Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-10-07

SlOASS 10 SA"h 6Nui"ASAS "AN NSNSANA
the market become rich by raising and
lowering the price of wheat and corn.
The great trust stocks have advanced
in value in three months 5000, 567, 1874;
the railroad stocks by $967, 257 Ol9; the
railroad bonds by S64, $4,000. These
figures are from the Chicago Tribune
of July 81, From natural causes
short crops in Europe, Argentine and
India-wheat and corn have increased
in selling value. This is a good thing
for the farmer, but he can thank ma.
ture and not American craftsmanship
for this chance to pay interest on his
mortgages.
But do you own much Standard Oil
stock? If So you should be happy. Its
value has increased $4,000, 900. Or
Chicago gas stoekP Its value has in
creased S6,29l ,OOO Or Whisky trust
stock? Its value has increased S54, $780,
900, Or Sugar trust stockP Its value
has increased $1s,OOO,OOO How much
has the value of your railroad holdings
increased? How much did you sayP
These advances enable the great cor
porations to increase wages. II they
do so there will be revival of business
and industry for short time. Unless
there is a general increase in wages
the. expected revival will die still born.
A rise in the selling price of sugar will
not help the man whose wages remain
the same. But even If wages are rails.
ed and every factory In the country
runs full time with full force of
workmen the panic is inevitable. The
greater the revival the more terrible
will be the panic. The harder you
work the more quickly will come the
panic. This is not prophecy. Will
liam Mckinley should and probably
does know it. Every good business
man or banker knows it and attempts
to profit by it.
The New Time asks the Chicago Tri-
bune, the Chicago Times-Herald, the
New York Sun, the New York Herald,
the ST. Louis Globe Democrat, the
Louisville Courier-Journal and other
papers which pose as public educators
If they expect another panic. 1t asks
them to give logical reasons why his
tory shall not repeat itself. It asks
them to defend system which con-
dennis the world to enforced idleness
and suffering seven years out of every
ten. 1t asks them what remedy they
have to propose, If any.
They have no remedy They regard
panics as inevitable. Listen to the
Chicago Tribune: "TbHre is regular
order about every disorder. 'Panics
come on an average once in seventeen
years" (the Tribune figured the average
from 1910 to 1897 and omitted the panic
of 1s47. 1t also fails to give the pres
emit average, which is one in about six
years., land last from one to six years.
They are usually followed by slow
recovery, then by period of good
times, then by boom, and the boom
usually brings another collapse from
transportation"
Perfectly correct, except the "over-
speculation" The collapse is brought
about by the fact that the people can
not purchase back that which they
have created. They cannot consume
the surplus. The factories cannot sell
their products. They shut down. The
men are thrown out of work. They
are no longer producers, and If they
consume it is by an expenditure of
their savings while at work or by the
grace Of charity. Prices fall. Merch-
ants are ruined. Interest goes on.
Banks cannot realize on their loans.
The people who have deposited two or
three billion of dollars in the banks
try to draw it out and fail for the sim.
pie reason that there is only 81, 500, OOO,-
900 in the country and but a percent
age of that in the banks This is q
panic.
A panic is an epidemic of fright in q
community of economic fools. 1t is a
phenomenon incident to painless sys-
tenn of production and distribution. 1t
is the inevitable concomitant Of the
profit system of industry. 1t Is the
logical sequence Of the development of
machinery under competitive private
ownership.
There is bnt one remedy, and the
adoption of that remedy is as newt.
able as the evolutionary development
Of the panic. That remedy is the ma
tional and cooperative ownership Of
the means of production and distribu.
ton. 1t is the substitution of coo per-
alton for competition. The time has
come when the producer is demanding
and will obtain the total of that which
he creates The goVernment-the peo-
ple-will act as the employer and serve
without profit Then there can be no
panic by reason of"an overproduction. ("