in Chicago who could not get any en-
piOyment; believed that the currency had great
deal to do with the matter.
G. F. Kenyon, a shoemaker. said the system
| Of convict labor was working ruin to his trade;
utilize Alaska, and Danish the criminals to that
| inhospitable cline; he had been out of employ
ment for seven months, and had constantly
sought work without success.
George Rodgers stated that he had tramped
through Ohio and hdiOlAien,a. on0 h'.st uO2s set
I S.S.s sosulnl tunes; had been refused a
drink of water because he was tramp; thought
the great portion Of the tramps were made SO
from the force of circumstances; thought the
honest people did not apply the name of tramp
to idle men. but the newspapers were responsible
for the term; there was not one honest man in a
hundred that could gain a living at his trade,
and thoae vroro c0n1re1l,Ad tn inff, other