The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1885-03-05
TnT..i De DE- DEP insESSIUN.
A MEN YORKER DIAGNOSES II
CAUSE AND CONSEQUENCES,
And Dednccs n Useful Lesson-European
Capital Inyested in ar Distant Lands.
The Increased German and
French Duties on Wheat.

French Duties on Wheat.
NEW YORK, March 3.-1n conversation
WITH one Of the most prominent and careful
operators in Wall street representative Of
the American Press Association was given
the following diagnosis of the causes and
effects of the prevailing business Depression:
There is useful lesson to be derived from
the general depression in trade throughout
the world. We have pluned ourselves for
some years past on the belief that Europe's
nnisfortunes meant Americas prosperity. This
lelief was, of course, contrary to all received
canons of political economy, but our specula-
tors seemed to think that the great republic
of the west should not be judged by ordinary
standards
Consequently, when a series of bad har-
vests in Europe, lasting from 1876 to 1892 made
breadstuifs scarce there, we ran uo the price
Of our products and went actually crazy in all
sorts Of speculation. But England and other
wheat bayiIg European countries soon sought
tor and found other places where they could
Sd procure their supplies and al the same timc
find market for their manufactured goods
The farmers of Rusi;a and America are
obliged to buy in their own countries all map-
ufactured gools affected b. protection, while
India and Australia ara selling their wheat
AMI taking in return the products of the
skilla1 labor of the old country. European
capital, therefore, sought investment in these
far distant lnnls Railroads were constructed
at an unprecsde2tediy rapid ra:e aal the nat
ural colssIuence-over-p production Of raw
| ulateria.-alSued.
''Whas Is the consequence Of tho state Of az
fairs, both here AMI abroad! The railroad
buiiiers are ruined; tn, iron fouad,rs are in
distress; the farmers ara selling their grain
below tee cost of production; mills a:e Ue.ng
closed everywhere, and laboring men are
either thrown out o. work altogether, or are
obliged to submit to reduction of wages
EVEN the most enthusiastic patriots and
bull spectators are unable to furnish any in
dicatiOn OF actual Improvement in any par
ticuar branch of business. All they can do
is to talk of "a better feeling But where are
the proofs that this feeling is not mere ac-
cuIulation OF hopesF'
"WhaS is the feeling in commercial circles
rs to the tax recently imposed BY France on
wheat!" was as&el
1.-THE tariff tax on wheat voted By the
French chamber of deputies was three francs
per Genital, moi per kloSram, as has BEEN
stated. The GENITAL is fraction over 20
pounds and the vaius OF the franc, as de-
clarel by Our director of the mint, is 1873
Cents. The proposed tax, therefore, is equal
to about 1873 cents per bashel. It is perfectly
well understood, of course, that the increase
of the tax was directsl especially against
American wheat, though it is male to apply
to wheat from any Ga;.-ter of the globe"
"How do American farmers like the sftua-
tiong'.
'Does it please them to see Germany and
France shutting and barring their doors
against the products of American farn,s9'
''H not, will they pleass bear in mind that
the French and German tariff taxes are al
most tri1ing as compared with our own.
Though they have greatly increased their
taxes on American whear, and although they
have done so especially for the purpose OF
shutting out our product, yet tsle American
farmer has no right to complain of tneir hos
tile legislation, Tor hs taxes satisfaction in
knowing that congress has laid a tariff tax
upon foreign wheat imported into the county
for the pretended purpose of protecting him
against the pauper wi.es.t::s,. overs OF the
ou.sde world But perhaps -e is mt aware
that the tax which has boon laid by the Amer
ican congress is highsr t;,an ti.a5 which has
just been voted by the Tronch deputies. The
latter is less than sixteen cents per bushel; the
former IS twenty cents per bush.l
"With this fact br 1ught t. his knowle' &c,
! does the Amer. can Iari,:er feel at liberty 4.
/ hurl stones or epi,hetS Ut the French! H
would not look well in doing so with 25 per
cont more protection than has been voted to
the French farmer. Ee would look still
worse in doing so il view of the fact tina;
L. 49,
average 514 per cent, and French silks So
per cent, and French woolen cloth ever 6S
per cent And he wouirl Not look well cursing
tine Germans in view of The fact that we ia
German Wine in casks more tnan CD per cent.
German sugar nearly 81 per cent, German
wooden knit goods al.lo,t 73 per cent, having
increased the tax year ago last spring, AMI
other German WOODEN goo Is on tho average
about 67 per cent. With thess enormous
taxes of ours on French aul German goods,
it 1elooyes us not to growi very iouiiy about
their taxes OF not more than ~ psr cent. Oh
our wheat
There was a h.1vy stump in the Chicago
market at the close of tus week. The main
fall was in tie price OF wheat, which dragged
down everything else. Corn held out COM
raratively well, but hog products had very
I'd break. Pork is too much manipulated
by Phil Armour AMI his clique to attract
much OUTSIDE speculation, but q number OF
New York men who cannos live a day with
Oh; gambling at something, allowed them
selves to be ent.cei mo buying pork week
Or ten days a.to, at aoout sl3. So y barrel, and
are now 81 barrel out Of pocket. Of cours,
! the Chicago Sam game .aers got that much
head. They not only took advantage OF the
tumble in wheat to shake the New York hold
srs out, but began to tals c-,o,era ali y,llow
lever ami TO prellct - a barred for pork
When they get back all III, por. they wan
prices will be put up aSa,n without any re-
gard TO cholera or inyt ing else
TEMPERANCE CAUSE.
Neal Dow Addresses II. Enthusiastic Mass
Meeting in Portland.
| PORTLAND, Me, March 3.-Tho prohib-
tio1is.s heid an enthusiastic mass meeting at
the city hall. The alleged republican laxity
with reference to pro;;ib.tory law was vi sor-
ousiy denounced. Gen. +. Neal Dow uade
the speech Of the evening". He said:
1--WE have coine 10 tho pass in Maine when
we must determine what we shall do. We
have prohibition but it won enforce itself.
Our authorities will not enforce ths la's.
They swear to do 50 and then do moi. How
is it that whenever the republican party has
: control in this state the law is not enforced
axcept by individuals Thcs, republicans
say, we are for prohibition, and then take
of their hats to RUN sellers Now the time
has come to tols. / did not bols last fail
The great mass of temperance people did not
bolt. did Il y osst to give ths republican
party victory. and now they say, go away
you old temperance fanatic, we won't allow
you to put down our friends, the rum sellers,
and they say, you temperance men will not
! vote for US any way; We must have the sup
port of the srog shops 1 propose to stop
this; haze voted thai way lone enough;
sm DONE"