New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-05
NETWORK DAILY TRIBUNE TUESDAY, TWELVE PAGES

use are comparatively few. the result mas Deen
that Industries have languished, the deihahu
for labor has been scanty ana uncertalh' anu
the working millions have been degraded III
condition On the other hand, wherever the ID
duccment 10 accumulate property has Deeh the
strongest, wherever the opportunities Tor pron'-
able use Of accumulated property nave Deen
most attractive. wherever there has been the
greatest security in the enjoyment ana the hoiu-
ing of property. there the reserves by when
industries are nourlShcd aud sustained nave
most rapidly increased. the demand Tor EiDor
has been wldcned with every year, the wages
of labor have advanced. and the condition OF
the laborng millions has steadily improved
Nor is this an accidental result. II Is the OBJ
vious truth that industrial development can
come only through the readiness of individuals
10 risk their accumulated resources In new M
drrtaklngs Unless there be first the Accumulate
cd wealth TO be- invested, and next the stimulus
Of assurance that the large income derived from
successful investment can be retained ana
permanently enjoyed, the holder Of property
sbrinks from the risk and IS content TO live
upon his means.
Every where the disposition to spend AZ soon
rs one has the means TO spend Is only too strong
for the welfare Of the race. The world rightly
looks upon the sprndihrlft and the wastrel AZ
I'm no SENSE n bcncfacor Of his kind. The
ancient prejudice against the money-lender AMI
the miscr may lingcr I'm the minds OF fopullStS
and Socialists. but civilized society has learned
To recognize the fact that he who saves cch
year for future investment and use a part of
his income is always bencfactor TO society
I'm no WAY can he invest or use the accumulated
.la fal MI M
labor. q broadening Of industries and an oppor-
tunity for Improvement In the condition OF 'he
working millions. Hence II il that civilization
everywhere regards the protection OF rights Oh
propcrtv rs the very cornerstone Of prosperity,
and that not for the rich only. whose properly
may be- directly In need Of protection, but even
more for the working millions. whose industries
could not thrive or expand If the accumulation
Of property were checked or the free enjoyment
uf II disturbed.
We have seen within the last eighteen months
striking illustration of tie effect OF such
disturbance upon the condition of the wage
carncrs In October 1872. the working people
OF this country were enjoying higher wages
than had ever been paid at any previous time
in its history. The demand for labor was not
only large In, constantly growing, So that there
was drawn 10 this country every year a great
body II Immigrants from other lands. who read
ily found employment here What happened
WAS simply threat that invested property
should be- disturbed In the enjoyment Of It's re-
turns Al once money began 10 hid" ITSELF. new
undertakings were abandoned or deferred. milIs
and mine. and factories were closed. ami III"
result for the working millions of this country
has been. first. the discharge ~ 4 vast number
from employment. and. second. n greater re-
ducion of wages than hal ever been known III
The country within 50 short time. YET ~ the
bottom the agitation and disturbance were Ill
r,cfcd m the privileges OF property ana In no
.,ts,. wcrr designed 10 affect the interests "f
labor Th" very aim 81 the income tax Is {" cut
of a part of the return which is possible for The
ENJOYMENT aud Use of property. IL therefore
lessen, the influence which helps accumulation
and stimulates thrift AMI enterprise Hence II
IS that such tax though on the surface directed
against owners and employers only. Is or all
others the most pcrnicious yet devised as re-
spcc,s the interests Of the working people.