Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1896-10-09
SOME CAUSES OF
BUSINESS TROUBLES
They 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.

/ valuable pamphlet, entitled "a Few Fact
p For the Consideration of the People of tn,
u South and West, J." has recently been ISSUED
u by Richard II. EdmOnds, the well known
= editor Of The Manufacturer Record Of
Z this city, journal of high standing and
= wide influence. MIR. EdmOnds aims ia
= prove that ''all of our business troubles
q ere not due to the present monetary stand
I ard, as the silver advocates claim, and to
show further that the marvellous progress
: of the south and west dispFqYes the claim
! that the east is growing rich at the ex-
y pense of other sections, which is favor
lite claim Of the BFyanites with their con.
! slant diatribes against Wall street and the
"robber barons of the east. ~
= MIR. EdmOnds establishes these PROPOSE
! tions in an elaborate and forceful argu=
ment, Of which the following is a summary
Although we arc told that the business
Interests Of the country have been ham,
pered by the effect of the demonetlzation
act Of 1873, 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
census was s43,842, 00Q,Q while ths
valuation in 1890 was sos 01b, 900, 600, or
a gain Of s2l 900, 200, 900, not counting the
increase in railroad property In 1870 the
total capital invested tn manufactures IN
the United States was So, III EOS 600 BY
1850 this had increased to 81, 100, 279, 600 /
Between 1880 and 1890 the increase was
phenomenal and the census of 1890 showed /
a total capital of &c. 524, 475 600 The num- |
Der of hands employed in factories increased /
from 2,732, 900 in 1880, whose aggregate |
Wages amounted to Sg47 a58,gQQ, to A7ll
I 5lS IN lSAA with agggegaps wages Of 50,
/ 2S2, S28 pho. Keeping pace with manu-
featuring growth, the mining interests Of
the country turned out 5000, 00Q, 900 worth
Of products In 1890 AGAINST s3ga, 0Q9l QO0
Ten years before.
IN 1880 we had a3, 900 miles Of railTaadi
In 1890 we had 100, zoo miles, q gain OF
1900 miles, or about so per cent. The
number of locomotives in use in the Unit
ed States increased from II, 800 in 1880 to
81, 200 in 1890, and the number of passep
SKI trflehF ana pageige gaps frqn Sac D0g
70 l,Q92 900. The deposits in savings
banks rose from $4,000, 600 to 81, 650,.
0000
The eastern farmer knows full well that
1t is competition with the great western
prairies, where millions of acres of new land
were opened up hy nav ,ailroads and settled
py millions Of foreign immigrants (nenrly
100000 600 having come to this country
within the lust 20 years., that first made
wheat growing less profitable to him than
fofmerlY Then eatle the en1oriinioilus in.
grease in grain production in this country
and in others, which necessarily caused q
big break in prices. The decline in the
price Of wheat came about from the eco
nomio change brought about first by west
ern wheatfelds 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 t.
years ago we were cultivating about co.. !
A0ABgl acres ngEs than we should have
been cnltivating az that time, based on the
average acreage per cnPiba in 1870. Our q,
grain production increased much moro :,
fapidly than our population. In 1895 We =
raised 20 bushels more per capita than we :,
did IN 1868, and over 10 bushels more !,
than IN 1870. This would mean that our -
aggregate grain crop of 1895 was about I
700 O0O 600 bushels larger than it would
have been NJ the rate pf production pcs
iapiFQ Of 1870, ana /, APO, 900, 900 bushels
more than ut the rate per capita in 1864
5Hch rate Of increase beyond the growth p
If population could only rnsalt in depres.
sion in prices, regardless of tariff or dnans
,ial laws.
Through the whole range Of human af- T.
airs this Wanderlnl era Of Inventions, thia =
quarter of a century unlike any other In y
he worlds history in the wide sweeping U
fleet Of its new processes, new methods, -
las had the effect of causing steady de- "
limo in prices, If we are to find the real a
ause of this very general shrinkage, we q
must seek it here Instead Of decrying thq ~
demonstration Of silver va must decay Z,
he lngenuitt NC the HUMAN mind in bring -
ng forth 40 many inventions that have :"
heapened tho cost of everything except =. ~
Ibor. VI
Mr.. EdmOnds then considers the section ~ ~
] argument and outlines the marvellous -
rowth and development of the south in ~ ~
his way: VI
Between 1850 ard 1890 the south gained
8, 500, 900, 900, or an increase of 30 per
emit, while the New England and middle -,
.ates combined, starting with S17, 533,- 81
10000 in 1850, gained only 49, 900, OOO,- 70
%, or an increase of % per cont. The p
1uth, having in 1880 total farm assets, q
icluding the value of farms, implements 81
&C., of 81, 3l4, 600, 600, made an advance III
: 800 to So, 1872, 600, 600, or gain of 81 ~
ar cent, During tine same period the in ~
ease In farm values IN all other STATES Y.
nd territories was from 50, 100, 900, 600 to ~
'ntage Of gain in the rest of the country w
ling less than in the south, notwith-
anding the opening up OF the great west mn
: the enormous immigration that poured on
ito that region between 1880 and 1890. Br
The increase in the value of western S1t
'operty was 50, 100. 600. 600. or two and ar
le-third times as much as the gain in the les
CIV England and middle states combined. Re
he Pacihc coast alone gained 81, 100000, lat
% in value against So, 900, 000, 900 for tine sil,
mbined middle and eastern states Is
In 1880 the south had s257, 244, SOL in No,
sted In manufacturing. BY 1890 this nv
d increased to 1868, POS, S17, gain Of me
6 Per cent, while the gain in the entire
untry was l20. rs per cent The valu~
tho manufactured products of the south 4
SO from sl57, 454, III in 1880 to $91T,- oct
9, 045 in 1890, gain of 100 ger cent, hin
S, ,nst an increase Of only 90. 81 per cent wo
the whole country. The factory hands net
the south received s75, OF, Al in wages MI,
1880 and in 1890 s222, lis, sos. vail
IN 1880 the south had s2l ,078, 600 In cen
sted in cotton manufacturing 1t had wo,
that time 161 cotton mills, with 667,- doll
0 spindles and II, 300 looms. BY 1896 ern
is industry had increased to 20 mills, acti
tn 1, 200, 900 spindles, $4,000 looms and inc
I, 100, 600 capital. At the present timr sun
e south has IN round figures about SOC
ton mills. 1t has nearly 1000, 600 spin
IS and a capital invested in cotton man. 4
4, turing Of about Sl15, 600, 600 to $780, Luy
1000. Ind
The cottonseed oil industry has been Is u
Actically created since 1880 At hhat with
ne there we've 40 mills. with canital Of -au