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Tous les autres exemplaires originaux sont tilm6s en commen^ant par la premidre page qui comporte une empreinte d'impression ou d'illustration et en terminant par la dernidre page qui comporte une telle empreinte. Un des symboles suivants apparaltra sur la dernidre image de chaqi'3 microfiche, selon le cas: le symbole — •► signifie "A SUIVRE", le symbole V signifie "FIN". Les cartes, planches, tableaux, etc., peuvent dtre film^s d des taux de reduction diffdr-ints. Lorsque le document est trop grand pour dtre reproduit en un seul cliche, il est filmd 6 partir de Tangle sup6rieur gauche, de gauche 6 droite, et de haut en bas, en prenant le nombre d'images n^cessaire. Les diagrammes suivants illustrent la m^thode. 1 2 3 1 2 3 4 5 6 No. 3. FACTS FOR THE PEOPLE T&e State of the Country in 1876-Deep Depression E?erywliere. TEB BIBTH 07 THE HATIOITAI. ?OU0T. Btrwnvmi tad Contlnasd Oppofitloii of th» Ub«raU to Iti PrlnolplM— Ho Com- PTomiM Allowed. In 18)6, tbe Mackenzie Qovernment being in power, ttie OoTernor-Oeneral, in tbe speech opening Paciiament, was fnstructed by hia Uinistry to say that < >^the great de- prension which has prevailed throughout the neighboring countries for several years, and which has more recently been felt in the oil world, causing general stagnation of busi- ness, tuts extended to Canada, and has leri- oasly affected our trade." Tbe attention of Parliament thus called to the condition of the country, was, within a week after the opening of the session, directed to an invostl- gation of tbe causes. Mr. Mills, a supportei of that Oovernment, moved the appointment of a committee *o "enquire into the cause ^ of tbe present financial depression." Aftfr lengthy dol)ate the motion carried, the words " manufucturing and commercial'' being substituted fur ■< financial." The debate brought out the fact that TBI DSPRISSIUN or TBAOI was very great. Quoting only from sup- porters of tbe then Oovernment who would not be at all desirous of exaggerating tbe distress, we give some evidence on the extent of the de- pression tliat then existed. Mr. Tasobereau said : "A commercial depression such as has seldom been felt has visited the new world as well as tbe old, and has not spared Canada, having seriously affected her commerce." Mr. Mills said: ■•When we notice in the newspapers irom day to day the failure of men engaged in manu&cturing or commer- cial pursuits in various parts of the country, when we observe statements that a very large number of men formerly engaged in the lum- ber trade and in other pursuits are out of em- ployment, I think it is unnecessary to bring be- fore the house any array of facts for the pur- pose of establishing a proposition which, I suppose, will meet with general assent. . . Wo observe tbat|tboae who have felled are of the commercial class as well as of tbe manufacturing class ; that it is not only those engaged in producing various articles of in- dustry within the country who have suffered, but that merchants engaged in tbe Inlporta- tion of goods have suffered quite as mnob, as far as we can gather from general repoits." MR. WORKUIN SAID : I have Just come to this house from the counting house, from the bankers, the mer- chants and the manufacturers — therefore, i know how very great tbe depression It in those three most important branches of the industiy of the Dominion. For the last eighteen muuibs there has bees a gradual shrinking of values and curtailment of trade, until BOW we have arrived at a condition whicit in forty years' commercial experience I have never seen equalled. . . I know this that tbn manufactures of the country are in tbe moH* deprnssml state ; that this depretlion has brjn g:a(!uiillv going on and Increasing until at prssent nearly one-half of the manu- facturing establishments In and around Mont- real are closed up and tho other half are working on half, or perhaps two-thirds time. Any nnmbor of bands have been discharged and ate Idle to-day, while those who are em- ployed are only earning wages of irom 70 to 80 Percent.of what they earned before, ... 1 can tell bon. gontlomen fiat the manufacturing Intetc8t«,!t not soon protected, with the other industries of tho country, will suffer very much. Thi- meriwuillo intoreats are also very Important, and they depend for sucross upon the suc<.