Year: 1879

CHICAGO, Aug. 1.-The Congressional hare
times committee to-day called on Mr.. VIM
Stewart, wholesale grocer, az the first witness
He thought the season Of depression hao
passed. Business WAS being conducted upon
a firm and safe basis. The financial prob
lens would solve themselves He did not be
lieve in congressional interference with them.
He believed there were but few men I'm Chica-
20 now who could not, II they wished 1t, get
work sufficient to obtain all the necessaries
and some OF the comforts OF life Money was
plenty enough In Chicago.


An increase Df currency would not Increase
business Mr.. Stewart said the Northwest
was In very sound aud promising condition.
tt had enough money TO take care of all It's
products. The only thing that might hinder
Its prosperity was an Oyerabundance OF
money. He believed the Secretary OF the
Treasury was caring for the best interests of
locked up In the treasury was a proof that
the people had nothing to exchange for it.
He believed In contracting the fictitious
money of the country and letting out real
money-gold and silver


The recovery Of business in the northwest
was partly due to the resumption OF great
railroad extensions, which were stopped by
Il the panic, throwing thousands of men out Of
employment. He did not think that recov-
cry from the effects of the panic was due at
all to legislation. The witness believed In the
French system OF finance. Every paper
dollar sent out by the government should
have a gold dollar to back it. A tluctuatlng
currency was the worst curse ever inflicted
upon the country. 1t had made his hair gray.
The repeal of the bankrupt law helped to re-
store business confidence and prosperity
throughout the Northwest.


0. w. Potter, president of the Chicago Roll
Ing Mills, testified that their business was
never more prosperous. They employed 1000
men. The margin OF profits was smaller, but
the volume of business was greater. He ex-
pected an appreciation In the price Of labor
and merchandise within year They had
considerable difficulty in getting good labor
ers; common laborerS We're harder to get
than skilled workmen. He thought there was
money enough all at to carry on the business
of the country. Laborers had been poorly
paid, but the price must be increased.


The credit system had been one OF the
greatest evils In causing the depression Now
people We're learning to live within their
means. The repeal oi the bankrupt law was
also causing better times. He opposed the
Immigration OF criminals. We don't want
q people In this country who can't get along at
home. Prison labor was very great evil.
1t should be abolished in all the States. Pres-
dent Hayes did right in vetoing the anti-Chi-
nese bill, because 1t violated Il treaty, but he
was In favor of excluding the Chinese from
he gotten out Of the way aud then the anti
Chinese bill passed. Men in hts mills worked
BY the piece, and did not want a reduction of
hours.


II Jesse Spalding, president of the Sturgeon
Bay Canal Company, Was the last witness.
Resumption, he thought, helped the busi-
ness OF the country. There was no sur
plus of labor ia Chicago SO far as his OBJ
servation went The demand was greater
than the supply. At his lumber in Wis
eonsin and Michigan, they We're short vi men.
1.-THE eight-hour law was passed, the honest
laboring men of the country would be greatly
damaged. majority Of them did not want
such law


At the conclusion of Mr.. Spaiding's testt-
mony, the committee adjourned 70 meet ia
Vmaha next Monday. They leave here to
morrow morning for that city and go thence
SoSalt Lake and San Francisco.