New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-23
BAD TIMES CONSIDERED.
o,,,Opc or DEPRESSION IN ENGLAND.

snronlation aud of mionaires ana inc uep p,apdies
TO- OF the rural districts. with snggeSuN1S Mo
Rv ALFRED Russell WALLACE Ll~D''Lo"N'N'
milan 4 Co., 1855. l2mo. lis PIP
Tho nations. Mr. Wallace holds, are oeine
,nisbed for their sins. Without ootiuSi'o
.,o,ripc upon the moral aspects OF his theilo'
no traces the bad times of which all
nations now complain to the comolncu NM"
ence Of causes, nearly every one Oh "ni'n -.
offence against good morals ana lusu ny9 90 in
hooks relating to industrial nattols az only
torcSt;nC as this. and though 1T covers 2n,3
about 100 small pages, lew CIV HWY
nation on economic subJecIs' .,,o,,, briefly.
Mr. Wallace first states the propi'li' S
With conditions which seem TO renuei P"d
perty certain, g we yet hnd iIaue - PliWi~g AT
fabnr DaralyZcl, goods OF all klhuS soili"6 -,
,nrcn,i,nrrativc prices, yet the asses 700 P'o d
to buy aud universal complaints OF iLl,.,,dfnl
urofts and restricted markets. ~ 10 ~ of on
10 remember that this Is not the Ililieno U 0f
American poll, cian, but the sober sui,,htSlIy
an English economist. " 1t VIII uIuVuO' o;0ty
lie admitted he says, that system vi ornGt
ruder which willing hands cannon Ihu p t,,nIs
able work, and countless shops ana W" t, and
overlooking with every necessary C.,rAirlcntlv
Injury mock the longing eyes ol ;tia, :.
LAD and half-starVed millions, Is heltnol
sound nor safe one The eNll Is hot ~ ~.
fined 10 Great Britain, though 1t Is I rti;,!S
admitted that it is seen there III hloio i,s,
phases than anywhere else. Hence IN spt"hllS
If nopuar explanations, Mr.. Wallace hlsI .e eI
~ he tbeoIy that our unique system OF irGc
trade is the chief cause OF the GepieSSio :. ba.
answer he points out that the dcIlcsSon nv.
affected almost simultaneously the chiel elTt'
,"annfocturing countries of the world. ne
notices that the protective tariffs oil other couli
tries were not so changed in form OF cul'loH':
about 1874 when the depression pesdn' a. ',
account for such q state OF thlhGs Az ~ tt " 'e
neriod of commercial prosperity; lie i' ii
100 that England has suffered through u,oii Of
isbed exrorts ONLY to certain speclal groups v.
countries but elsewhere has elther . ,Lo
remained stationary in exports ala Una" Ioci.Ia
are NOT MI countries in which protective iegfIa-
tion has been efficient. Here he docs hoI Ic"SyI
oritc soundlv. 1t is logically possible tlat w
cbief csnsr of depression Of British tiaoc WIN
America may have been the deNcioo'nohtt ~
manufactures here under propclNc TTo"toi
while very different causes may pave aIo ''oT
trade with other countries: lAeI0 '0 i'
evidence to support tins view. ,,,,,ot;,o-
Mr., Wallace also argues that the demoheliL1-
ton of silver cannot be the cause Oh Hop, f oiJ
because relative change in the value Oh Sol'
and silver "can only affect lntcTha'lolu
changes or uniformly raise or lower P;uuor
but can have no ,tGit erect on ei'I me
,roSoninc here will be apparent Nh'h
The influence Of foreign loans Is cohssutl|m'
The writer then dismisses the theory OF oN'i
PRODUCTION. showing that the phenomenon : l.
