Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1879-08-01
CAUSES OF DEPRESSION IN TRADE
AND INDUSTRY.
Testimony Before the Congressional
Committee.
CHICAGO, July %.

CHICAGO, JULY rs.
The Congressional Committee, of which
Hon. Hendrick B. Wright is Chairman, began
its inquiry to-day as to the causes of de-
preston in trade and industry. Lyman j. Gage,
Cashier of the First National Bank, was the first
witness He regarded the present sup
ply OF money in the country as ample, al
though ten years back we had more money in
circulation, yet the banking business of Chi
cago is sounder to-day than ever before. He
thought return of prosperity began about
eighteen months ago and that the outlook now
is very favorable. Answering questions by
Chairman Wright, he said doubtless the with
drawal Of currency had operated to depress
business during the past ten years. but had
operated so as to be very essential factor.
The depression was a reaction toward the
normal standard, which has been unnaturally
disturbed by the war and its results. The pros
perity of business men and the rate of increase
of the population were greater ten years ago
in Chicago than they are now, but the auIUupt
eFc f2hhahh Zen h"Tds95 da5 sssGSe sS Being asked
what he would suggest in the way of legisla-
| ton, he said he would repeal the legal tender
quality of the United States notes; would pay
them on demand to the bearer would make
gold and silver dollars interchangeable at the
| United States Sub Treasures, would press the
| issue and retire outstanding notes under the
value of five dollars as quickly as possible. 1t
would be mistake to repeal the National
Banking law.
George Schneider, President of the Ma
tional Bank of Illinois, testified that he did
not believe in increasing the volume of cur
rency. The city and its banks are in q
healthy state to-day. The panic and the
season of bankruptcy had strength
| ened rather than weakened Chicago, and busi-
ness, which began to revive year and half
| ago is in fine condition. He thought the
less Congress bothered with the finances the
better for the country.
| George NJ. Sloan, farmer in Wisconsin,
testified that farms were mortgaged to their
| full value throughout the State. The price
of farm labor is from seventy-tive cents
| per day to ten dollars per month. The
penal law of Wisconsin against beg
| ging had destroyed the surplus of Ia
Dor. Farmers seemed blind to the
fact that three-fourths of the socalled
| tramps are honest laborers out of work. He
| thought an increase of currency would benefit
Wisconsin. The panic in 1S73 caused by toe
much speculation, caused the existing depres
sion among the laboring classes. He thought
| the Government committed a great wrong In
| contracting the currency. Contraction meant
| National suicide. 1t forced men to do witt
one dollar what they had agreed to do with
| two.
Charles Randolph, Secretary of the Boart
of Trade, stated that the general business Of
the city has been steadily increasing since
| the fall of 1873, and real estate has been de
creasing in value. The northwest was in bet
ter shape than any other part of the country
| He believed the heretofore abundant capita
was now seeking permanent Investment. HI
explained the condition OF Chicago's finances
and stated that he believed not city in tht
country was In better condition.
Joseph Eastman, contractor and real estatt
dealer, gave testimony as to decrease II
rents, the prices of labor, material, etc. HI
thought the city would prosper for fou
years and then we should have anothe
panic.