-ef ' 4 FACTS F OR TH E PEOPLE. ~~TWO TIMES OF DEPRESSION. The Old Tariff Period and the New Tariir Period. HOW THE N. P. OPERATED. Canada doea Better In a Tii of DepreMlon than any •ther Countries. AM IT WAS THE I. i».THAT SAVEI HER Sad experience burned dev^into Um beartt ! af men the faoU cf the aevere depreealoD in trade felt during 187S, 1876, 1877, Mid 1878. I Tliose facte need not be recoonted. They ' are still fre«h in ttie minds of the people of Canada. The world at lar^e felt the dapree- 8ion of that period. But tlie depression of the period 1883-85 was muck worse, more wide-spread, catting deeper into tlie roota of liationat prosperity, tlian ^be previous deproa- don. Let as prove tbia. We quote ^om pamphleu publistied by eetablisbed authorl- tlee on tfadi laatters. WHAT Tin AOTBOBITiaS SAT. Paul Lero/ Beaulieu, the eminent Belgian aatbority, • few months ago published au elaborate Investigation into •• the causes of the present oommeicial crisis. " He says: <• The whole world has been suffering for two years under an intense commercial crisis. Hardly any country baa escaped the strin- gency * * * All liinde of commercial ac- tivity bear witness to a universal languor. The railways show diminished receipts over all tbe Europenn continent and in the British Isles. Tbe foreign commerce of France has declined for five years during which time the valuation of imports has diminished by IS per cent, and that of exports by ten and a lialf per cent. Englund ulso is struggli-ig against difficulties of a similar character. I^y, where the fluancial management in later years has been excellent, has had to pay a tri- bute, though In smaller proportionate ' amount, to the general depression. Oermany has mot a check in the speedy race to wealth which it prondly thought it was making. lu the United iStatus, the exports have billen two hundred millioL. dollars since 1880 The Argentine Republic also is obliged to struggle against grave financial and commer- cial embarrassment. We may coneider then that all nations are afflictud with commercial depression." aNDoasip sv liomk uivi. A. M. Goadley in his priie essay (1885) awarded 100 guineas, by Leone Levi, says : ■■ The depression is widespread. It is as keenly felt in America as it is in Europe. One hundred and tweut^-one banks failed there laat year and buainesa iUiures amounted to X50,000,000. Agriculture la suffering in tbe United States quite aa much u it is in Qer- maoy, France, Austria and Russia, if not quite •o koonly as it Is lu England. The American Iron trade is uo butter than our own Engllib trade. The French silk trade is not more proaperous than the English cotton trade and the same may be said of a large number of other industfiea. If we look at (be large towns M Indesat of mlsoeilAneous industrlee or aa rtprManttng the oentrea that attract un- amployad labor, the same sad tale has to be told. Maw York 1« ■■ badly off as London, Paris and Lyons are ; as full of discontent aa Bei'lln and Ylenita. The almoat unlvwial fall of prlcea is a revelation to us that general caosea are at work operating over large areas." William Watt, also one fif the winners of the 100 Rulaea priie for the best essay -n the present d-presaion of trade,8ays ; "A period of depresBion reached its lowest point in 18S7 or posBtbly in the early part of 1868, and from the low water mark of that time a continuous rise took place till 1873 when the culmination took place and recession again b6°'au . The backward movement then continued for five or six ye^rs. In 1879 the tide onee more turned and there was a rapid advance in 1 880 ; then a panse, followed by a farther great ex- pansion and too soon came tbe reaction of which it is to be teared we have no. yet (1886) seea ttMend." MvBgredien, Medley and a doaen ot other authorltiea agree that the latter depression has been worea than its predecessors. "rofessor Fawcett considered that the industrial de- presslOQ began fa the clocing months ot 1874 and has contiaiied. Wallace In "Bad TImas" says : "I>ur!ng every sncceeding year It hM continiwd to be felt with more or less eeverfty." WHAT Wa HAVa ■STABLISBBO. We ««tabliBb thlB point that the general opinion is that the depression of the period 1883-85 was tbe worat tver known, far ex- ceeding that of the period 1875-79. ilow did the N. P. act in Canada during that period of deepast depreesion in all tbe great industrial nations of the world 7 We appeal confidently to faiits, which show that tbe people of Canada hr.rdly fv."