The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-05-20
Une sGuh qonp anotal Gnnfant p Gnmsdn 1sp 2n 1919


waste in using; and inequalities in distri-
button due to distractions created by leg |
islation. On the first point Mr. Wells |
cited the fact that in 1867 he had com
pared the accounts of Il number of cotton |
factories in the same part Of New Eng |
land working under circumstances pre- |
csey analogous, and found their balance
sheets exhibited 4 range of from ~ per |
cent loss TO 20per cent profit on the oper-
ati0ns of the same year, This loss, Affect |
ing both those directl, interested and |
the community, arose from the lack of Il
proper understanding of the business Of
production in this specially. Equally |
disastrous IL the intrusting of the super
intendence of great branches of industry |
to men not specially educated to their
business, the possession of or relationship |
tocapiul being considered the equivalent |
of brains, while the best talent disdain-
ing to learn the business of production in |
the only practical way, by hard work,
thronged the professions or walks OF
trade. Apprenticeship had 81 fallen into
dlsuse, or been made impossible through |
the rules of trade organizations, that Gil |
mrd College could not carry ont the pro-
visions OF its founders will, which de-
manded the practical education by APP |
premiership to some mechanical trade of |
It's benehciaries. Thus, with all our in
ventions and applications, production
was not here carried on at its maximum
of advantage. While the problem, How |
shall our boys earn an honorable livingP |
was source of anxiety, the surest path |
to wealth and honor remained untravel- |
led and neglected. Ii our clever boys |
who yearly throng into the overcrowded |
professions would cast aside their notions |
about the comparative dignity OF differ
ent employments and enter one OF the |
many branches of mechanical production,
in ten years they would attain the front |
rank in their callings with ability t.
name their compensation, for what they |
would have to sell would be power"
and that is what men most like to buy. |
Another disadvantage WAS that here the |
ownership of capital was divorced from |
the immediate practical control and dl- |
rection of it, the American fashion being |
for the capitalist to Manufacture cotton, |
run political meetings, manage railroads
and run banks-the dir ct reverse OF
English custom English manufacturers
had been forced by the pressure Of unre-
stricted competition with the whole
world t. learn how to produce to the
greatest advantage. They were like the
oak which strengthens It's roots in pro-
portion to the force Of the blasts ii has to
encounter, while American industries,
through reliance on governmental aid
and interference, were hot house plants
that shrunk and withered at the first
blast of adversely.
HOW A BAD CURRENCY UNEQUALLY DISTRlB-
UTES WEALTH.
Mr.. Wells went on to recite the nature
and function of money, which he called
"the greatest labor-saving machine ever
invented, and the reasons why mankind
had universally adopted gold and silver
as measures of value and mediums Of eX-
change. He then continued Here we
have been wiser these ten years, and
have used an instrumentality Of the most
imperfect and tluctuating charaCt +. The
result has been as if we had made cloth
with machine which spun coarse threads
one day and fine the next, or dealt with
trader whose yard sticks varied from
twenty-tour to thlrty-siX inches, whose
bushel this week held 1000 cubic inches,
next week only l,S0O. Daring the past
wear our greenDack dollar has fluCtuated |
in value from day to day within a range |
Of from to per cent, and the prices of
all commodities, especially ofthose which |
are regulated by the prices in foreign
markets-Our tea, sugar, coffee, COttOn |
silk, iron, steel, hats, cloth, &c.-have all
likewise varied propOrtiOnately The |
merchants and manufacturers, buying |
and selling, endeavor to protect them
selves against these fluctuations, and gen
orally succeed by adding the ditterencelo |
the price, and something more III the way |
of margin or insurance, the advance in
gold i'll large operations beng Immediate
ly allowed for TO the extent of even Il
sixteenth Of per cent. But the individ- |
uai who exchanges the money received |
lOr his labor for any Of these commodities |
in small quantities. can never compensate |
himself for the fluctuations in its purcha- |
sing power This he does not realize till |
at the end of the year or quarter he dis |
covers that his income or wages have not |
brought him quite as much comfort or
happiness as he had anticipated. We |
have $75O,0O0,000 of this irredeemable |
and deprecated currency in circulation,
and up to the present it has been difficult |
to make the people realize that every |
mill that these obligations fall in value
below that of coin must he made good by |
a taX-that whenever these legal tenders |
fnCtuate per cent, an opportunity Is AT |
forded for S75OO,OOU to change hands |
without value received. Were this loss
due to variation in the length OF the |
yard stick or the capacity Of the bushel |
the masses would soon protest, but III The |
case of money, which measures every
thing, and where the injustice and loss
are infinitely greater, they are indifferent. |
The yearly aggregate of the loss thus IN
tliCted every year upon the classes that |
can least protect themselves is greatly Ill |
excess of the interest on the public debt.
Hence we can fully appreciate the saying !
of Webster, that of all the COntrlvances !
for cheating the laboring classes none has
been more Cfectual than that which de-
udes them with paper money 1t is the |
most eifectual of inventions to terlillze |
the rich mans field with the sweat Of the |
poor mans brow. But serious rs are |
these material influences Of the national
sanction of economic errors their moral
influences are even more important.
The fiction of paper money creates the
instability of values, the disturbances OF
relative values, the insecurity Of opera
tions-the uncertainty Of results which |
are the conditions of the gaming-table;
and to-day as nation we play at rouge eI
aoir in all that we do. This may be legal;
IL is none the less penal. From it proceed
the characteristics of the time-specula-
ton, idleness, extravaganza o. living, dis
content with moderate and slow gains,
haste to get rich aud the spirit of trading
as distinguished from the spirit of pro-
duction. Add to all this the influences
of laws for the collection of revenues
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