New-York tribune., 1886-05-14
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DRIYING AWdY CAPITdL.

The season OF strikes is coming 10 dh ehu
| Many of the most important have failed and have
been abandoned. Others have succeeded, and
perhaps as many as 2OO, 600 men have obtained
some reduction in the hours of labor. Whether
| they have thus secured more than they are
entitled to, in comparison with the rewards OF
other industry and the general condition of
| business, must be determined by trial. If they
have not, they have permanently secured for
themselves more time to dispose of as they see
fit. and their future welfare depends upon
their wisdom in its use. If they have, what
ever they have gained they will soon lose again.
But what have the working people lost mean
while There has been large loss OF wages.
The many whose strikes have failed have thus
lost heavily, as well as the smaller number who
have succeeded. 1t will require all the gains
for many II onts to make up to wage-earners as
a whole what they have sacrificed in this season
of strikes or will have cIfced before 1t ends.
This large item, however. may be put aside for
the present; what else has the cause of labor
lost
MIR. Powdery has shown unusual competence
and breadth CT thought as leader of the
laborers, anu it would be of lasting benefit to
them if he would seriously investigate matter
studied, namely, the conditions which limit the
employment of capital in productive industry.
A man who has money wants first to keep It.
and second, to use it. If he cannot use 1t to-
day with profit and safety, he knows that the
time will cone when he can, provided he does
Ut throw it away in his mpatience by danger
Gus ventures. Thee ways of using money are
open in productive industry, in loans made as
investments, and in gambling ventures. All
legitimate trade is of course classed with pro-
ductive industry. The number OF persons who
can engage in any branch OF speculation with
safety or profit is limited. II the capital de-
voted to speculation exceeds moderate
amount, all trade and industry becomes sick,
and presently severe losses fall upon the speed
lative class. Money employed by its owners in
productive industry, III der their own direction
or supervision, is comparatively safe hen there
is a mcasuraby settled condition of things, so
that a man can judge what labor and materials
will cost. what markets there will be, and what
competition he Will have to meet But when
there is uncertainty, and especially when rapid
changes are occurring or Threatened, money
shrinks from productive industry. The labOrer
seeks employment i'll vain. Thousands are
without work, and all the trades unions in the
world cannot help them
The uncertainty which drives capital out of
productive industry into gambling on one hand
or investment on the other. necessarily cuts OIL
the demand for labor This uncertainty may
be due To the threats of fanatical free traders
who are trying to break down the tariff and to
expose industry 10 greater competition. 1t may
be due TO the folly of silver fanatics, who ex-
pose all industry to the risk of a change in the
monetary basis. Bnt to these causes of uncer-
taiuty. labor agtators have added anuther. No
business man can at present calculate what
labor will cost. or on what terms it can be en-
Iloycd, or whether some quarrel with which he
hae nothing to do may not stop his works at any
moment Does not Mr.. Powderly see that capi-
tai in such state of things prefers illeness or
other forms of employment, and refuses to Gu
gage in productive industry Does he not see
that organized labor is thus destroying the very
means OF employment for thousands OF laborers?