^ more th-Nn a pause la the business activity of the country. There was more or less of languor in business. But while other nations entered tbe black cloud of depriinsion, Canada barely touched tbe fringe, \^'taUe in the period of slight depression throag.taout the world under the old tariff thicgg went generally to the bad altogether,iu the severer tuid more general de- pression period of 1883-'85 the worst that oosld be said was that motney was not made as rapidly as In tbe brightoi period of 1880-81. Let ns compare 18-78 with 1886 where practicable and with 1885 when theatatlstlos of 1886 are not to be obtained. WHAT THI FAILnaa- HROOHD SHOWS. Failures in business ar* bad for the general community. They cansu- loss to the creditor, injury to solvent traders in tbe lame line of business, and suffering to all who lose or are kept out of their money. During the comparatively slight depression of 1875-78 the tailures were 9,187, with total liabiUMefl amounting to over 133 million dollars. Daring the period 1'.883- 1886, when the whole world was in a diaker, the farmer, the clothier and all who make their living by supplying families are deeply interest«d In having these flunillea retain their inco|nea to the full. Jlighut guottUiont qf bank and oilur ttoeki in th4 yean 1878 and 1886. 1878. 1888. Old Tariff New Tariff ... , .. w Period. Period. Hontrtyal baiik.,.1 I7il a«i Ontarlol>ank 07 132tf Mersbanta bank SB 1»'/Q Molsoiu bank 101 146 Toronto bank 140 si» Ooiame- -5 n» laiii Eastern x'ownabkos bank. 107 1S3 Uulon ba .k m ga Uamlltoa bank 101 las Dominion ban'. isi 393 Jacques C'artl'r bank.. . . 05 71 Federal ban)- 106 m Imperial bank 108 133 TAKB USCBLLANKOrS STOCKS. There were not a great .nany of these in 1878 compared with now, b > rajiid has been the development of the co'iotry under the present system. We Bud the 'ollowing Iq « Montreal stock list which can be cciupared : 1878. 1888. Montreal Telegraph 134 133 Dominion 86 94U Montreal Oas oompauy ... 1S8 a24 Olty Passenger railway... tt4W 250 Klchelieu A Ontario Navl- gallon company esu aeii Boyal Canadian Insurance company 83Ji 100 BANK MOTB OIBCULATION. When business is brisk notes (bank and Dominion) circulate Ireely ; when business is slack these get back to tbe banks as fast as they can. In times of d- pression they Uurry back "at the double" as military men would say. They ure the very best indicator of the state of business at any given time. At tbe end of October, 1874, tbe t iroul- f tion required for tbe daily actual business of Canada was 32^ million dollars. At the same date 1878 it was 25,200,000 dellars. It began at once to .un up under tbe N. P. and in October 1882, it was 43^ millions. When the depression in outside counties was at its worst in 1884 Canada felt the effects and the circulation went down to $39,400,000. It recovered the next year and was $40,100,000. LastDcoember it wa8£43,600,• 000. It will be seen that during the slighter de- pression under tbe old tariff the circulation went more than ten million dollars below 1874, while at the worst period of the deeper and more general depression outside of Can- ada the circulation only went four mittions be* low tbe liest year of tbe new tariff, and was at the lowest point in the latter period fourteen millions higher than at its lowest point in tbe earlier period ; It was ten millions higher in the worst year ot tbe new tariff period than it was in the best year of tbe Gnrtwrigbt period, and nearly seven million dollars blither than during the << booiLlng " year of 1874. TBI DiSOODMTS In 1874, before tbe depression period, the loans and discounts for 6epteml>er and October averaged $146,000,000. They went staadily down till in 1878 tbey wore only $131,000,000, They sprang up under the new tariff in 1881 toSU6.960.