Workmen's advocate. (New Haven, Conn.) 1883-1891, 1890-08-23

Again, although our exports exceeded
our imports by about As million dollars,
and although considerable amount of
foreign money was invested in this
country, we shipped abroad silver and
gold to an amount exceeding by about
81 million dollars our receipts of foreign
bullion. In other words, it took As
million dollars in merchandise and 81
million dollars in gold and silver
making total of 66 millons-to settle
the financial balance against this coun-
try, beside the exactly unknown, but
VIGOROUSLY enormous quantity of stocks,
bonds and mortgages shipped abroad by
our bankers and representing the invest
ments of foreign capitalists in the United
States during the year under review.
''rhe American News Company, as
such, Is business agency that is above
criticism; it works in an open market
and succeeds because it is the fittest. |
have no objection to any business that
is not privileged by the State. If one
company without State aid can get con-
troll of the news business of the country
so much the better for all concerned.
The concentration and co ordination of
business under one management is eco
nomical, effective, and in every way
desirable. The American News Com
pany illustrates how such concentration
and coordination of business would take
place under freedom, or Anarchsm.
Our readers should remember this; a
monopoly Is business protected against
competition by statute law. Any advan.
tage in business gained by brains, enter
prise, industry without State aid is just
and fair. '-Hugh 0, Pentecost in Tcenti-
eth Century.
In the above few lines we have the
whole PHILOSOPHY" of such "Anarch-
lsts' as Mr.. Pentecost. That he dares
to write thus and at the same time call
himself performer" will puzzle those
who have heretofore credited him with
sense of honesty if not with a sense of
| logic.
In the first quarter of this year the
rate of dividends paid by the cotton
mills of Fall River was the highest ever
known. Thrifty two corporations paid
2.7l per cent. for that quarter, or $407,-
900, on capital of Sl8, 900, 900,
1t is a noteworthy fact--a fact that
speaks volumnes-that the advocates of
the competitive system deprecate nothing
so much as Government competition.
In referring to the Postal Savings Banks
of Canada Brddstreet's observes: ut is
no part of the province of the Govern
ment to enter into competition with
private banks in attracting the funds of
depositors. 1t is certainly not sound
or wise arrangement to have as was the
case some time ago in Canada, Govern
ment Savings Banks paying 4 per cent on
deposits while private banks were pay
ing only g." And why is it not sound
or wise arrangement, if, by paying to
the common people higher rate than
they would receive from the banks, the
Government does not pay more than it
would have to do by borrowing from
the banks' The reason why capitalists
oppose the government institution of
Postal Savings Banks is plain enough.
In this country they have thus far been
successful in preventing it. In Canada
they have at last succeeded in COM
pelllng the Government to reduce the
interest. If under the pretext that 1.-The
main attraction which should be offered
by a government savings system is
greater security" they succeed in having
the rate reduced below that which is
paid by private banks-say per cent
the people will foolishly withdraw their
funds from the postal banks and deposit
them with private corporations, that will
then have the Government at it's mercy.
-Four babies, all under six years of
age, deserted by a drunken mother"
~ I. daily pdper.-Is civilization a
success?
A slip, containing the following QUO
tation from the St. Louis Republic of
August 10, was circulated extensively
IN Wall street; "When Chauncey NJ.
Depew felt strike coming on his rail-
road, he packed his Presidential pros
poets into his valise and started for
Europe, leaving his partners to get the
militia called out and argue the matter"
This attracted a great deal of attention