THE ECONOMIC DISTURBANCES SINCE 1873. 293 



most meat products and provisions.* Such a demand at extraordinary- 

 prices for crops, beyond the average in quantity and quality, brought 

 temporary prosperity to American producers, and induced great in- 

 dustrial and commercial activity throughout the United States ; and 

 although the crops of other countries were notably far below the aver- 

 age, yet the great advance in prices undoubtedly went far to alleviate 

 the distress of the foreign agriculturist, even if it did not in some 

 cases actually better his condition, and increase his purchasing pow- 

 er of other than food-products. The extent to which the American 

 producer availed himself of his increased purchasing power during 

 the years under consideration is indicated by the increase which oc- 

 curred in the importation of foreign merchandise on the part of the 

 United States, namely, from $437,051,000 in 1878 to 1667,954,000 in 

 1880, and $722,639,000 in 1882. Such an increase represented pay- 

 ment in part for American exports ($110,575,000 in gold and silver 

 being imported in addition in 1881), and a corresponding demand for 

 the products of foreign industries the special effect on British in- 

 dustry being characterized by a statement from one of the witnesses 

 before the Royal Commission (a representative of one of the dis- 

 tricts of Liverpool), that " the depression continued until 1880, when 

 there occurred an American boom, which temporarily lifted prices 

 and induced activity." The testimony of other witnesses was, how- 

 ever, to the effect that in many branches of British industry there 

 was no improvement of condition either in 1878, 1880, or in any sub- 

 sequent year ; the Commission itself reporting (in December, 1886) that 

 there was a general agreement among those whom it consulted, that 

 the depression under consideration, " so far as Great Britain was con- 

 cerned, dates from about the year 1875, and, with the exception of a 

 short period enjoyed by certain branches of trade in the years 1880 to 

 1883, it has proceeded with tolerable uniformity, and has affected the 

 trade and industry of the country generally, especially those branches 

 connected with agriculture." The Commission further reports that 

 the information received by them leads to the conclusion that "in 

 Belgium, France, Russia, Scandinavia, Spain, and the United States," 

 the depression has been " almost identical in its leading features with 

 that existing in the United Kingdom." 



In Germany and Belgium the reaction experienced in 1879, it is 

 admitted, did not extend beyond 1882. 



In France the condition of agricultural and other laborers continued 

 so deplorable that the French Chamber of Deputies appointed a special 

 commission of inquiry in 1884 with a view to devising measures for re- 



* No. 1 spring wheat, which commanded $1.05 per bushel in the New York market on 

 the 1st January, 1878, was quoted at $1.60 at a corresponding date in 1879; and at $1.39 

 in 1881. The corresponding advance in corn was from 45 cents per bushel in 1878 to 

 63 cents in 1879, and 70 cents in 1881 ; while the advance in mess-pork was from $7.05 

 per barrel in 1878 to $12.62$ in 1879, and $17 in 1881. 



