Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-11-01
PRODUCTIVE INVESTMENT.

the Tinker. Yet there is no reason that
we should not understand parts OF the
problem. That problem is somewhat |
like = three-rinE circus-oy trying 10 |
see the whole show you Will not see
any OF it. II is true that the IarlH |
Problem is an immense one ana thas
those who have studied IL longest ano
hardest often reach different conclu-
slons, Yet IL Is 20 less true that the
problem is made up OF small problems,
which. il examined one by one, may De
CON pretended by the simplest mind.
The one OF those smaller aud simpler
problems which is probably most oitea
Misunderstood Is that which is placed
at the head OF this article-ths problem
OF Productive or Profitable Investment.
When a window is broken or house
burns down you viii always hear some
one say or perhaps you will think your
self, well make more Work LOT tue
azer or the carpenter" II great
factory is built and after short time
closes or Is allowed 70 rot down, men
say, "Oh 10 gave work TO many laoorers
IN the building" These Ltterancos DO
sound plausible and even reasonable st
FRS blush. II Is true that the con-
strucslon Of hovse or factory has
given employment 70 a number OF men,
IL is further tras that when we see a
number Of buildings going up 10 COM
munity we infew that that community
is prospering. The butcher, the baker,
the grocer, the clothler, all feel the
good effects. What moro do you want2
soma one will ask. We want you TO
shift the problem and look at II in an
other light. Take the factory. Let US
suppose that the men who are employed
An building that factory belong TO the
company which Is building IL, and that
thew are paid 10 shares OF stock. See
how different the problem looks
nowl Tue lAbOrer will ind con-
siderable difficulty In buying
meat bread and groceries with stock.
The butcher or baker who has accepted
those shares OF stock In lieu Of money or
as a pledge Of future payment will rue
the day 10 which that factory began TO
build. 10 short, 10 was an unprontao'e
investment. The labOrer has wasted
his labor or the merchant has lost a oad
account.
With the house Il is the same. Let US
suppose a poor carpenter has built his
own house, and just after be has gotten
II neatly furnished and has moved his
family into It, the house takes hre ana
burns down. VIII that man saw that
the rebuilding of the house Will give
employment 20 labor?
TIE o. oblsm does not change when
the laborer aud the capltahst
are different persons. All real
capital IS the product OF labor,
and fit is put into a house which
burns down, a factory which shuts
down. or business which breaks down
inst that much labor has been eX-
pended 10 vain.
Another definition OF capital is de-
ferred enjoyment That is, the lab
orer. instead OF consuming his earnings
as ne ue.s them, lays part OF shem up
for future enjoyment And when these
accumulated earnings, this deferred
ENJOYMENT Is invested In such a way as
T. Increase aud multiply Itself, 1t is
called capital II does not matter II 1t
was the great grandfather Of the pres
ent owner who saved his earnings, IL
does not matter II 10 has
been thousand years since
the enjoyment was abStained from ang
present owner, OF some previous owner
stole this capital or wealth from the
true owner, the capital is still what it
was-dsferred enjoyment.
Everyone must see then, that de-
strOyed wealth, or badly invested capt.
tai, is pure loss 20 some one. Had it
not been destroyed, or had it been sue
ceSSfully Invested 10 some other way,
would either have afforded enjoyment
to some one till gradually consumed or
worn out; or else have afforded better
employment TO labor 10 some other di-
rection. IL Is mistake, there
fore, 70 think that the destruc-
ton, OF unprOductive Investment Of
wealth is a benefit 10 any one. There
are Of course possible exceptions 70 this
rule, as 20 all rules, but they are 80 IN
important as not % be worth examining.
But how shall we apply these facts,
the truth Of this rule 10 the tariff prob
blem?
The application is simple. II the
tariff induces capitalists 70 invest so
much 10 any Inc of business that they
choke each other to death and glut the
market, 10 has caused the waste or de-
structlon Of that much wealth. Capital
PUSHES as naturally TO the most profit
able Investment as water does 90 the
lowest level and II the tariff tinker
produces an artificial depression, he
may be certain that capital
will rush ia from all sides TO
I'LL up the vacuum. Unfortunately,
capital is not so mobile as water, and
when it ruShes toward the low places a
great mass OF 10 is filled up there 90 rot.
This glass business is an excellent IL
luStrati0n Of this point. That business
was made so much more profitable by
the tariff tinker than many other kinds
OF industry that a great amount Of
capital and great number OF lsborerS
rushed into the business. The result is
strong competition, OverprOduction,
glutted markets, lowering OF wages,
strikes, idle men, idle factories aud the
loss OF great amount OF capital in the
way Of factories and machinery, which
will either be sold at a heavy sacrifice
or never used agail. People in this
community do not have TO go a hun
DIRE miles 20 learn that this is the truth.
the iron business Is as good an ex-
ample. Protection would be well and
good n il could be 30 nicely adjusted as
TO bring al the roses and leave all ,the
thorus behind. II every one could be
equally protected even the free trader
would hardly object 70 the process.
Aut while the social science is Stlll In
Infancy IL is absurd to think OF &C
nplishing such thing as equal pro-
lion, you enrich one man At the ex-
e Of the Impeachment OF q dozen
rs.
on create one Carnegie and a thou.
New York Socialists