- 000 and in 1883 reached $174,560,000 Under tbe infiuence of the deepest depres»ioD the general world has ever known tbey dropped in 1885 to $168, 870.000, but sprang up anin in 1886 to $167,380,000. Again It is to be noted that the lowest amount in tbe deepest period of tbe last depression Is orer thirty million dollars more than the lowest in the slighter general depression and twenty millions more thannthe highest of tbe Cart- wrlaibt depression p3rlod,and fourteen million dollars more than In the booming year of 1874. The N. P. stood a firm and trusty friand to ui and prevented other oountrios from de- stroying our hone trad* and manutacturing industrlaa. FACTS FOR TH ~fW0 TIMES OFD The Old Tariff Period and the New Tariff Period. HOW THE N. P. OPERATED. Caaiida does Better in a TIbm or Deprewlon than any •titer Countriee. AND IT WAS THE H. i».THATtAVEI HER S»d experience barned dev^into Um bearti of men the facta cf tbe severe depression in trade felt darioK 187S, 1876, 1877, and 1878. I Those facts need not be recoanted. They are still fresh In the minds of the people of Canada. The world at lar^e felt the diipres- sion of that periud. But the depression of tbe period 1883-85 was much worse, more wide-spread, cnttlag deeper into (he roots of national prosperif.y, tlian ^be previous deprea- don. Let na prove this. We quota from pamphleu pnblishet) by established aathori> ties on ttkdi laatters. WBAT TB> AOTBOUTUS SAT. Paul Lero/ Beaulleu, tbe eminent Belgian anthority, a few months ago poblisbed au elaborttte Investigation into < • tbe causes of tbe present oommeicial crisis." He says: " Tbe whole world has been suffering for two years under au intense commercial crisis. Hardly any country has escaped the strin- gency * * * All kinds of commercial ac- tivity bear witness to a universal languor. Tbe railways show diminished receipts over all tbe Europeen continent and in tbe British isles. The foreign commerce of France has declined for five years during which time tbe valuation of imports has diminished by IS per cent, and that of exports by ten and a half per cent. England Uso is atruggli-ig against difficulties of a similar obaraoler. I^aly, where tbe fiuancial management in later years has been excellent, has bad to pay a tri- bute, though in smaller proportionate ' amount, to the general depression. Oermany has root a check in the speedy race to wealth which it proudly thought it was making. In tbe United Hiatus, the exports have fallen two hundred milliOL. dollars since 1880 Tbe Argentine Republic also is obliged to struggle against grave financial and commer- cial embarrassment. We may conr.ider then that all nations are afflictud with commeroial depression." aNOOBSIP BY LBOKI LIVI. A. M. aoadley in his prise essay (1889) ' awarded 100 guineas, by Leone Levi, says : ■■The depression is widespread. It is as keenly fsit in America as it is in Europe. One hundred and tweuty-one banks failed there last year and business failures amounted to £50,000,000. Agriculture is suffering in tbe United States quite as much as it is in Ger- many, France, Austria and Russia, if not quite so keenly as it is in England. The American iron trade is uo better than our own English trade. Tbe French silk trade is not more proaperous than the English cotton trade and the same may be said of a large number of other industries. If we look at the large towns as indexaa of misoelUoeoas industries or as rapraaanting the oaatrea that attract un- employed labor, the same sad tale has to be told. New York U as badly off as London, Paris and Lyons are ; as full of discontent as B«i'Ua and Vlaana. Tbe almoat unlvenal fall of prlcea is a reveUtion to us tbi caosea are at work operating o' areas." William Watt, also one of the v the 100 guinea prize for tbe best es< present d.,pression of trade,gays : ' of deprasslon reached its lowest poii or posslWy in the early part of 18«8, the low water mark of that time a 0( rise took placo till 1873 when the cu took place and recession again bbf» backward movement then continue or six y«»rs. In 1879 tbe tide oi tamed and there was a rapid advance then a panse, folIowe^'hile in the slight depression throug.taout the wu the old tariff thicgs went generally t altogether, iu the severer itnd more ge pression period of 1883-85 the w( ooald be said was that m«aey was no) rapidly as In tbe bi'igbtui period of Let ns compare 1978 with 188( practicable and with 1885 when tbe.i of 1886 are not to be obtained. WHAT THi rAiLuaa' ntaoBo sao Failures in business ara bad for th community. They causer loss to tbe injury to solvent traders in the lama business, and xuCfering to all who lot kept cut of their money. Daring tbe comparatively slight di of 1875-79 the failures were 9,187, w liabilities amouutiag to over 133 dollars. During tbe period l'88218l the whole world was in a diaker, the farn clothier and all who make their V .-lupplying families are deeply intet having these families retain their im the full.