Journal: Bibliotheca Sacra
Volume: BSAC 53:210 (Apr 1896)
Article: The Demand For More Money
Author: Edward W. Bemis

BSac 53:210 (April 1896) p. 306

The Demand For More Money

Edward W. Bemis

It may seem strange to many readers of the BIBLIOTHECA SACRA that an article so largely economic as this should appear in its columns. But when the American Board of Foreign Missions, for the first time in its history, has been forced to reduce the salaries of its missionaries ten per cent, and to reduce the volume of its missionary work one-fourth; and when all philanthropic, religious, and moral work finds it increasingly difficult to secure contributions because of the bad condition of business, no apology is needed for a study of the causes of this condition.

Indeed, in these times of industrial depression all social reformers make slow progress. When every one feels poor, or at least anxious as to the business future, large sacrifices of time and wealth for the public weal are less freely made. The trades-union, built up through many years, suddenly loses half of its members. Wages fall in one year more than several years may be able to restore. Hours of toil, which in many trades had been reduced to eight, are increased to ten, while restrictions on child labor are harder to advance, and tens of thousands of willing workers are unable to find employment.

Surely every reformer, every student of society, every business man, every laborer, and indeed every citizen, is interested in the causes of the industrial depression through which we are passing.

BSac 53:210 (April 1896) p. 307

Although there has been great improvement in the arts and in industrial processes, and a comparative freedom from war since 1873, business has developed less rapidly, and there has been a greater feeling of discouragement among business men, than during the twenty-three years prior thereto. This is especially true of Great Britain and the agricultural districts of continental Europe.

In this country, outside of the large but decreasing proportion of our population living upon farms, there has been less discouragement, although such statistics as we have appear to reveal a slower development of wealth^ and business per capita since 1873 than before that date. The value of our exports and imports, for example, increased threefold from 1850 to 1873, and only about fifty per cent from 1873 to 1895. Their bulk also increased more rapidly in the former period. The year 1895 is the first time since accurate records began in 1879, when the second year following a panic has witnessed more failures and greater liabilities than did the first year. The number in business, as reported by Brad-street, increased 21.4 per cent from 1880 to 1885, and ii. i per cent from 1885 to 1890, but only 6.6 per cent during the last five years.

An eminent English authority, Sir...