The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-10
Gtreqtttelligettter
THE sHR1NKAGE OF VALUES.
The Necessary Reduction in Wages.
e.. Il. ~. 1E.nL E....n..I.t

From he Nev York EeOnOmla
During the last six months there has
been marked and steady approximation
Of wages to the specie rates that prevailed
before the war. There Is scarcely a trade
in any part Of the country that has not felt
the influence of this change, and ut the
present time relations between employers
and workmen, in almost every branch oil
business, are In peculiarly unsettled con
dition. In great many cases the work
men have accepted the terms proposed by
their employers; but there arc too many
instances In which q settlement Of differ
cnces was only obtained after asuspcnsion
Of work thRt Cntailed losses both upon
capitalists ind employees. In Now Eng
land there has been an average reduction
of wages OF from 25 To 30 per cent, as CON-
pared with the prices paid in October last.
This result was not always accomplished
without Strikes" But they were not Sc
rious or prolonged. Tho workmen ulti-
ratcly recognized the necessities Of the
times, and yielded to Il reduction, which
was generally forced upon employers by
the falling oifin tho prices of commodi'
tics.
At tic present time "strikcs" arc either
In progress or arc pending in some import
unit trades in this city and in Brooklyn,
The iron mOuldcrs are still idle, all ut.
tempts ut u compromise having fniled. In
some factories men arc at work ut the re-
ducGd rates, but II Is in violation Of the
wishes of the majority. This is probably
one of the most depressed branches Of in
dustry In the United States, ut the present
time; yet, by u strange fatality, itseems the
most disorganized, so FIR US tho relations
between employers and employees arc
concerned. In Troy ind Albany the iron
workers, TO the number Of several thou
sand, arc on "strikc."
The commencement Of the building sea-
son finds the trado considerably disOrgan'
lied in this and other cities. The boss
stone masons have given notice Of a reduc'
ton Of wages after the 10th OF March. The
IourncymGn plastcrerS have reluctantly
consented to abandon the eight hour sys.
TEN, and work ten hours day, rather
than have their wages reduced. Some Of
the bricklaycrs' unions Of this city are on
"strike" against reduction Of wages, but
they will probably be compelled 10 yield
TO the terms oftho employers. Several "un:
ions" have already accepted the reduced
rites. In Albany there is suspension Of
work by all tho branches Of the building
tradC. In consequence Of tho attempts Of
the employers to reduce wages from 81 90
to IS 50 per day. The boss masons Of
that city have published card defining
their position, which probably represents
the condition Of trade in that and other
cities. They say that business Is absolute
" at u stanl.still, and that capitalists re.
fuse to invest in houses, in consequence OF
tho high rates Of wages, notwithstanding
the known demand for more houses.
They state that the proposed reduction is
the only alternative TO Il complete stop
page Of work. There Is evidently great
deal of force in this presentation Of the
case. There can be no doubt that Il re-
liction Of wages and reduction, also, by
Congress, in tho tariff on lumber, would
impQrt q new stimulus TO the building
trade in New York, Brooklyn and Albany,
and throughout the country generally.
These reductions would be beneficial to
the workmen. They would all find en-
ployment-at reduced wages, it is true,
but the stcadiness of the work would go
fur toward conpcnsating for this reduC-
ton, Work ut almost any price Is better
than absolute itllCncSs. Besides, the in
crease IN the number Of houses would
bring down rents, to the great advantage
OF none more thun mechanics, and per-
sons of limited incomes generally.
This movement for reduction OF wages
Is II result of the tendency Of the times.
The prices Of nearly all kinds Of commo-
ditieS have been reduced by manutaCtu.
rers to the point, almost, Of surrender OF
profits. In many cases employers are
known TO have continued operations ut
downright loss, rather than suspend. The
public, however, continued TO demand
further reduction, and the manufacturers
were obliged to stop work altogether or
resort to the extremity Of u reduction Of
wages. In plain terms, the sellers were
obliged TO como down to the terms OF the
buyers.
This demand of the public for cheaper
goods Is so marked that It is by no means
improbable that d still further general re.
duCtiOn Of wages may not soon be u ne
ceSsity. At the present period the stocks
Of goods in the stores Of many merchants
arc unsaleableAt what 1t cost to manltac-
turc them. Gold has fIllen from ten 10
fifteen per cent within few months, and
buyers insist upon corresponding reduc-
ton in prices Of commodities. 1t matters
nothing that tho raw materials Of these
goods and the wages paid few months
ago for manufacturing them were repre-
sentcd by gold ut 1950130, aud TINT they
cannot now be sold at the reduced specie
rates of 115@119 without q ruinOus sacri-
fee. In reality the burdens imposed upon
capital by the fluctuations in gold and the
changes In values Of all kinds, arc just US
severe in their way rs those experienced
by workmen under reduction Of wages,
In this US In other cases there is COM
pcnsating principle. The reduction In
prices imparts new activity TO both capital
and labor. Money is invested in new en-
terpriscs and the market Is widcned. II
workmen get less wNgcs, tho purchasing
power of what they receive Is increased In
corresponding ratio. They buy their
shoes, hats and clothes at lower rates, and
my less for rent. In 1860 when the
wages oil the best mechanics averaged
$40 week, they could save more money
aller supporting their families than they
could in the war times when they re.
celvcd $25 and $50 per week. They had
10 give moro labor Tor the same quantity
Of goods in 1886 than In 1860. Hence
theV were worse off with high wages