Tact a dimuutiUn IN the purchasing poNN - -
rronIe ut home and abroad. The depression Is
defined as "a danuution in the demand Loi
ovr cI,ief "Reminiscences" But to Americans the
diminished demand for food products ara col
ton is an important feature. PURSUING h'S oNl
1ulc, Mr.. Wallace should have sought ''";
which will account rs well Tor dmnhu'ion Ia
the demand for American as lot EhE''A' NV
The first Of the great causes considered Is m
remarkable increase in foreign loans, M,' "on
were effected to the amount OF Sl'o,1'O ,,'o.
during the years 1S7O-'1j. The first eject wa
In cause a vast demand for manufacture E'GrS
IS the borrowed money was eXpenV'H.
meet that demand, the power oI P'u,' ~
MAS vastly increased, and the number 81 Pr
sons employed in ranutaCtWes' flTSoIuI !,
borrowed capital was eXhaustoI' Much q.
had been surnt in supporting the N'cC7 I" w
ambitions Of rulers much more IN mcclure ~.
demands Of speculation, much t'"ie ~ HN"',,i
and much i'm uuprodUctyc or ui"'ST
building. The writer m.ght have aGdeH 'nH ''.
during the same speculative period mug" wa,
wasted i'm opening nprJducuYe mines III VIZ
the people OF borrowing countries Iau cAl,o =,
Their borrowed capital, and were theh TAU -
nav interest on it, Thus they became p3"icr;
ma moi only the increased demand winch mac
becn fostcrcd 10y borrowed money ceased 10 eN-
ist. but they became less able to Du{ ih"ll W.
were before the borrowing began y eI'", ~
az the foreign loans were for Objects cssehlH'l;
Immoral and they caused nothing hut c'H'
rart;culirlv those which were expended IN pan
doriug to the yites or tie ambitions OF loi'IsH
rulers Naturally connected WIN inns c"">o I.
nations. 1t Is shown that the annual war cN-
,ond;turcs of Great Britain, Austria
France. Germany, Italy ana hus'la
had increased from an aggregate o.
SL72j,0O0,OoO yearly III lsIQ to "iri HEFi'%Ho'
Of $1,000 600 900 yearly in 1881. IHls j. IN
deed a startling disclosure. aud as the auth"i
saws accounts not only for the needless eSl"h-
di,ule of : 1896, 100000 yearly more thah va
spent five years ago, but ior gleaO lose VI Inv
and property IN wars. and an enormous increase
in tIe number Of persons sustained III nl'Ii"-
ductive occupations. With real eloquchce MI
Wallace shows that the war system Whlch
harms everybody, is especially an INJURY 10
labOrcrs. cu-
Just at this point tie inconcluSiyenoss OF Mr.
Wallace's reasoning IN regard to currency
changes is apparent # il Is true as many a
believe that tic partial dlSusc OF aliNer n"T
rausCd a general decline IL prices, 1t has 10
flat extent diminished the ability Of every
country which borrowed part Of the
Sl.Soo 100000 loaned by Great Britain during
the years 1870 - to ray interest thereon: II
like manner il diminished the ability OF the
people with given production, to support an
Increasing expenditure ia money for Mmlc'
and war equipments. 1t IS true, the gIeal
change has been the increase Of the burdens
of SIX European nations. by ,3FlWV'OV'
yearly and the Increase Of SG5,OJO,o,D yearly
Interest on money borrowed from England
il is exceedingly important 10 notice that TIM
Increase of burdens Is far greater than any oihe
vet perceived But if il be true that chang
il the kiHd OF money fnIloltu mas dtuCu ~
or % per cent to each Of these burdens, ii Is no
10y any means a small matter.
MI. Wallace then proceeds to consider The
dcpopulaton of English rural districts, and On
this point submits a body of facts Of pcculia
and painful interest to British readers. llt
traces the exodus of million people from
country to city, within the ten years ending
with 1850, and shows that the production o
food is diminished 10y the great quantity wlLcl
these people formerly raised IN gardens and b.
caring for animals, whereas they have now t
he supported wholly by others. In consequence
the British imports of bacon ard pork increase
nearly skiold the imports Of eggs nearly two
fold, and the imports of potatoes more ina
thirty fold, III spite of commercial depression
Mr.. Wallace shows also that the abandonment
of small alotments has resulted in great de