Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-01-13
WORKS LIKE CHARM
FIVE PER CENT. OF OUR WEALTH IN
VESTED IN MANUFACTURING.


Certain Manufacturers Make Enormous
Profits on Small Investments.
United states is $62, 610.o0O,O00, and the total
capital invested in manufacturing $780, ,SS4,
or but per cent. of the whole. After thirty
years OF leglslating for the it is time to give
the 95 chance.-New York World.
The World persists in misunderstand-
ing the benefits of protection. 1t has
never been pretended that the manufac-
turers constitute any considerable per
cent. Of our population or that the capt.
tai invested in manufacturing was con-
siderable
The World is also mistaken in suppos-
ing that all manufacturers are protected.
Only about one out of five are actually
benefited by tariff legislation. Hence
not more than l per cent. Of our capital
Is invested in the protected industries
conducted by less than 1-1O0th of 1 per
cent. OF our population. But numbers
and per cent. don't count in this case.
While the number who first receive the
benefits OF protection is exceedingly
limited, the number of those who finally
The protected manufacturers are but
trustees of protection funds charged
with the heavy responsibility of distrib-
utlng them. This they do by reducing
the prices OF their products and by pay
ing high wages. The effect upon the
community and country is marvellous.
BY paying high wages the protected
manufacturers set the rate of wages for
all. 1t is fact that in their anxiety to
pay high wages they have fixed the rate
so well that wages are actually higherin
unprotected than in protected industries.
Because wages are high in this country
it is easy for the protected manufacture
ers to induce hordes Of poor Huns, Poles
and Italians to come to this country to
work In factories and make home mar
kets for our farmers. Nobody is omitted,
and the system is absolutely perfect.
An error is likely to creep in here.
The World must not suppose that be-
cause protected manufacturers have but
l per cent. of the total capital of the
country invested in manufacturing that
that is all they possess. Protection en-
ables certain manufacturers to make
enormous profits on comparatively small
investments. Thus the Sugar and Car
fridge trusts are undoubtedly making
profits on actual capital invested of
nearly 100 per cent. Other trusts fare
almost as well. These profits are not al
ways distributed at once, but, as in the
case of Andrew Carnegie, are allowed to
accumulate until big library can be
supplied to community hungering for
books. Or perhaps they are invested in
real estate where, by absorbing the Gun
earned increment" they can double
about every twelve years. These tenn
porary Accommodations, now in the hands
OF individuals, amount to considerable.
In fact the New York Tribune finds that
out of total of 4,047 millionaires in the
country l, 1875 about 90 per cent? belong
to the small class Of persons engaged in
protected" industries. That the vast
majority Of the accumulations will, at
the proper time and in the proper way,
be returned to the millions Of people
who have temporarily deprived them
selves Of part of their hard earnings
cannot be doubted by those who are
acquainted with protected manufac-
turers and know how unselfish and self
sacrificing they are. The few instances
like the Homestead affair, in which the
worl1men get anxious to receive back
their share of the protected earnings
and think the trustees Carnegie, Prick
& Co.. are too slow in making distribu-
tons, only emphasize the fact that in
most cases the people have implicit
confidence in their trustees; otherwise
the legislative powers of this govern
ment would not for thirty years have
been put at the disposal of these few
manufacturers.
But supposing that, through forgetful-
ness or negligence, some of these for
tunes should never be distributed, even
then The World would show a lack of
respect and appreciation for our million
aire producing system. 1t should look
with pride upon our thousands Of pal
aces and bow meekly to the great bust
ness men who dwell therein. They are
the salt of the nation.