The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1888-08-15

The Journal reprinted the other day
from the New York Mail and Express an
interview with one JOIN X. MARTIN, who
is described as "a principal salesman and
confidential employee of the Waltham
watch company" from which the follow
ing is taken:
81 am going to vote for the system that gives
| me not only bread and butter, but meat and
other necessities as well. Don't you think
am right"
The reporter could not say that he was not,
| and Mr.. MARTIN continued:
| The present duty on foreign watches is %
per cent. That is, S25 duty must be paid on
every 500 watch made in Switzerland or else
| where. Under that tariff manufacturers can
| hold their own. Our company is turning out
some 600 watches per day and is behind in its
| orders"
'The workmen must benefit by this system?
! said the reporter.
"Of course they do. Our ordinary laborers,
| such as porter and the like, get no less than
So per week, while the wages of our skilled
| laborers in the various branches OF the trade
are SIS TO $40 per week. OF course the ma
iority do not reach the latter figure. but even
| If our workmen never were paid more than SIS
per week that is better than the s. per week
that is paid in Europe. We have Swiss and
| other watch-makers working in our shops. II
you could hear them talk of the differ.
| ence between working in this country and in
| their own you would understand why it is that
American workmen are going TO support their
| own system.
The Mills BILL" continued Mr.. MARTIN,
| proposes TO reduce the tariff on imported
watches 10 per cent. Now workingmen have a
! very direct way of reasoning They reason
| that reduction of 10 per cent. in the duty on
foreign watches will increase competition be-
| tween foreign manufacturers and those with
whom we are employed, and will reduce the
| profits of the latter TO the extent that in the
end the wages of the workingmen will be re-
duced probably more than ~ per cent"
The Chicago Jereier, the official organ OF
the jewelry trade, in a recent issue con-
tains the following:
In recent case before Justice FERGUSON, at
| Philadelphia, the court made a statement of
the value of stock in the Elgin watch company.
| BY this it appears that the company had, May
/, 1880, capital stock 10 the amount of SSS4,OOO,
| and surplus of 1881 451 96, a total of Sl,215,-
1886. Up to the close of 1887 it had increased
its capital and surplus from profits, being
| 2,62O IA or over 2l5 per cent In seven years.
| There had been q 10 per cent cash dividend
each year except one, when 20 per cent was
| divided. These dividends must have amounted
to at least another million, making a highly
creditable showing for the intrinsic value of
! the "Elgin," and also for the efficient manage
ment of the compahy' affairs.
1t will be seen from the above, which
are official figures, brought out in court,
that during the last seven years the FL
gin company has made average net div
idends of over A per cent on its capital
stock, of which one-third consisted of
profits previously accumulated, in addi-
ton to the dividends heretofore declared
and paid. The Waltham company is I'M
derstood to make even more money than
the Elgin. And yet this man JOHN R.
MARTIN has the sublime effrontery to say
that these wealthy corporations will be
obliged to reduce the wages of their en-
ployes, if the duty on watches is cut 10
per cent. Let workingmen study these
figures and they will see that it is not the
owners who get the benefit OF the pro-
tective tariff on watches. The latter
make 40 TO go per cent. year; the former
work merely for the market rate OF wages,
and are taxed an average OF AZ per cent.
on almost everything they consume-on
their clothing, shelter, food, furniture,
crockery and medicine.
There is another fact which is worthy
of consideration, and that is that these
companies, which are doubling their CAPT
tai every two wears, compel retail jewelers.
to handle their goods on such close
margins that the sale of watches has be-
come an Improbable business. Retail
! jewellers could notsurvive if they made no
more profits on other goods than they do
on watches.
The following communication from a
retail jewelry merchant of this city sheds
more light on this interesting subject:
To THE EDIToR-Sir: Noticing the en-
closed article laboye quotedl in the Journal on
American watchmakers, regarding CLEVE-
LAMBS free trade policy, etc, wish TO say
| that this talk from JOHN X. MARTIN does not
| give the true facts in regard TO our watch
manufacturers asking for protection in order to
| rob the people and more fully protect them
selves the favored few against the many. 1t
| is with them as with all such monOpoliSts. In
| the first place every intelligent reader knows
| that President CLEVELAND does not advocate
! free trdde, but reduction OF the tariff 10 meet
the actual necessities of the government. The
| cry about free trade and the democratic party
advocating such policy is false and merely a
| cover for the republican policy OF monopoly
| taxation.
Judging from the within statement from the
| Chicago Jclceler to the standing OF the Elgin
watch company Elgin. H., most any intelli-
| gent reader can see at glance that MIR. JOHN
| r. MARTINS statement was made wholly
| in the interest of the Waltham watch
! company, and not out OF sympathy
| for their poorly paid workmen. From this
/ showing OF the Elgin company it appears that
they can easily afford to increase the wages of
their workmen, submit to the tariff reduction
aud still make more profit than they ought to
| have. Why can't they share a little with the
| poor retailer that is doing the work Tor these
| rich manufacturing companies while they are
| living in luxury land not satisfied at that;
! while the retailers are barely making a living.
think, for one, they have got too much pro-
| lection now. We don't want free
| clothing and the necessities of life
at lower prices; plenty of work and prosper
Gus times. CLEVELAND has maze US u good
| president; has more than pleased his party,
| and surprised his enemies and made himself
| solid with the people. / think for one, / can
afford to try him four years longer, notwith-
standing Mr.. MARTINS silly statement.
A RETAIL JEwELER-
indianapolis, July 7.
We presume we shall now be
charged by the Journal with "at-
lacking the matchmaking indus
try" But the Journal will not attempt
to meet the figures above presented show
ing the enormous profits which the great
watch companies are making under a
! monopoly tariff, at the expense of their