The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1888-02-25
A MATTER or PROFITS,


MATTER Or PROFITS
The original protectionist went to con-
gress to ask for protection because cages
and interest were high In America now
he goes because he says he wants to keep
wages high; and goes back TO his work.
men and tells them at election time that
must vote for protectionists for congress or
their wages will be lowered by reduction
of the tariff. They said that If Hancock
were elected wages would be reduced.
He was not elected; the tariff was not
reduced, bat cages ,oere. Whatever may
have been the cause of the reduction of
wages II is clear the tariff was powerless 10
Keep them up; and all the dire consequence
es predicted in case of Hancocks election
came Notwithstanding his defeat.
But does the tariff make high wages?
Of course, We can't pretend to argue this
question with the astute editor of the Re
publican, In the hands of man who
gives as a reason why "cloth hands get, in
Mass, $l.2G per day, and in South Carolina
only &c." that it is because the Southern
Chivalry, abetted by Northern Democracy,
have persistently degraded labor" argu-
ment is absurd.
But the Republican laughs at the idea of
big profits by the rail mill men. In Oct.
1886, Hon. w. l.. Scott, in a speech at Erie,
said he had purchased, IS mos, before,
$4,000 tons OF steel rails at $25. 80 per ton,
and the makers were well satisfied with the
price. Afterward the steel rail trust was
formed; in October 1886 the price was
$4,000 The price has since been $40
was such at enc time last year, and aver
aged S36 in 1SS7--an advance at the lowest
calculation OF SIS ton in addition to a
flair profit" for wages have not been at
any time more than 10 per cent higher than
In 1885. On production of 2,050,000 tons
in 1887 this would give $16,400,000 over
and above normal profits" AS rails are
now worth $3.50, the difference between
that figure and $36 and $40, will give some
idea of the profits of the steel mills, pro-
tected for the "benefit of labor" After
saying that he knew Of his own knowledge
that Mr.. Carnegie drew out of his rail mill
profits of s1,500,000 in one year of 300
DAYS, Mr.. Scott said:
Less than year ago was talking with
friend of nine on this question of steel
rails. He probably purchases more steel
rails than any man in the United States. |
said to him. These mills are putting up
rails pretty fast. Don't you think they
ought TO stOp?" "Ies," said he, II think
they ought to-" Said he; you know
how the iron industries have been for the
last few years-apparently hardly alive.
But do you know one thing" and then,
calling a certain iron and steel company in
Pennsylvania by name, he said: THAI
company represents capital Of $4,000
GOO. You know how the iron and steel
industries have been depressed, and yet |
know that the principal bone of contention
in the Board of Directors Of that company
TOR some time has been whether or not
they should make an extra dividend of
$10000OOO"
At the time of that conversation the
price of rails was below $50. The average
for the year 1885 was only $3.50
Now, of course MIR. Scott AS well as his
friend must be mistaken-as usual.
And during the advance in 1SSG-7-from
$3.50 to $50 and $4O--did or did not the
mills take all the benefit? Mr.. Jarrett
said they took all tie jeag'it of the advance
in 1878. Did they not also in 1867? Well
might the Philadelphia Times, protec-
Zionist journal, say month ago; "Of
these trusts or combines which are now
hanging like millstones around the neck
of protection the Steel Rail Trust is the
most defiant of common fairness, and most
false to the protection that created it and
gave millions of profits to its investors