Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-10-27
THE REASONS FOR IT.
Whether Wages Go Up or Down De-
ponds Altogether on the Re-
suit of the Election.
II the Gold Standard Il to Become Per
mauent Wages Will Decline Along
With Everything Eise-The Prof.
Its Of Business Already Gone
-BryAn's Success VIII
Avert This
Crisis.

Chicago, Oct. 81. 1s9G-[Spec!aLl-
The most sweeping and disastrous re-
duction of wages in the history of
American industry will follow the
presidential election, IL the gold stand
ard is finally foisted upon the nation.
Wage-earners are warned in advance,
and if they fail to heed and govern
themselves accordingly it Is their own
fault.
II Mr.. Mckinley is elected there will
be a reduction in wages in all the great
factories and mills of the country.
Were 1t not for the certainty that
general reduction in wages would bury
Mr.. Mckinley under an avalanche of
votes. wages would have been reduced
two months ago. BY almost superhu-
man energy Mark Hanna and the Re-
publican managers have averted the
reduction except in q few unimportant
instances. The great trusts. with their
billions of money and their millions
Of employees. have been federated into
a campaign machine. and have acted
in concert. They have done 30 at an
enormous sacrifice in profits. Many
great corporations have been running
at an actual loss, and the banks have
been called on for support, until the
strain threatened a panic.
But it was life or death. To shut
down was a fatal admission. To reduce
wages was suicidal. The weak ones
were encouraged financially and they
are now entering on what they pro-
pose shall be the last month of the
present wage scale.
If Mr.. Mckinley is elected. the no
litical orators OF the next decade WI
grow eloquent in description Of the
good times OF 1896" They will de-
scribe how in the fall of 1893 the great
factories were running on full time;
how every man who desired work could
find it; how the tramp became a rar-
ity and the smoke from a thousand
factory shafts blackened the sky and
the hum Of industry made glad music
In the land.
There is not well-posted man in
Chicago. New York, Philadelphia.
Pittsburg or any other manufacturing
center who does not know that there
will be a general reduction In wages
put into effect the day after Mckinley
Is elected.
This Is SO self-evident that it re-
quires no written or verbal proof BY
every act, by every move, by the col
umns OF the great daily newspapers.
they have proclaimed the coming re-
duction in wages in terms so plain that
every man with common intelligence
can read between the lines.
The United States has been on an
absolute gold basis since the repeal of
the Sherman act. which repeal was in
1893. Since that time there has been
n steady and relentless reduction in
prices and consequently in profits.
Wages have been reduced somewhat,
but in no proportion as compared with
the decline in selling price of all forms
of property, with the single exception
of gold. Real estate has declined. rents
have fallen. manufactured goods have
decreased in selling price; thousands
OF articles of manufacture ard OF COM
mon use have dropped slowly but sure
ly in the price scale. Look at your
stock reports. Compare the listed
value of railroad stocks with the quo
tations Of year ago. Pick up your
paper and compare the quotations on
the great industrial stocks with the
figures OF year or two ago. They tell
the same story; the story OF a steady
decline in values with decreased earn
ings for capital.
Capital and not labor has been the
sufferer from the condition of affairs,
BY labor is meant employed labor. By
capital is meant money employed in
business or manufactures. Capital
hesitates long before making wage
reduction. Capital respects the great
labor organizations which stand like a
rock in defense of prevailing wages
Capital knows the cost of a great
strike. and carefully considers the con.
sequences before precipitating a wage
war. As a result organized labor is the
last to suffer from steadily fall.
ing prices. and the wages of morgan.
lied labor are fixed by the relative
prosperity OF the trade unions.
Can any one deny these statement.
and prove their falsity? Are they no
self-evident? There is no theory abou
1t. These are the things that have hap
pened. To recapftulate: Capital EN-
ployed in business and manufactur,
has suffered and suffered enormously
business men and manufacturers hav,
held out. hoping against hope for a ris
ing market: some of them have failed
those yet in business can maintain tn,
prevailing wage scale no longer, ant
are compelled by the inexorable lay
OF supply and demand to reudce wage.
TO a point where profits are possible
During these three years since the En-
glish gold power finally forced it:
standard on the American people. EN-
ployed labor has fairly held its own
by virtue of the power Of organization
But the day draws near when tbs
crushing weight of the gold standard
will break down the labor organiza.
tions. and with 1T the present way.
scale will shrink many points nearer
its inevitable levei--she wage scale OF
England. Germany. Italy. Portusa
and other countries. 80