New-York tribune., 1879-05-22
HARD TIMES AND THEIR REMEDIES
EX-SECRETARY MCCULLOCHS VIEWS ON |
THIS SUBJECT.

THIS SUBJECT.
THE CAUSES FOR TIE WORLDWIDE BUSINESS Dr.
PRESTON STATED AND SOME REMEDIES FOR IL
GIyEN-INTEREsTING COMMENTS on CURRENT
POLITICAL QUESTIONS
From ne Hon. Hgh HeCUocs SeJenh Lecture at HdTrad
That there has been very great depression
in business during the last hve years which has borne
heavily upon capitalists and labOrcrs ALIKE, is wen
known. a revival is beginning to take place IN @ sne
United States but IL has not yet become general SIX
years ago all civilized nations were I'm generally pros,
perous condition. What has produced the change
Whv great depression followed aperiOd OF unusual
activity and material progress The OF this de-
preston must lie back OF It, 10 this country some oI
Them are very easily discovered Steam electricity, the
invention Of labor-savng machinery, the very pro
mOters uf material progress, are among the causes OF
The depression They have produced a revolution in
business of all kinds which could fail to be tempo
rarlly prejudcia TO many imArtant INTEREST," 10 ul,
mnsh the demand for labor and TO reduce the wages on
labor Political revolutions, however necessary ana
important they may be- are very disastrous While IN
progress and tho IL in regard TO revolutions
in trade That the world is TO be benefited by labor
saving machinery, by reduced cost or production Dy
free and speedier communication between producers
and consumers, undoubtedly true. and yet 1t Is OBJ
vous that while these things are coming into operation
and before the power OF adaptabiity comes INTO fOrce
must be disasters. The forces when nave dts
urbed the old order of things nave been at work FOR
years. The effect il now seen in the decline OF
prices and the reduced demand for labor, which Indicate
over-producuon 1t Is contended, know; that there
doubtedy theory and In OF time will be-
come In fact. Continuous Over-producton Is not
possible but temporary 0yerproductiCni IS ract. A9I
only has there been overproduction, but the capacity
to produce Is rsaty IN adya"ee 81 the pTeenT @ name a@e
only partly employed noS Dreause prices are l9W'
ia general Tn no country is capital receiving renunera
tive return or labor adequate wages the rey0uuon Is
still going ana though the process DC palnIu the ie
suit viii De good.
DANGERS or UNLIMITED SUFFRAGE.
In the United States we have practically universal
suffrage In the CITY of Boston the taxes are paid by
one-ftb OF the citizens, the other fourths paying
only politaXes winch in many cases taken care OF
By candidates for political Offices And yet properly "a
best governed cities n the world The time o. trial VIII
come when those who have no pecuniary interest at
are in tie cities, and bad men become the rulers.
should feel that Republic rested upon irmer basis
II land were more divided, but such is not likely 20 be
the the peTmanence OF the Government can De Sc
cuol ouly by such property qualification as VII pre-
vent those have interest In the country from con
trolling It's affairs. II the necessity arises FOR strong
Government it will he because the unlimited suffrage
Let us OF the Of business depression
in the United States. The most fruitful one was our
civil war IL employed away from productive WORK
more than million OF men for four years 10 impOYeT-
shed some richest states IN the Union 1t caused
bousaus of 1nIons Of dollars ~ be wasted While 10
lasted the Government was spending S2,OOOOOO day.
and though the stOpDaRe or those expenditures coud
business, vet damage might have been less than
was Then the war was the cause OF much speculation
causes. Business or all kinds in the United States is
disrribitcd - ought TO be- business IN cities which
49, ,, ,r go or, o',,,,,.roo 4 r.,IIiy her,ta
ing centred IN few concerns. Day lahorcr nave been
severely tired for years past but they have not been
nor are tney the seyercst sufferers The greatest
sufern is TO be round among those who have been
successful IN their business, have been thrown OF
employment oy the losses Of others, o. have been
crowded ont Of business by competition For this con
cCntr.tion Of business there 10 no remedy.
