Show REAL SOURCES I I OF DEPRESSION I Congressman Burton of Ohio Enlightens Enlighten the House and andI I the Country PANIC WAS BOUND BO TO COME I I MERELY AN INCIDENT ENT IN MARCH 11 R H HOF OF CIVILIZATION TIN Washington mn In April 17 ItIn In the house today 1 Sir Mr Burton of t Ohio hlo nj tf i ily Iv ly traced the present business depression to superficial thinking and jude judg judgments I ments The real re l sources of ot the present presenta as a well as other seasons of industrial dust riM or commercial depression he declared were to be found in the distinctive features of a progressive civilization like that hat of or the United States where operations have to do with calculations upon pon requirements and where the time pro profits fits are arc realized from tram a suc l an of ot prospective conditions Cause of Depression Generally speaking he be said there wore three related causes of depression public and private extravagance a lack hack of hor mony mon between different branches of pro production pr so so that a surplus s of divers classes of commodities exists can cannot not readily be exchanged for others and an l the absorption of the capital of ot a Il country cour t tIn in anticipation of enlarged demands demand in ln inthe Inthe the future and the hope hone for greater gre ter re rewards rewards rewards wards in providing for tor some new form of or luxury Such uses of capital he said may ma be bo illustrated by b cases like that of the Hoosac tunnel the time subways under New York Y City and md the h rivers adjacent thereto the Panama can canal canal al at or In general in the of circulating circulating lating to fixed capital by the th construction co of extensive factories buildings railways or other public works of or any kind kintI L Some New Factors Fa tors Time The los loss of Df discarded implements and I facilities s by reason of invention and time thu adoption of improved appliances he at attributed attributed as another factor In conse consequence consequence quence lie he said s ld many man profitable invest investments ves t ments meats are lost because newer and Ind more nearly perfect methods supply l the We de demand demand mand which heretofore had been supplied in another ano way In no other country c I he declared has It been the custom so I much as in ours to throw upon the scrap heap he p expensive e machinery and other forms of ot equipment t for industry or trans transportation Mr Burton asserted that th t investments In anticipation of prospective needs also caused derangement because of the ex exceptionally exceptionally long Interval before their com corn completion completion their tardy tard utilization after com corn completion completion and the problematical success of ot the enterprises undertaken Not So Great nas as in 1893 To avoid seasons of depression Mr Mt Ir Burton said it would be necessary to live iti lh some such count as China or cr Persia Every land has made nade rapid strides toward industrial he said has at some time suffered from a severe slackening of activity in business and in employment The Time present depres depression depression sion slon would not compare In severity with that of or that of nor no did he be believe lieve It probable that any allY time lit in tho time future the U l distress In na business communities ties would be so great as as In those th se years yeats |