The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-07-29
Last Nights Dispatches.
ILLIMoIs.
The Congressional Committee

CHICAGO. July 28.-The Congressional
Committee, of which Hon. Hendrick B,
Wright is Chairman. began its inquiry
to-day into the causes of the depression
in trade and industry. Lyman j. Gage,
cashier of the First National bank, was
the first witness. He regarded the present
supply of money 10 the country as ample,
although ten years back we had much
more money in circulation. Yet the bank
ing business of Chicago is sounder to-day
than ever before. He thought the return
of prosperity began about eighteen months
ago, and the outlook now is very favor
able. Answering questions by Chairman
Wright, he said that doubtless the with
drawal of currency had operated to depress
business during the past ten years, but
had not operated so as to be very essen
tial factor. The depression was reac-
ton toward the normal standard which
hasa been unnaturally disturbed by the
war and its results. The prosperity of
business men and the rate of increase of
population 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. Be-
ing 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 the bearer, would make gold and silver
dollars interchangeable at United States
sub-treasuries, would suppress the issue
and retire outstanding notes under the
value OF $500 as quickly ass possible. Il
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 it's banks were in a
healthy state to-day. The panic and the
season OF bankruptcy had strengthened
rather than weakened Chicago, and busi
ness which began to revive wear and q
halt ago IS In tine condition. Thought the
less Congress bothered with finance the
better tor the country.
George NJ. Sloan, a farmer in Wisconsin
testified that farms were morteaged r.
their full value throughout the State, the
price Of farm labor was lowering, and thai
the present price is from IS cents per day
to $40 per month, The penal law of Wis
oonsin against begging had destroyed tn,
surplus of labor. The farmer SCENE,
bind to the fact that the so-ealed tramp,
are honest laborers out of work: though
an increase of currency you'd benefit Wis
consin. The panic of 1879 was caused b
too much speculation; thought the gov
ernment committed a great wrong in con
tracing the currency: contraction mean
national suicide; it forced men to do wit
one dollar what they had agreed to do wit
two.
Charles Randolph, secretary of the boar
of trade, stated that the general bushes
/ of the city has been steadily increasin
since the fall of 1873, and real estate as
been decreasing il yas4e. lhe northwes
vas iva better shape than any other PAL
q, of the country. He believed that hereto
tOre-abundsnt capital was now seekiu
permanent investment. He explaine
! the condition of Chicago's finances an
: stated he believed not city in the countr
was in a better condition. Joseph Eas
: maD, contractor and real estate deale
! gave testimony as tc the decrease in rent
! prices of labor and material, ETC.,
: Thought the city would prosper for fo,
: years and then we should have apoth,
"a panic.