Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-10-10
SOME CAUSES OF
BUSINESS TROUBLES
hey Are Not All Due to
the Present None
tary Standard.
OTHER REASONS SHOWN
False Cry Of Sectionalism.
The East Not Growing Rich
at the Expense of the
South and West.
Isnecial Corresnondence.l

BALTIMORE, Oct. An exceedingly
valuable pamphlet, entitled A Few Facts
For the Consideration Of the People of the
South and West, has recently been issued
by Richard H. Edmonds, the well known
editor of The Manufacturer Record of
this city, journal of high standing and
wide influence Mr.. Edmonds aims to
prove that all of our business troubles
are not due to the present monetary stand
ard, . as the silver advocates claim, and to
show further that 9 the marvellous progress
of the south and west disproyes the claim
that the east is growing rich at the ex-
pense of other sections, = which is a favor
lite claim of the Organizes with their con-
slant diatribes against Wall street and the
"robber barons of the east.
Mr.. Edmonds establishes these PROPOSE
tions in an elaborate and forceful argu-
ment, of which the following is summary:
Although we are told that the business
interests of the country have been ham,
pered by the effect of the demonetization
act of 1878, an examination Of the census
reports of 1880 and 1890 will show that
that period was the most remarkable one
in the history Of American development,
The true valuation of all property in the
United States in 1880, as reported by the
valuation in 1890 was 500, 900, 600, 900, or
gain of s21, 900, 000, 900, not counting the
increase in railroad property. In 1870 the
total capital invested in manufactures in
the United States was SO, lis, POS, 900. BY
1880 this had increased to So, 790, 272, 600.
Between 1880 and 1890 the increase was
phenomenal, and the census of 1890 showed
total capital of Sc, 524, 475, 900. The num-
Der of hands employed in factories increased
from 2,732, 600 in 1880, whose aggregate
wages amounted to S947 953, 900, to ALL,
S32 in $780, with aggregate wages of $2,-
2S2, 1928, 600. Keeping pace with manu-
featuring growth, the mining interests of
the country turned out $3.50, 600, 600 worth
of products in 1890 against 1869, GOO, 600
ten years before
In 1880 we had 90, 900 miles of railroad
in 1890 we had 1866, 700 miles, gain of
49, 700 miles, or about so per cent The
number of locomotives in use in the Unit
ed States increased from H. 900 in 1880 to
32, 200 in 1890, and the number of passen-
ger, freight and baggage cars from $50, 600
to 1902, 900. The deposits in savings
banks rose from 1919, GOO, 600 to 81 $780,
600 GOO
The eastern farmer knows full well that
it is competition with the great western
were opened up by new railroads and settled
by millions of foreign immigrants (nearly
10000, 600 having come to this country
within the last 90 years., that first made
wheat growing less profitable to him than
formerly. Then came the enormous in
crease in grain production in this country
and in others, which necessarily caused o
big break in prices The decline in the
price OF wheat came about from the eco
nomic change brought about first by west
ern wheatlields and later by the increase
of wheat growing in other countries, sup
plemented by the decrease in cost of har-
vesting and transportation. Five or six
years ago we were cultlvating about co.,
600 900 acres more than we should have
been cultivating at that time, based on the
average acreage per capita in 1870. Our
grain production increased much more
rapidly than our population. In 1890 we
raised 20 bushels more per capita than we
did in 1866, and over 10 bushels more
than in 1870. This would mean that our
aggregate grain crop OF 1895 was about
ZOO 600 900 bushels larger titan it would
have been at the rate of production per
capita of 1870, and 400, 000, 600 bushels
more than at the rate per capita in 1865.
Such a rate of increase beyond the growth
sion in prices regardless of tariff or dnan-
cial laws.
Through the whole range of human af-
fairs this wonderful era of inventions, this
quarter of century, unlike any other in
the worlds history in the wide sweeping
effect of its new processes, new methods
has had the effect of causing steady de-
cline in prices If we are to find the real
cause of this very general shrinkage, we
must seek it here. Instead of decrying the
decentralization of silver, we must decry
the ingenuity of the human mind in bring
ing forth so many inventions that have
cheapened the cost of everything except
labor
Mr. Edmonds then considers the section
al argument and outlines the marvellous
growth and development of the south in
this way:
Between 1880 and 1890 the south gained
SO, 800, O00, 900, or an increase of 90 per
cent, while the New England and middle
states combined, starting with $17,533,-
O00 900 in 1850, gained only SO, 900, 000,-
900, or an increase of ~ per cent. The
south, having in 1850 total farm assets,
including the value of farms, implements,
etc, of S2,3t4, 100000, made an advance
by 1890 to So, SO, 600, 900, or gain of 81
crease in farm values in all other states
and territories was from 50, 100, 600, 600 20
S12, 797, O00, 900, or 80 per cent--the per-
centage of gain in the rest of the country
being less than in the south, notwith-
standing the opening up OF the great west
by the enormous immigration that poured
into that region between 1880 and 1880.
The increase in the value Of western
property was so, 100 000,0o or two and
one-third times as much as the gain in tho
New England and middle states combined.
The Pacific coast alone gained "a, 200, 600, :
900 in value against So, 900, 600, 900 for the
combined middle and eastern states.
In 1880 the south had $257, 244, 561 in
vested In manufacturing. BY 1890 this
had increased to 1858, POS, S17, gain OF
l56 per cent, while the gain in the entire
country was 100 rs per cent The value
Of tho manufactured products Of the south
rose from &4B7, 454,777 in 1880 to $9I7,-
$50, 046 In 1880, gain OF 100 Per cent.