The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-23
THE GENERAL DEPRESSION.

II has been thought for some time that
the depression in general business which
we experience in the United States is not
confined to this country. ours is or
course. sharply accentuated by the hnan-
cial manic which the cheap silver dollar
subjected us TO eighteen months ago. but
an impression has been gaining ground
for some time that the whole world has
come 10 be affected within the past few
years with a growing stagnation of busl-
ness Evidences that this is so are ac-
cumulating. For instance, the imports of
the German Empire for the first nine
months of the year 1894 show an increase
over last year of rs per cent. in guam
tty, and of only OF per cent in value
while in the exports there was gain OF
62 per cent in quantity, with loss or
81 per cent. in value. Prices continue
therefore, to sag there, as evidences show
them to be doing everywhere else in the
world. We are not complaining of this. on
the contrary, we are firmly convinced that
low prices and the highest happiness of
which man is capable are inseparably
connected. We only desire 20 fix atten-
ton, in the first place, upon the fact that
decreasing prices. which we choose TO
call depression in business, are the rule
universally over the world and by no
means confined to the United States.
There must. of course, be some general
cause for this, and, TO our mind, II is
not at all difficult TO discover that gem
eral cause. The advances in the last
quarter of a century in the methods of
production have made supply of every
thing that man uses far beyond the ca
pacity of the worlds consumption This
is by no means confined to manufactures.
1t is manifested in every direction-in the
supply of food as we'll as in the supply
Of pig iron or hats and shoes.
Every person coming from England tells
us OF the depression in agriculture there.
Prices of agricultural products are so
low that tenants are throwing up their
leases and landlords are in despair. The
explanation of this is simple enough,
The Argentine Republic is filling Liverpool
with wheat which the Argentine farmers
are glad TO sell at a price that will net
them % cents in Argentina. This means
that they are going to sell wheat in
Liverpool at something like 80 or 40 cents
a bushel. The English tenant cannot of
course, pay rent out of wheat sold at any
such price as this. A recent report by
the Secretary of the Kansas Department
of Agriculture undertakes to examine and
state the cost OF raising wheat in Kan
sas, and 1t cannot probably be raised in
England much. If any. cheaper than in
Kansas. The average cost reported is
IS IL cents a bushel at 10 bushels to the
acre as cents at Is bushels 10 the acre.
50 AS cents at 20 bushels 10 the acre u
cents at 25 bushels TO the acre. q cents
at 80 bushels 10 the acre, and % cents
at So bushels 10 the acre. Ii is not pos
sible for the Englishman 10 compete with
the Argentina wheat-grower on any such
terms as these, hence we hear of the
English farmer complaining that the
country is going TO the demnition bow
vows. We do not. however, hear the
many millions Of people in England who
raise no wheat complaining OF this ex-
tremely and gratifyingly low price OF
bread.
We conclude, therefore that the steady
decline in prices which we see going on
every day in everything. and which we
call depression In business. is universal.
and therefore that IL is due TO general
cause which is oversupply and We ask
then. what is TO be done about II? What
ever is done we shall never consent either
10 try to put prices up again or If we
could consent TO that to try TO put them
M by debasing the medium Of exchange.
But. to answer the questionable first
thing 10 be done is 10 10 nothing and
leave conditions TO settle themselves 10
tho new order of things that new inyen-
lions have produced We may tinker and
as we please. but our petty
Juggling will have no more influence on
the final outcome than ny speck mas on |
a granite wall. The solution OF the case
rests In evolution and In the graouaI
ADAPTATION of men to the changed state
Of affairs. We can help that process OF
evolution powerfully. however, u We w'a'