Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-10-31
EFFECT OF THE PANIC UPON
wORKINGMEN.

WORkINGMEN.
The Interior and most disastrous ef-
fects OF the financial panic at the East,
are now daily becoming visible. We
ymost disastrous, because the blow
Is now falling upon the working pop
ulation. So long rs spectators, bond
brokers, and shoddy banking houses
only we're damaged, it mattered little.
II anything more were needed TO con-
vince lis Of the intimate relations Of
labor and capital, their mutual de-
pendenee one upon the other, as we'll
"a of the unsound and dangerous con-
dition OF u monetary system, the
news from manufacturing communities
Of the Eastern States which daily
comes to hand Is amply sufficient. At
first the failures noted were only those
houses which were specializing beyond
their depth in railroad securities.
These In their connections involved to
a greater or less extent banks OF great
er age and more carefully managed.
Temporlzing expedients were de-
vised and many Of these latter havo
to. all appearance weathered the storm.
But behind these and depending more
or less on railroad building as we'll as
other mechanical industries, are the
great manufactures Of the Eastern
aud Middle States. At first only a few
Of these were affected. In but n or
two was any especial reduction Of
wages or employees found necessary,
and all we're hoping that the danger
was over and the worst trouble safely
encountered. But day after day for
the past two weeks we have received
dispatches announcing the suspension
Of locomotive works, OF cotton and
wooden factories; Of reduction OF
wages; Of curtailment Of labor hours;
and Of the discharge Of employees.
According to these dispatches not less
than $4,000 workmen have been
thrown out Of employment during the
past ten days. A day or two since the
suspension Of n series Of cotton
mills in Central and Western
New York was announced by
which some 5000 operatives were
at once thrown out Of employment.
In Pennsylvania at several o. the
large iron works a reduction Of ten
per cent. In wages, and less hours with
proportionately less pay has taken
place, and yesterday 1t was announced
that the cotton and wooden factories
of Sprague 6 Co. In Rhode Island,
would reduce both wages, hours. aud
the number Of employees. The people
Of Nevada, where this panic has no
perceptible effect, where labor Is plen-
ty and wages good, and where the rig
ors Of New England Winter are u'i-
known, can hardly realize the amount
Of suffering which the discharge Of 80
many men involves. With n hard
Winter, which In New England and
New York Is rapidly closing In. with
out work. and In nine cases out Of ten
with hardly any money, the condition
Of these discharged employees may we'll
excite profound confederation. But
the worst OF it all Is, that the end Is
no: yet. There Is no guarantee Of
brighter future during the coming
Winter. Other firms must 60 down
with these larger Ones, for they are
all intimately connected, and the
largest are generally the first to feel
the effect Of financial disorders. While
we would not take a more gloomy
view Of the situation than the circum-
stances Justify, 1t must not be conceal
ed that the outlook for good wages and
sufficient labor for the mechanics and
operatives OF the manufacturing States
Is not at all cheerful. In this State
we may not, we shallsnot in all proba-
bllity, feel much Of the monetary
stringency caused by tho recent fall
ures and the unsettled condition OF
Eastern business, yet 1t Is we'll to look
out for breakers. Unless the situation
soon changes for the better, we of this
coast will have loud calls upon u
generosity from the workingmen OF
the East, and we shall hear Of more
suffering among the poorer classes
than In many years preceding.