THE INFLUENCE or MONoPOLIEs
Then we have in United States corporations which
WELD power unknown IN other countries ln tIeir ti-
tempts 70 make dividends they have crowded down
their employs. No such tremendous power "a' ever
concentrated IN few hands Js thOac who cOuTO tLC
railroads oil tue United States now WELD. FOur men
control the traffic the East and the West pos
sessug power which an absolute monarch would Aos
Itate 10 exercise. They are able ana uprGlt men, our
their aim is TO make money, and they would De more
than human, they wOUid nardy be- iaitniul 40 thrir
trusts, ii they did not make all they could The adoption
OF tho new Constitution in California, framed to antag
corporations, was carried by the farmer, ana small
people but the relations which the farming interest
aud the railroad monopoly beaI 10 each other While ths
EulI ] stc ~ IlS SoptroI o tie ralir,ais f no
Stale Organized mOnOpOies are not only contrary
tine spirit institutions. bat are dangerous 10 the
Ha ST he uned States ana are nee sSy Yet they
should never be independent OF the Government when
created them.
BAD INFLUENCE OF PARTY POLITICS.
There is another thing which is disturbing the coun-
try, and mat parry politics III it, narrow sensparty
omouments OF Office Poltics III tuls sense IS e great
obstruction 20 bus ness. Inc financial qrcSuuu, the
revenue ana the labor question are conSoeisd my WIN
regard 10 their bearing upon the pubic interest ouJ
with regard only 10 the use which may be made % tea
IN elections There hopeful indications mat these
great interests viii not be long Kept IN the background
out That, unfortunately, Is their position now Party
of the cOOred people OF the South Their social condi
ton and their condition labOrers Is matter Of deep
not only to the south but TO the WhOe country,
ana il il unfortunate chat their condition should De af
fected by sectional contest tor the control of their
1t is NOT reasonable TO suppose that these people
with such a history behind them could become by
emancipation independent voters mat the foundation
upon which The social and industrial fabric oI the south
rested could have been broken up that slavery,
which would have been the corner stone Of the COnfed
been brought to termination without disorders ana
STRIFE. SO lar from being surprised that harmonious
al ntf nl
should be that both races should be adapting themselves
10 their changed rela ions so rapidly rs they are IAat
the colOred wOuid by large extent be controlled
by the superior intelligence and wealth o the whites Is
what every ole should have anuepated That there
should no Solid South and solid North I'm opposition
to each other Is what the interest Of al, and especially
OF the coored people requires That such conuOn oi
iG e soutb viii dIvIde an NH tnina "A n divided on
all things before the war; except slavery But the coored
he strong hand OF Federal power For an else they
must depend upon themselves. The emigration VIII,
fear. he orunate II not disastrous, 10 the majority
of the emgrants II they left their homes merely TO
prove their condition nO6hug need De said Out they
we 80 oS the Goyernment The Labor Of f6e coored
people j. needed the South and they not likely TO
better their condition by leaving it, Labor is power
exodus be found IN the lesson which 1t VIII teach
tLe planter. of their dependence on the labor which
tney no longer The cOored people are eminently
social and they better together than scattered The
labor of the colored people is indispensable to tne
planters, and there is power in their votes which they
Will soon know how to WELD The Will be time when
Will be much courtcd by candidates as the
IRISH and German votes are in the North. This exodus
dsurbs industry, and must tor time affect labor IN the
to the INJURY OF the capitalists II bad advice
To the cOOred people would say whaC Charles
sumner said to stanton, stick -; would ten them to
fight 1t ont where they If II takes not merely the
present but many other Summers
REMEDIES PRoPosED>
what if anything can be done to make matters bet
teri II perfectly clear that the interests OF capital
and labor are lncXtricaby united. There have been
and always viii be conflicts, but there is such
interest that they must suffer prosper together
Each has been arbitrary in ia dealings Win the other
Something mas bPon acCOmp ished by arbitration, but II
happens that che result Is satisfactory BOTH
and Ia majority Oi cases, to either. The laws Of
ply and demand are the only effective agencies for rrgu
,lUesR, Trades unions have