The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-07-30
WHY is 1T THUS?
Several National Bank Officers and
One Farmer Testifes.
A Committee at Chicago In, estigating
the Cause of Dull Times.
They Give Their Views ON Financial and
Other Matters.
CHICAGO's BUSINESS.

Testimony Taken by the Congressional
Committee.
CHICAGO, July 2S.-The congressional COM
mittee, of which Hon. aendrick B, Wright is
chairman, began its inquiry to day into the
causes of the depression In trade and industry.
LYMAN J. Cage cashier of the First National
bank, was the first witness. He regarded the
present supply of money in the country as
ample although 10 years back we had much
of Chicago is sounder to-day than ever before.
He thought the return of prosperity began
about Is months ago, and the outlook now is
very favorable. Answering questions by
Chairman Wright, he said, doubtless the with
drawal of currency had operated to depress
operated so as to be a very essential factor.
The depression was a reaction toward the
normal stan dard, which was unnaturaTly dis
turbed by the war and its results. The pros
perity of business men and the rate of increase
of population were greater 10 years ago in
amount OF merchandise handled here now is
vastly greater than 10 years ago. Being asked
ton, 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 interchangeable at the
United States sub-treasurfes; would press the
issue and retire the outstanding not-s, under
the value of S., as quickly as possible. 1t
would be a mistake TO repeal the National
George Schneider, president of the State Ma
tional bank of Illinois, testified that he did not
believe in increasing the volume of currency
the city ana Its banks were in healthy state
.
ruptcy had strengthened rather than weak
ened Chicago, and the business which began
to revive year and half ago is in q fine
condition. He thought the less Congress both
cred with finances the better for the country.
George NJ. Sloan, a farmer in Wisconsin,
testified that farms were mortgaged
to their full value throughout the
State. The price of farm labor was
lowering at the present, it now being from 70
cents per day to $40 per month. The penal
law of Wisconsin against begging had de-
stroyed the surplus OF labor. Farmers seemed
blind to the fact that three-fourths of the So
called tramps are honest laborers out of work.
He thought an increase of currency would
benefit Wisconsin. The panic OF 1873 was
caused by TOO much speculation, which caused
the existing depression among the laboring
classes; thought the Government committed a
great wrong in contracting the currency; con-
traction 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 real estate had been decreasing in
value. The North west was in a better shape
than any other part of the country, he be-
lieved. As heretofore, abundant capital was
now seeking permanent Investment. He
explained the condition OF Chicago business,
and stated that he believed not a city in the
country was in a better condition.
L Joseph Eastman, contractor and real estate
dealer, testified as to the decrease in rents,
prices of labor, material etc. He thought the
city would prosper for four years, and then we
should have another panic.