New-York tribune., 1889-12-20

This has been year OF UNUSUAL ProsPoiA'!'
Doeful lamentations of those who oppose
National industrial policy, the natural gloom
of those who have been turned out OF pohtlcal
nlaces of mower. and even the real depression
in some branches of industry, cannot hide the
fact that the wealth-producing forces OF the
Nation have been employed with better results
than in almost any previous year. Perhaps IL
NAV be found that the very depression OF when
some complain has in measure contfiouoeo
N secure a distribution of wealth more favor
able to the great body of the people than was
attained in either of the previous years OF pros
perity.
Regarding the magnitude of production there
can be no question. The yield OF crops, reck-
oned in quantities, has considerably surpassed
that of any preceding year, and if prices have
been remarkably low at seaports or centres OF
trade. that is largely because charges for trans
portation have been unusually low. From TINS
it has resulted that products have been de-
liyered to consumers at very low cost, ana thao
expenses of living have been low, while the
prices realized by farmers have been moderate
though actually higher than in some previous
years of prosperity-but their expenses have
also been rendered moderate by the cheapness
of most of the articles they have to purchase
The transporters and the middle men have
charged much less than in other years, ana
have made some complaints. Yet the traffic
has been so large that railroads report earnings
larger than ever before, though larger eA-
penses have left them only moderate profits.
The iron industry has produced more by far
than in any previous year, but at such mod
Of ,a4 re haV
orally been exorbitant. The cotton industry
has not quite held its maximum production, and
vet has much exceeded its output in previous
years of prosperity, while the leather and boot
and shoe industries have probably surpassed
all previous production, and yet have furnished
products at the lowest prices ever known. III
the woollen industry has been embarrassed, 1t
must be remembered that the low prices OF
clothing have been helpful to consumers, name
y, to the whole people, and meanwhile the
work of this industry in pounds OF wool man
ufactured or in yards of goods produced un-
doubtedy exceeds that of 1881 or 1882, the
years of previous maximum prosperity in other
branches. The building trades, if not quite so
active as in one preceding year, have far sur
passed their production in other years of pros
perity.
The aggregate of bank clearings outside of
New York will probably exceed twenty thou
sand millions, against eighteen thousand mill
ions last year, and against less than fourteen
thousand millions in 1881 or 1882. ms does
not accurately measure the growth OF business,
and vet affords a sure indication that the IN
crease has been greater than the increase in
population. Including this city, the clearings
will exceed ffty-fve thousand millions, an
amount surpassed only in 1881 and 1852 when
wild speculation at New-York made differ
ence of three thousand to four thousand mill
ions in the aggregate. But another great
difference exists The general level of prices
this year has been fully 20 per cent below the
level of 1881 or 1882, so that the quantity OF
products represented by payments then made
through banks, if sold at the prices of this
wear would not have called for payments OF
more than fifty thousand Millions speculation
included. At the lowest possible estimate, the
volume of business reckoned in quantities or
articles must have increased fully so per cent
since 1880, the population having increased
about 80 per cent.
Next must be reckoned the important fact
that, with prices, and therefore the cost OF
living, at least 90 per cent lower than in 1881
and 1882 the wages of labor are on the whole
higher. In some branches of employment this
is not the fact, but reckoning all classes of
labor with due regard to the number employed
in each, the average must be at least 3 per cent
higher than in either of the years named, and
5 per cent higher than in 1880. From this it
follows that the distribution of wealth has been
IL 1 1. u
workers have received little more money, and
their money has purchased at least 20 per cent
more goods than in previous years of maximum
prosperity. 1t is probable that the year 1889
may hereafter be reckoned as on the whole the
best yet known in results for the great body
of the people.