The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-07-29
SEEKING TnE CAUSE.
The Congressional Committee al Chicago
Investigating the Causes OF the Lat,
Depression In Trade and Labor.

The Congressional Committee at Chicago
Investigating the Causes OF the Lat,
Depression In Trade and Labor.
CHICAGO, July 2S.-The Congressional
Committee, Of which Hon. Hendrick B
Wright is Chairman, began inquiring to
day into the cause Of depression in trade
and industry, L. ]. Gage, cashier Of the
First National Bank, was the first witness,
He regarded the present supply Of money
in the country as ample, although ten
years back we had much more money in
circulation yet the banking Of Chicago Is
sounder than ever before. He thought
the return OF prosperity began about
eighteen months ago, and the outlook
now Is very favorable.
In answering the question OF Charles
Wright, he said doubtless the withdrawal
Of the currency had operated to depress
business during the past ten years, but
had not operated so as to be avery essen
tial factor. The depression was a reaction
toward the normal standard which had
been naturally disturbed by the war and
its results. The prosperity Of business
men and the rate Of the increase OF popu-
lation were greater ten years ago in
Chicago than they are now, but the
amount Of merchandise handled here now
Is vastly greater than ten years ago. On
being asked what he would suggest in the
way OF legislation, he said he would repeal
the legal tender quality OF United States
notes, would pay them on demand to bearer,
would make gold and silver dollars inter.
Changable at the United States sub.treas-
uries, would press the issue and retire the
the outstanding notes under the value OF
five dollars, as quickly as possible 1t
would be mistake to repeal the National
bank law.
Geo. Schneider, President of the Nation
al Bank Of illinois, testified that he did
not believe in increasing the volume Of
currency. The city and its banks were in
healthy state to-day; the panic and the
season Of bankruptcy had strengthened
rather than weakened Chicago, and bust.
ness, which began to revive year and a
half ago, is in a fine condition; though
the less Congress bothered with the finan.
ces the better for the country.
G. NJ. Sloan, a farmer in Wisconsin, tes.
titled that the farms were mortgaged to
their full value throughout the State. The
price Of farm labor was lowering at pres.
ent, being 15c per day to $40 per month.
The penal law OF Wisconsin against beg.
ging had destroyed the surplus of labor.
Farmers seemed blind to the fact that
three-fourths Of the so-called tramps are
honest labOrers out Of work. lie thought
an increase of the currency would benefit
Wisconsin. The panic Of 1873 was caused
by too much speculation, and caused the
existing depression among the laborers.
He thought the Government committed
great wrong in contracting the currency.
Contraction meant national suicide. 1t
forced men to do with one dollar what they
had agreed to do With two.
Charles Randolph, Secretary OF the Board
OF Trade, stated that the general business
OF the city had been steadily increasing
since the fall Of 1873, and that real estate
had been decreasing in value. The North.
west was in better shape than any other
part OF the country, he believed. Abund-
ant capital was now seeking permanent
investment. He explained the condition
OF Chicagos finances, and stated that he
believed no city in the country was in
better condition.
Joseph Eastn an, contractor and real es.
tate dealer, gave testimony as to deCreas.
ing rents, prices OF labor, etc. He thought
the city would prosper for four years, and
then we should have another panic.