The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1879-07-31

CHICAGO, July 2s.--The Congressional
committee, of which Hen. Hendrick Is.
Wright is chairman, began the inquiry to-
day into the causes of the depression in
trade and industry. Lyman J. Gage, cashier
of the First National bank,wa the first wit
ness. He regarded the present supply of
money in the country as ample. Although
ten years back we had much more money in
circulation, get the banking business of Chi
cago is sounder to-day than ever before. He
thought the return of prosperity began about
eighteen months ago and the outlook now is
very favorable.
Answering questions by chairman Wright
he said, doubtless the withdrawal of curren.
cy had operated to depress business during
the past ten years, but had not operated SO
as to be very essential factor. The de-
preston was a reaction towards tho normal
standard which had been unnaturally dis
turbed by the war and its results. The pros
perity of business men and the rate of in.
crease 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.
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 bear
er, would make gold and silver dollars inter
changeable at United States sub treasury,
and would suppr ess the issue ard retire out
standing notes under the value of five dol
lars as quickly as possible. 1t would be &
mistake to repeal the national banking law.
Geo. Schneider, president of the national
/ l. zE al
lieve in increasing the volume of currency.
The city and its banks were in a healthy
state to-day. The panic and the season of
bankruptcy had strengthened rather than
weakened Chicago, and business, which be.
gan to revive year and half ago, is in fine
condition. He thought the less Congress
bothered with the finances the better for the
country.
Geo. NJ. Sloan, a farmer in Wisconsin, tes-
titled there was more mortgaged property tc
the full value throughout the State, the price
of farm labor was lowering, at present being
from rs cents per day to $40 per month. The
penal law of Wisconsin against begging had
destroyed the surplus of labor. The farmers
seemed blind to the fact that three-fourths
of tho so-called tramps are honest laborers
He thought an increase of currency would
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by too much speculation, caused the existing
depression among the laboring classes. HI
thought the government committed grea
wrong in contracting the currency. Con
traction means national suicide. 1t forced
men 10 do with 81 what they had agreed
| to do with So.
| Charles Randolph, secretary of the board
of trade, stated the general business of tht
city had been steadily increasing since th,
fall of 1873, and real estate had been de-
creasing in value. The Northwest was il
better shape than any other part of tn,
country. Abundant capital was now seek
ing permanent investment. He explained
the condition of Chicago's finances and
stated he believed no city in the country was
| in better condition.
| Joseph Eastman, contractor and real estate
dealer, gave testimony as to the decrease i,
rents, prices of labor and material, etc. HI
thought the city would prosper for few
years, and then VIC should have anothe
| nanic