Southern standard. (McMinnville, Tenn.) 1879-current, 1885-07-25
HARD TIMES.
The Present Business Depression Not
Hardship to the Laboring Man.
Smaller Rates of Profit the Necessary
Remedy to Revive Business.


New York dispatches of the 18th
inst, contain the following review Of a
speech made by Mr.. Goschen, before
the Manchester (Eug.) Chamber of
Commerce
Mr.. Goschen. in has very remarkable
and thoughtful speech before the Man-
chester Chamber of Commerce, gave
a general review of the condition of
trade. His arguments and the facts
which he produced were extremely
weighty, and by no means encourage
ing. AS matter of course, his speech
referred mainly to the trade of Great.
Britain, but its deductions are applicable
to the trade of the whole world, and
especially to that of this country. He
declared at the very outset of his
speech that the depressed condition of
trade is likely to continue for consid>
cradle time to come, and gave very sub.
stantial reasons to support his views,
But he showed that the depression
has mainly affected the great manu-
facturers and capitalists who were for
merly, and who have now hard
struggle to make both ends meet. On
the other hand, he showed that the
consumers, that is to say, the laboring
or working people, have only gained
by the fall in prices of most of the
commodities of life.
HARD TIMES BENEFIT THE POOR.
What the country at large has not
suffered by the depression is demon
strated by the pauper statistics, which
show considerable decrease in the
number of people falling to the charge
of the poor rates. Not only the skilled
workman, but even the common la>
borer, is much better off than he was
a few years ago, because he gets much
more value for his money, as the fall
in wages has by no means been in pros
portion to the fall in the prices of com,
modities. When the manufacturers
and capitalists are cutting each others
threats by competition, the workmen
do not cut down each others wages. On
the contrary, by means of strikes, they
have been steadily sustaining them,
and the increased facilities, and the
cheapness of communication between
the different parts of the globe, have
tended, everywhere, to improve the
condition of the labor market.
A ROSY PROSPECT.
If the aspect of affairs Is, compare.
lively speaking, so satisfactory to the
working classes of Great Britain, it
must be still more 50 in regard to the
working people of this country, for we
are constantly and rapidly progressing
in all branches Of human activity, and
working up a continent Of almost in
exhaustible wealth and unlimited mag,
nitude. Great Britain has been steadi
ly losing her ground. Her immense
wealth was built up by sheer monopo
ly of the seas, and of almost all the
branches of business involving me-
chanical industry. This period Of
monopoly is over and will never re-
turn. Nations which formerly bought
English goods, because they could fine
nothing similar anywhere else, are no
only making them for themselves bu
are beginning to compete with England
in the markets of the world. Thus thu
depression of which we hear so mucl
is merely depression in large profits
and in the making of fortunes. Cap
italists have to be contented witt
smaller profit than they were accus
toned to.
THE OVER PRODUCTION FALLACY.
Mr.. Goschen struck heavy blow
at the upper crust" of the bushes
community, by showing that although
it is alleged that over production is tn,
cause of the depression, this does no
mean that more goods and commoditie
are produced than the world has us,
for but only mole than the world vii
pay for CD the basis of the former ex
orbitant and monopoly prices. IF onl,
the capitalists could be convinced tina
the past is past and that the buldin!
80. p,,,t,,,,1, -, ...,.