New-York tribune., 1896-10-19
THE COST or one VICTORY.

Four years ago the country was dong 'he
largest business il had ever done. Without the
big annual settlements which occur in January
and with the two extra Columbus holidays mere
in October the payments through all clearing
houses in that month were SJ.439.UU,Wp. Ihls
month. Judging from the returns thus far, Inc
business is smaller by 21.7 per cent. This I'M
plies a decrease of 81 JOGOOOOOO in The volume
of business for the month. Taking all returns
since 1892 the decrease in volume OF Dnsihe>s
done compared with that year has breh I'D per
cent The point Of greatest importance IS 'hat
workngnen and farmers should see WHAT 'his
difference means for them. and what has caused
IT, Profits of traders and bankers and Trans
porters have been cut down. but at me largest
those profits are only fraction of the sum pald
for products BY far the greatest part ol tila'
sum goes either to the farmers or To the wage
earners. Thus even in lS.f. the rallwa! coii-
panics were able 10 realize only lt'le over
quarter of the charges for transportation ana
part of that was paid az interest on ueDls. lh'!
have less business now. get smaller prohls' anu
cannot pay good wages. Bui piopapiy more
than four-fifths Of the entire sum paid goes III
last to labor. either Of the farmers. or or those
who transport and ship and exchange produc's'
or of those who manufacture them INTO Forms
for use.
Evidently it is not possible to cut down the
volume of business more than quarter Without
cutting down the part that goes TO pay for labor
in various forms The farmers have been gam
ing splendidly Of late. and except for the ex-
traordinary foreign demand for their prOduc's'
and the advance in prices OF such produc's' 'he
volume Of business would be much smaller than
il is Yet the rise Of about ~ cents since July
in the price Of wheat has only brought 1t up to
,he price early in October 1892, when 1t sold at
about 50 cents here Many other products are
lower even now than at that time. Part Of the
difference as all are aware. Is that general bus
ness in this country is greatly depressed, ana
/ fewer p.ople are earning wages. so that the do
mrstic demand for breadstuifs and meats ana
vegetables is reduced. The farmer, therefore, III
spite of the Improvement recently witnessed, mas
vet to bear "A large share of the loss, and has been
bearing still larger share
The wage-carner. exclusive Of farmers hands.
number more than 14,WO,OOO. and the decrease
/ in the volume Of all business and all payments
has cut down their receipts. Sometimes the rate
of wages has not been reduced. but the hours or
days of work: others have been obliged to accept
n lower rate Of wages, while many others are out
Of employment The loss falls unequally, and
enough of humanity and fellow feeling TO desire
most earnestly 10 lift from others burdens which
so far they have not been obliged 10 share.
Nearly all workers have been sharing those
burdens If some have been blind TO the fact
that less work for the factories or the mills or
the mines with fewer days or hours work for
them. is really reduction of their wages. they
must at all events realize that they cannot now
buy or spend or live as they could four years
ago Probably the actual decrease in the sums
paid to labor in all forms has not been widely
different from the decrease in volume OF all pay
ments. and a shrnkage Of 277 per cent In the
amount received by all labor, whether employed
or unemployed. means a great difference In the
condition OF all.
Some men are now saying. "rhe works are be-
ginning to start without change Of tariff. and
what is the need Of that changer Many do
indeed start. exactly as many stopped in Novem-
Der right after the election In 1892 In anicipa-
ton Of changes then clearly foreshadowed. They
escaped loss by stopping before business reached
its worst Many who are starting now hope to