The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-29
The Depression of Labor Committee.


CHICAGO, July 2s-The fremont House
club-room was moderately filled to-day with
persons anxious to hear the proceedings be-
fore the Congressional committee Of inquiry
into the cause OF the depression In the indus
present Hon. Hendriek B. Wright, OF Wilkes
barre, Pa, chairman; Hon. Nj. r. O'Connor,
Of Charleston, 3. O.; Hon. Joseph J.. Martin,
Of williamsburg, N. G.; Hon. j. @. Sherwin,
q Geneva, H.. and Hon. Henry L. Dickey, OF
the object Of his visit to Chicago to be to In
tervieW the bankers and business men, the la
borers and the wage workers, employers and
employees, Tor the purpose OF ascertafnlnR the
cause Of the hard times In order that reme-
dy might be provided for them by Congress.
The first Witness was Lyman J. Gage,
cashier Of the First National Bank He con-
sidered the banking business Of Chicago safer
and sounder than for ten years back. There
perity now with very favorable outlook for
the future. The return Of prosperity began
about eighteen months ago. Confidence In
business circles was being rapidly restored.
The average deposits held by the city banks
was $40, 100000. The rate OF discount was 8
to per cent. The general Industries OF CHI
cago now compare we'll with any previous
period In her history. The amount OF mer-
chandlse handled now is vastly greater than
ten years ago. The Witness did not believe
that the business depression Of the past six
years WAS the result of Congressional legis-
lation and could have been averted by leRig-
lation. He did not believe In trying to cure
all the Ills Of society by legislation. Continued
interference with the finances OF the country
There WAS large number OF unemployed
men In Chicago. The surplus of labor kept
prices steady. There was steady increase
In the demand for both common and skilled
labor. He did not think there was dispro-
portionate surplus OF unemployed labor in
the city.
The second witness WAS George Schneider,
president Of the National Benk OF illinois,
He thought That business was picking up;
and struggled under mortgages. The farms
generally mortgaged to their full value Small
farms had shown little improvement, but
the large ones, by the use OF machinery and
raising special products. were doing better.
Farm hands now received $22 per month.
The price had been as high as $50. A great
many laborers had been driven out OF Wis
consin by hostile Legislation, the law against
tramps having destroyed the surplus Of
against tramps, and seemed blind to the
fact that three-fourths Of them were honest
laborers. Labor-saving machinery was bene-
ticlal. He did not think 1t was the duty OF the
government to help, and that the outlook was
amount OF depression among the laboriDg
CLASSES, but they are better off here than In
great many cities. Real estate is going up,
and that branch of business la In very healthy
condition. The panic was caused by illegftf-
mate and unsound business. The business of
Chicago was now In better condition than at
any previous period In bis knowledge. and he
had been here since 1849. He thought there
should be as little Legislation on finances as
possible.
George NJ. Sloan, formerly a lawyer In
Chicago, now q farmer In Wisconsin, testified
that many farmers had been ruined by the
panic and hard times. Everybody was I'M
fortunate In business.
Charles Randolph, secretary OF the Board
Of Trade, said that the business Of the city
had been steadily increasing since the fall OF
1873. Real estate had deprecated until re-
Gently, but mercantile business had improved
all along. The manufacturing interests had
nothing to complain of. The Northwest was
In better shape he thought, than any other
portion Of the country. There WAS not an
other large city In the country In as good q
financial condition rs Chicago.
Joseph Eastman, contractor, formerly
plasterer, was heard. The profits In his bust
ness had greatly decreased. Plasterers get
50 SO per day and are thinking Of So. They
used to get SIS. The price OF materials had
decreased about one-haH. All the laborers
work ten hours per day, except stone cutters
who work eight hours. He thought the city
was prosperous now, but predicted another
panic In four years. He believed in
the eight hour system. The Investigation
will continue tomorrow.