THE ECONOMIC DISTURBANCES SINCE 1878. 299 



German "War in 1870. The progress of depression has been irregular, but with 

 a persistent downward tendency since 1874. The present tendency is still down- 

 ward. Testimony of the North of England Iron Manufacturers' Association, 

 September, 1S85. 



The depression has been increasing in intensity during the last four years. 

 It was probably never greater than at present at this season of the year. Testi- 

 mony of the British Paper-Makers' Association, September, 1S85. 



Trade began to be depressed in 1876, and has continued so till the year 

 1883, with intermittent spurts of improvement But from the end of 1883 the 

 depression has become increasingly acute. Testimony of North Staffordshire 

 Chamber of Commerce, October 21, 1885. 



As a proof of the deplorable state this trade [woolen-yarn spinning, Hud- 

 dersfield, England] has been in for the last ten or fifteen years, we most respect- 

 fully beg to inform you, we hold the list of fifty firms of spinners who have been 

 ruined and brought into the bankruptcy court during that period. Another 

 proof of the very serious state of trade here is to be found in the depreciated 

 value of carding and spinning machinery. Good machines, and for all practical 

 purposes equal to new, if brought into the market will only realize some thirty 

 or forty per cent of their cost price. Mill property is also in a similar po- 

 sition. Report of the Huddersfield {England) Chamber of Commerce, October, 

 1885. 



1886. Out of the total number of establishments, such as factories, mines, 

 etc., existing in the country [the United States], about eight per cent were abso- 

 lutely idle during the year ending July 1, 1885, and perhaps five per cent more 

 were idle a part of such time; or, for a just estimate, seven and a half per cent 

 of the whole number of such establishments were idle, or equivalent to idle, 

 during the year named. . . . Making allowance for the persons engaged in other 

 occupations, 998,839 constituted "the best estimate" of the possibly unemployed 

 in the United States during the year ending July 1, 1885 (many of the unem- 

 ployed, those who under prosperous times would be fully employed, and who 

 during the time mentioned were seeking employment), that it has been possible 

 for the Bureau to make. ... A million people out of employment, crippling all 

 dependent upon them, means a loss to the consumptive power of the country of 

 at least $1,000,000 per day, or a crippling of the trade of the country of over 

 $300,000,000 per annum. Report on Industrial Depression, United States Bureau 

 of Labor, 1886. 



1886. It may be remembered that about twelve months ago there were evi- 

 dences of an improved feeling in the English iron-trade. This was caused by 

 the news of improvement in America; but this better feeling soon passed away, 

 and was succeeded by even a deeper depression and lower prices. . . . On exam- 

 ining the Board of Trade returns, it is disappointing to find that any improve- 

 ment in our exports is confined almost exclusively to the United States, and that 

 many of our principal customers have been taking less than formerly. This, 

 however, may be explained by the depression which has hung over other coun- 

 tries in common with our own. London Statist, November, 1886. 



1886. The present crisis has a much more general character than any of the 

 crises which have preceded it; because it is a part of an abrupt transformation 

 in the production and circulation of the whole world. For the same reason, it 

 is destined to last longer. M. Leroy Beattlietj, Revue des Deux Mondes, 1886. 



1887. It is pretty well known that the late revival in the English iron-trade 

 wa9 largely, if not exclusively, due to an increased demand from the United 



