The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-12-18
HOW 1T CAN BE DONE.

We have frequently been asked what
foundation We had for the assertion We
have 40 frequently made, that reduction
Of the rate of interest to So per cent. per
annum would enable our manufactures
not only To successfully compete with. but
to undersell the other commercial nations
IN the markets of the world. We have
made such statements on a recognition ot
more lavish to US by making our mineral
resources, our deposits Of coal and iron more
accessible, that our wurkmen and artIzans,
IN point Of phys endurance or skill, are
the peers of their competitors IN the old
world. and that false financial system
that discrlminates In favor # the foreign
against the American manufacturer and
mechanic, is responsible for the present
situation
A single though important illustration
will subserve our purpose, In Great
Britain ole, 900 miners and their assist
alts produce l2S, 900, 900 tons Of coal per
annum. In the United States SO 900 MN
ers produce 81, 900, 900 tons, difference II
over 200 per cent.ln favor of the American
miner In other words If the British MN
ers produced as much coal i'll proportion
10 their numbers as the American miners
DO, the product would be 3l6, S67 900 tons
~.
can miners produced in the same ratio as
their British competitor 10, 5+3, 600 tons, in
stead Of 30, 0O, 900 would be the result.
Now We clam as before stated, that this
disparity is not the result OF superior
work manshIp, because the miners on both
sides of the Atlantic are the same class
OF men; but because our coal deposits are
more accessible and richer than those Of
the old world, and consequently require
less capital and manual labor to dev". y
them. Thus no comparison can be drawn
between the capital and labor required to
be expended IN bringing to the surface OF
the earth the three feet vein of coal work
ed mile and half from the pits mouth
IN Durham or Northumberland, and the
30 feet If anthracite found a few yard:
from the surface III many Of the mining
regions Of Pennsylvania, or the i've or STA
feet veins to be met with in the coal drlfti
81 OH 2 The same rule will apply with equa
force t. yur iron Or copper deposits IN the
regions Of the Iron Mountain and Lake
superior. ami the iron and copper orei
found IN staff urdshIre, Cornwall or Lanca
shire. Eug gland. Yet these advantages ar,
more than couuterbalauced by the eXOrbi
tAnt rates Of interest the American manu-
taeturer has to pay IN comparison with
those paid BY his European competitor
The Eushshman pays 3 z 3. per cel t
per auuum; the American must pay Al
! least three tunes as much The English
] uan b"rroWIng money At 3 per cent, max
I lug a 10 pvr cent. profit, can pay his IN
V tercst. and still have a margin Of pei
\ cent The American borrowing at 10 81
. IL per cent must make that amount be
. ire nc can reap pennys advantage iron
v ms Investment, and this the competition
"a when h9 Is subjected, renders it im
Y possible u 40, ana y hat is applicable viii
regari T. profits is equally applicable re
.ariung depreciation IN prices
GIVE our manufacturers cheap money
money al European rates II interest, Civ
them the 3 % convertible bond system
Inch. added to the unrivailed advantage
NTH which nature has favored uur country
and America becomes the workshop Of tn
world. a creditor instead IF debtor nation
enforced Idleness Will no longer prevail
our mills Will again respund with the hun
Of industry; our anti-tramp convention
will become thing Of the past, and peace
prosperity and plenty viii bless the land
orkngmen, think Of these lmpOrtan
facts 1t is to your own best interests t
90 50.