Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-08-31
THE DEPRESSION IN NEW EN-
LAND.

AS the Philadelphia Times
shows, and it is not to be gainsaid,
the cotton trade in the New Eng
land States is in a wretchedly dis
couragiDg condition, and particu-
larly so in these districts which
make printing clotLs their staple
trade. But the evil is only a tens
porary one, which will pass away,
as many previous depressions have
done. with no worse results than a
brief period of idleness to tie help
aud loss Of profits to the stock
holders. Nor will the shutdown
be without some counterbalancing
advantages. It will enable the
mills to make muchsneeded slteras
tions and repairs tending to increase
their productive capacity at a more
economical cost. It will beget
economies and compel reforms
which will cut off much costly but
unproductive help 1t comes upon
the hands at season of the year
when they must need rest, can live
the cheapest, and need little out
lay to make their homes comfort
able until the mills resume opera
tions. Besides thi8. it will clear
the market of the vast piles of overs
pro ced goods which now glut
the warehouses, and it will Justify
the operatives in their long enun~
ciated claim that the remedy for an
oyergorged and profitless market
is shutdown upon production
instead of a cutsdown in wages.
Nobody imagines for a moment
that the Mckinley bill gave new
England good trade, any more than
they believe that the present stags
nation is due TO fears of tariff ie-
form. At least nobody who is in
position to know the circum-
| stances does so. In 1890 81, times
were as bad or worse than now:
and print cloths went down to IS
16 cents per yard, while cotton was
much dearer than it is at present
thus reducing the margin upon
manufacturing TO lower figure
than that at which it is found to be
possible to produce the goods now
The following figures, based upon
the calculation that eight pounds
of raw cotton produce 45 yards ot
printing cloth, will show this to be
Sc:
January 10, 1891. the raw cot.
ton cost, at 50 cents per pound, wa
Is cents; the piece cf cloth, at 2 Is
Is cents per yard, sold for S1,32 3.
16 cents.
August Is, 1898, cotton cost 6s
cents; the cloth, at q cents, sole
for $1.23a, and the margin was 60a
cTnts.
y 1t must be granted that the busi'
ness depression in the New Eng
land States, affecting as it does
over 100000 of epindles ane
245 900 looms and shutting dowr
EN- ploy ment to tens Of thousands o
operatives, Is very serious one
even it it cannot be charged te
tariff reform or to the election OF {
Democratic President, and viii
give rise to a fervent hope that i
will soon be over. Lack of conf
dence, financial stripgency, the ex'
treme caution Of buyers, the un'
settled state of silver legislation ant
the general tightening of purse
strings are all active causes center
ing on the situation, and it will
not he until that confidence is re-
stored and Congress has done ths
work it was called to do that bettel
times can be hoped for, Mean
while goods are being worn ane
worn out and will need to be re-
placed, and in every home in ths
country there will be need fol
j those goods upon the production
of which New England 50 largely
| depends.
| T TO- 4