The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-01-03
THE INDUSTRIAL DEPRESSION.

In times of great industrial depression
like these, the usual remedy proposed
for the evil, runs like this: Build uI
manufactures that will consume home
products" the idea being thatwe should
mine our own coal, make our own iron
build our own railroads, work up our
cotton and wool in our own mills, and
so on. The suggestion may be good
enough. but when one comes to follow
it to its legitimate outcome he is not
struck with the convincing character of
the argument. David A. Wells, is perhaps
the best learned economist in America,
and he says: ITO furnish domestic
market adequate to absorb the probable
wheat surplus the present year would
require an enlargement of our manu-
featuring enterprises to at least fiye-fold
what they are at present" It
is generally admitted that the
industrial depression to-day is
largely due to production,
not in the matter of agricultural pro-
ducts alone, but in manufactured
articles as we'll 1t is true, the crops
are abundant, the yield from the soil
all over the United States being some
thing enormous. Farmers are puzzled
to take care of the grain and vegetables;
they can consume only so much, and
there being no market for the great
surplus, how to keep it from going to
decay until it may be proftably dis
duction in agricultural pursuits never
produces poverty or suffering; four
ffths of the farming in America is done
by home labor-that is to say, only one
fifth of the yield from agriculture is the
result of wage-labor, SO that generous |
harvests do not hurt the man who |
gathers them. for they have cost him |
no more than slender crops would have
done. If 1t is reproduction that |
hurts, it must be in the field of manu-
facture Food is cheaper than ever
before, and yet mines, mills and fac
tories are closing down every day, be-
cause they cannot pay the small wages
that workmen must have to live even at
the low cost of provisions. According
to BrGdstrect over $1,000 wage-workers
are out of employment through no
fault of theirs. and the number is con-
stantly increasing, while at some of the
mines and mills the price paid to |
laborers is actually less than the same
class of workmen receive in England,
the food purchasing power of money in
the two countries being taken into con-
sideration. If the manufacturing in
dustries, If the present mills, mines and |
factories were operated to their full |
capacity for FIVE months the demand
for the year would be fully supplied;
then if they were TO run on full time for
twelve months they would necessarily
all be bankrupt; what would be the |
consequences If the manufacturing ca
pacity were increased fve-foid, in order
to consume the surplus agricultural |
products, provided the surplus which is
now increasing every year were to be |
kept within its present limitsP Unless
the market can be increased, the en-
largement OF the manufacturing capacity |
will simply aggravate the matter, in
tensifying the evils of ever-production.
1t appears to us that the correct So
luton of the oyer-prOduction trouble |
can only be found in opening the way
to freezer access by the American far
mer and manufacturer to the markets
of the old world. America is country
of such rich natural resources thatsSt is
out Of the question that she can consume
what she produces; home-consumption |
OF hone-products is idle talk, while the
capabilities to consume and produce are
so disproportionate. If We had the
people of half the civilized globe to feed, |
clothe and provide for here at home,
there might be wisdom and economy in
Increasing the manufacturing facilities
TO correspond with the productive cap
acity of the soil, but as we have not
these people at home, it is clear enough |
that our manufacturing establishments
have reached the limit that financial
wisdom viii permit them to go, unless
they can reach those people at their own |
homes in other parts of the globe.
The legislation that will give Ameri-
eans.a fair chance in the markets of the
world, will solve the problem of dull
Zines and industrial depression.
A LITTLE var in telegraph rates was
-rn,,cu,rntnd ON New Yearls dav ,uhen