Morning journal and courier., 1886-05-17
NO. 1ls.

upon the plea of the high cost of living. The value of a dsllar considered in what we eat or wear is ignored, fer the purchasing power now compared with twenty years ago admits of no debate. It is not upon this view of the question that we propose to say a word, having already in these eolunns stated facts which cannot bs answered. While the wage earner can get great deal mere for every dollar earned, capital is reduced fully one third in its earning capacity. Twenty years ago the executor of an estate could secure six per cent; now it is difficult, security being of the first importance. as the int tsrest goes largely to widows and orphans, to make an investment that will pay four per cent Capital, therefore, in no sense in this country is an oppressor of labor It is the great promoter of labor. It takes all the risk of loss, with chance at . fair proft-nething more. Let us illustrate by taking 8 typical manufacturing town in New England. manufactsry is erected with money of stock holders. Their combined capital srects mill, and sznploynsent is given to a large number of people of both sexes. Labor is a cash article Labor gives no credit and it ought not. The first duty of the manu- facturer is to pay the laborer, monthly or weekly, as may be agreed upon. At the end of successful term of years the corpor-
 
 mill. In prosperous times portion of the new mill is paid from the profits made by the stockholders, but in many cases money is put in by new parties. The additional production keeps down prices, and each new mill gives employment to mere people. When dull times come the mills are run and labor is paid, but, as has been the case of late years there are no profits to divide among the stockholders. There are several mills in New England whish have yielded living to thousands of workingmen and women which have not paid of late years dollar to the stockholders, and among these stockholders are widows and orphans who are just as de- pendent upon their dividends as the wage earnsrs are upon their honestly earned wag- es. But this is not the worst of it. The money invested, which is capital, has disap- peared, and the stock which was worth and cost the owner hundred and fifty dollars per share cannot be sold for seventy-five dol lars. Capital has therefore not only been deprived of its legitimate right te fair per centage-the same right that 8 man claims when he puts his money into savings insti- tuition to receive his principal with a fair rate of 1ntsrest-but capital has shrunk It has taken the risk and it has lost The wid- ow goes to the treasurer's office and asks for dividend, but the accounts show that nothing has been earned. The mill in sense has been run for the benefit of the laboring class. But it is the same with ether indus trial pursuits. contractor in this city had an excellent ganS of men. Some of them had been with him for years. Orders come iEm slowly that he had doubts whether hs could keep up his organization. He was of fered contract which would enable him to go on, at price, however, which left him scarcely margin of profit. He accepted the and he is now met with the proposal to pay for ten hours work, though only eight hours ara to he- -