The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-05-10
The Pressure and the Relief.

1t can not be denied that all Commercial
and manufacturing interests have been
lsboriug under severe pressure during the
past year. There has been an earnest effort
on the part of those who have capital in
vested in various enterprises and employ
labor, to sustain themselves in the reeu-
lar prosecution of business, even while
there has often occurred a personal
loss in so doing. But the pressure
of the times is so stringent that common
prudence enforces these enterprises to
take one of two courses open to them-a
contraction of business or a reduction OF
wages. This is one of the necessities of
the times, Every article of produce and
merchandise sold in this market for con-
sumption has fallen. All manufactured
articles have been reduced from thirty
to ninety per cent. Rents have fallen
from twenty-five to fifty per cent. The
common necessaries of life, food and
clothing, have been so reduced in price
that at no time since the beginning OF
the war was the purchasing power of
dollar so great. But one or two articles
OF prime necessity have not fallen. Dur
Iir g all this time there has occurred but
sligl t reductions Of wages. Those employ
ing labor who have not been able to
weather the storm have suspended. The
time has now come when tits necessary to
decide the question of work with fair
wages or no work at all. This is no grasp
ing by manufacturers at the rewards of
labor; 1t is simply a necessity, il labor is
to be furnished at all. No capitalist will or
can employ labor at q loss. Farmers and
other consumers are doing without new
supplies and to force sales to meet cur
rent expenses every thing must be sold
very low. This has been practical
to the very extreme extent of common
prudence, until the balance sheets of all
establishments employing labor show
monthly losses instead of profit. Those
who have had constant employment dur
ing the past year, at the ruling rate Of
wages, have been the most fortunate class
OF society. Merchants have suffered a
sdrinksge OF values, and manufacturers
with any large amount of stock on hand
have been ruined. The salaries of profess
sional men, statesmen, bank officers, COR
porstion officers. agents, have gradually
declined. All these have yielded to the
necessities of the hour. The recent action
of the Indianapolis school board is only
conformance to the public demands, and
In harmony with what must come in every
department of business, trade and labor.
AS usual the skilled labor of the artisan,
the mechanic, and the common laborer
has been the last to feel the pressure. But
now absolute necessity must include all
salaries in every department. of business:
Economy in living Is the forced result OF
small profits on the products of labor. The
dsy OF extravagance has past, and the
great solution of the financial problem oil
the day must come with lessening of ex-
penses everywhere,a cheaper living. The
situation is not yet fully realized by all the
people. These even who have been the
losers by the tightness of the times have
not realized the real cause of their
failure. An attempt to pay the same
wages when there is no profit on the
article produced as when twenty
and thirty per cent. was secured
The proper adjustment of the values OF
labor to an employer is one that too often
occasions trouble, and too frequently
the employer is blamed, when he