, 1879-07-30
socond Days Session Of tho Coneres-
sioual Committo,.
Mr.. ]. Young scammon Speaks at con-
siderable Length.
r,.r,o, Of tho Panic Of l873-Mora Cur
1onoy Needed.
vau u. Higgins and j. e O. Forrest
Also Have a Hearing.
,i1er Nhith ssns u The Professional Agitatsr,
lnye o Show.


~ ~. r,,,ox....or.,
inc tsso'a NY ,,,.a ~ ~ =, .,s.ros
eo"in''.es " '"e,s ss....s., =. ,.s.,.. ss 49,.
elon % ~ .a % Tremnut @ nnn.c in - ,hs ] c,r re.,c,.
held as ue A'etnoo. "ousc, u" ..'s .t', ess's =,
day, the venerable Chairman, Mr.. llendFick ~
Wright, at the head Of The Board. aomc Of the
so,d men OF the CITY having had their say upon
uo suo,ss' =; S 4ho so"t.t.,c cI.ncn. rc.,cr1ay
appearanee o' INC soemls.fc clement yus'e'os'
mixed with spFihkhpg OF thcoshs anu cs'ak. ..s.
ers. 1t was quite delightful! to sec some Of @ Inc
u,,a,, .H arn hus,, u thc,r n,m,v snners,ructures
"neh ase oa''I LII" Hnn"' ....s..S 1,v
pulled 10 pecea aho oesL'5su -. o,,to
sherwin, Of Illinois, and D!ekes, OF on,o'
m,nd ~ NJ, Wrt1ht. md perhaps other mcm-
n.'u" - .tn rsr,,ss,nn thn, chicago was Gov.
oefa OF tne comn'ss'o"' . u' st.;1ers wor, oit
cred with MORTGAGES tnat ia e''.ons @ w.s' ~" w.
citv. thouUh fairly PROSPEROUS at the present
tin,e ns an toYnnorsr,,y. and that IL would soon
's ,.n, ""s ~ ~ VIZ s,osk ohys. of bankruotcv
s'nk oaeR ihto u'c s'ash avao. ,'.,, " -. CO., pa.
and ruin IN when ency hoa aopeu ~ nnu nts.
These opinions were somewhat shaken by TIC
statements of'Messrs. Gage, Randolph, and
otlcrs.
M.' IT,, J. 1ooro n ,eos s'nm%T' ,,a',a ,,o .u., ....,
ment. Mr.. scamnlou stated TINT he was Law
XIV Y7rnfnRHt0n hit had hprn rnUarfd in
ye' y,go ~ p p,n nsn.ra, hns,ncs, sImcc that timr
oank'iE na he"eIa' 81" s.uso ."'s ss.
Mr. Wr1gnt Wantco Aa1. ocarthon oEi'o
general idea Of the depression In this country
etnce 1s7h II there had been any.
e" Mr Senmtnnn paiI there hnd been m almost
unlvcrtal depression here since 19Th In his
Judgment It commenced in 1e721, when We had
prcmon!tory symntone1 1o O. VIDAL was coming t:,N,
then. In tho iaIl ot lo12 We Woro enabled t0
bridge over t1io chastn only by tlie aid oI Tic
Government. Tie great demand ior money
here was TO move tho crops. We wanted
oil The money Wo could eet' goneralIy
ia the fall Of, Of the year. yea to purchase rt, "a
tha cereals, the hogs, and the becyes, nnd t?
fatten them. After the crops mad been moved
the money collected n tl,c great money centre,
which was New iofk Chy. Alter t''c crops
mained abundant @ Until u tte. tall OF the year
again.. In l873 the New Iork banks Gould not
send the money that 6elonged 70 ps, hence
caM1c depression. That was in TIC fall OF
1ST:: which wo a.! Knew WIS relieved bY the 90
noeit oil S5,0o0,N0 BY the 9oscrn!nent In New
York. That enabled us TO movo the crops lot
that year. When the next faIl eatno tho bus!-
mesa and the population Of the country i,ad IN; IN,
creased and the demand for money had
Increased. Money uiat had 9ecn circulating
IN the West 1et,iE1ed M @ 70 New YORK. Thc a.
POSI- OF *5,ooV;9oo nau occn returned 10 ihe
Government: The Goycrnmens Wa not az
nf New York.. They had bee!! relieved, and
theY we're 70 no sueh lnmncht daneef nA causeu
Them to call upon uo Government nealn. On
the contraIs. they thought II was ior tllsF 1 n
tcrest to allow scarcity OF money. When Chi
raCo business men uc'nandcd the monay to be
returned TO INC Northwest to ennnio IN 70 move W
our crops, they could not 20 It. ihey could not
return tic money which belonged to U.s.
TIE BAxKB ALL nnoKE, AND ptsAaTEn CANE
upon us, Tic eu,{] now, as lie eald then, that
tle dseaster. Of 1873 we're caused hy a refusal of
she Government to mako the volume of cur.
reucy commensurate with The wn1Its of the pco-
nc. From one-otinrtcr Il, one.thirti az tic ,nbor
ii this coupiyv Was thrown out Of employment,
This stopped SO manp Of the industrial cstab-
lish.ncnts Ct tue Northwest and Of tlc country
Eenssfahy taa. a. ioes. ono.aon&tter @ & 10 one.
Of employment, and from TINT time
Until last fall large portion OF the
community e ,,ad been iiyl,.L: not ,' upon % what
hand. During Mr. seammon's long statement,
ho said there wns no such thing aa ovcs,produc:
uon, provided the power OF distribution Kept
.aia: a hsd never been 80 prosperous as from 1895
10 lSt'6, during which period there was plenty
81 money: Hc cal!ed attention to tle largo de.
Nnq1cnt'tax ltst OF ChieaEo, TIC publication III M Of
presont ~he!ever there was any busii,ess pros
per1ty In Chicngo It Was exceptional; ncvcrthe-
lrss there been an Improvement il ti!e aspect Of
alaifs. Inc bankers OF GhlcaFo hHu bccn praC-
lateral a,M advancing small portion OF thelr
Values Ills opinion was that the innin business
OF tne country would oo done on trust ara not
on interestebGnrng notea nlsd money eoliatcrals.
Mt; Cowgil, msmbcr Of Tho Committee,
asked the Chairman now Vide range wae to be
olowed to these statements. Ao was OF opln-
lon uat INC resolution uhaer Whleh the Com.
misss9n was created did not eonte,nalato golng
iofo all these remote causes OF distress;
Mr. wright said tho widest ranEo had been
given 10 Tue statements q Eent!emcn yesterday
aud u was not the intention Of The Committee
20 limit them now
AZ. ecammon proceeded 10 give bis views
tafthef. le oclleVco That
ALL OTHER PROPERTY WAS A sLAvH 10 MONEY.
This country had always been Inflicted bY e|ay-
cry OF some kind, ui,d one OF the phases Of il
was tho slavery Of everything 10 money, In
1879 laborers wore paid from 81, 10 TO /, is per
day. Since that time tilcro had been
an Improvement, but tho condition Of labor
was not now In q healthy statc. IN his opinion
there never had been but ono way out of this
depression, md umt was to increuse ihu volume
Of tho currency Of tlc country, II wus Ills
opinion tl.at the volume oi curroncV should bo
gradually Increased to double what 1t VIVA now.