The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-02-06
ARE WE NEAR TIE END ?

The condition of stagnation in all
classes OF business that now exists
throughout the United States is without
precedent. We have had hard times
before, but never anything to compare
with the terrible and extended depres-
sion the country is now going through.
And what makes the condition worse is
that for the past ten years the trusts
and corporations in the great manufac-
turing and coal and iron-mining states
have been importing cheap labor from
Europe in such vast numbers that the
country is overrun with a helpless and
furnishing people clamoring for work
that is not to be had-s cond ition that
never existed here before.
Even in the best of times, lately, the
glut of labor from this cause has kept
the country in q state of effervescence
from strikes against arbitrary decrease
OF wages. The protected manufacturers
and iron and coal barons, through tho
operation of trusts and combinations,
were able to dictate terms to labor be-
cause they had overstocked the market
with imported foreign labor; and the
factories were run just long enough to
keep the supply down to a level with
the demand, and thus gave the opera
tives only from six to nine months work
during the year. This. while they we're
enormously protected by the high tariff
on the false plea of encouraging high
wages and protecting American labor.
The great pinch therefore finds us with
great aurplus of labor in the country,
and market that la utterly paralyzed.
How long this crucial state OF affairs is
to laet the most president amongst US in
vain try to foresee.
For many years we hsvs been going
on false economic principles. The tariff
has been regulated on the principle to
make the rich richer, and that, with a
vicious system of discriminating legisla-
ton and false system of finance. has
plastered the country with millionaires,
whilst the great mass OF the people have
been insidiously robbed OF their earn
ings. The climax OF denominations was
reached when the Mckinley tariff placed
a Chinese wall of non-intercourse around
us, provoking retaliation, and leaving
us to play the part OF cannibals end
feed upon each other.
The Wilson bill has many defects.
1t is by no means a perfect bill. and
ought to be considerably modified in
the senate. 1t starts out, however, on
correct fundamental principles, and
when ultimately passed will doubtless
bring the country gradually back to
healthy business state. But the good
effects to be derived from that measure
will come along slowly. 1t will take
time to cure by any corrective legislation
VIC uva,s.,snJ nHvo ~
long period OF vicious rule.
In the meantime, We shall be greatly
helped to tide over the hard times if
congress would do something practical to
relieve the financial stringency of the
country. The issue of treasury notes
should be greatly increased. BANDS
bill ought to be- passed, and
the treasury ought to be authorized to
follow the French system OF paying out
a percentage of silver when the gold
stock of the government falls below
certain relation to the treasury notes in
Measures framed upon
these principles would prove a relief to
the money stringency, and would enable
men who require capital to
secure enough money to give new
start to the thousands of industries and
enterprises that are now stagnant for
the want of the power of money to
vitalize them into successful activity.