The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-05-15
ECONOMIC MODERN TENDENCIES
Mr.. Coles Last Lecture in His Course at
Assembly Hall.

| Mr. W. NJ. Cole delivered the last lec-
| tire in his course at Assemly hall on
''Some Modern Economic Tendencies. F."
last evening. He said:
Not many years ago the wealth of the
community depended largely upon it's
own industrial conditions. AS the means
of transportation were improved, the
natural advantages of one section were
reaped in part by others, through divis-
ion of labor. Division of labor sprang up
internationally as well as locally, deter
mined by comparative rather than abso-
lutte cheapness. Nowadays though trade
is continuing between different sections
of the world it is not merely information
al. The inhabitants of other contine nts
obtain some of the advantages of the
natural resources Of America by coming
personally to our Shores This change,
though not wholly economic, had its
origin in economic changes. The natural
resources of America are great only re-
latively; great because the population is
unusually energetic and has not been
numerous. AS America absorbs more
and more Of the rest of the world, and
becomes more and more like it. she loses
more and more of her economic adyant-
age.
Though the tendency is for greater cor
respondence in the industrial condition of
different countries, the tendency is Tor
greater inequality in the distribution of
wealth in each country. Every year
sees new control over tine forces of nature,
and this control is not universally shared.
The man who by executive or invent i've
ability can add to the comfort or pleasure
of many others is usually able thereby to
secure a fair income. The number OF
men who can and do render service to
society in such manner is early increas-
ing. The Ignorant laborer, on the other
hand, has not, as q rule, ability or capital
either to make or to use new discoveries,
methods or combinations. The maxi
mum productiveness of mere obedient
| brute force was reached many hundred
years ago, and there is no econ omio reas-
on why the man who has now nothing
but obedient brute force to offer society
should receive more for his work than
such man received several hundred
years ago. Thus as society grows both in
numers and in wealth, the difference in
income between the most seryicuable
member of society and the least sericea-
BILE member. economically speaking, be-
comes greater and greater.
| Not only is the distribution of wealth
tending TO greater inequality, but to
greater instability. Commercial trans
actions were formerly carried on largely
with money. Today, money plays prac-
tioally no part except in the retail trade.
Its chief use is as common measure OF
value. The worlds financial work is
carried on almost wholly by credit.
Merchants buy goods largely with notes
or with checks, these notes and checks
are discounted or deposited with banks
and in return bank credits are given.
With these bank credits in the form Of
checks other payments for goods or notes
are made, and thus the circuit is com
pleted without the use of money. Though
the banks hold money in reserve for the
| pay AAOAuo VI Ubt'lI OO1lEouiOao3 ~ - IL
small proportions to the amount of them
and much of this money, moreover, is,
either bank-bills or government Legal
tender,-both of these being paper based
almost entirely on government credit
In international relations. finally, most
payments are made in drafts (Which cor.
respond i'll nature to notes or checks),
and international balances are settled
largely in bonds, which are themselves
forms Of credit. The failurs of any per.
son concerned in these transactions te
meet his obligation may precipitate diff
Guilty on others, who again involve new
circle, and financial crisis may result
In such crisis not only speculative bu,
real values collapse, and able, careful.
men OF high, financial standing may BIZ
rendered penniless by the false steps Of
men across seas of whom they have
never heard. Labor as well as capita.
may be involved in these disasters.
One of the premises of economics Il
freedom from artificial restrictions. The
conclusions Of economics shows that
wages, profits, values and prices work
themselves out to equilibrium. The con.
illusions of economies show that things
must be 80 and So Yet they are not al
ways actually so in real life. The prem
ises must correspond to the actual cOndi.
tions. AS matter of fact few communi,
ties realize the freedom which economics
assume.
Man Drowned at Berlin.
| Berlin, n. H., May 14.-Albert Render
Of Manchester, N. H., and DR.. Bowker
Of this town went on fishing trip to
Mum pond few miles from Enrol. The