New-York tribune., 1900-10-25
THE RULE OF THE MAJORITY.

Under the old conditions Of private ownership
the control Of many OF our industrial enterprises
family Now t6e Control is subiect ii i tt usl or
rule that prevails in the administration of our
9eeregs tinns IONS 6f waait5 u SO Ts gevth4g great
or families, that the heirs OF the industrial giants
have the capacity TO succeed to the direction of
fortunes, enervated by ease and luxury prefer a
life OF Incidence or to chase the viii O. the wiSps
literature or art; others to enter upon scientific
pursuits. Under The old conditions they would have
inherited the control OF industries but under the
present conditions of industrial consultations the
ing ths 1umeTicai majority IS also the msPorfv
in interest-elect as officers aspiring young men
industry have proved their ability and judgment to
assume the responsibilities Of leadership and owing
the higher evolution of our Industrial organiza-
tons these men are developing greater intelligence
them. Thus the fttest survive.
THE CHANGE OF 1881
In 1896 the discussion as to changing our financial,
legal and industrial systems created sufficient un-
easiness TO cause our bank clearings 20 decline ~
per cent in comparison with the eprresponding
nous advance IN interest rates and threw out OF
work a whole army OF men and women. You are
in 1897, when conditions became assured-how re-
newed confidence set the wheels OF prosperity IN
dustrial conditions then predicted. just now
know what will take place as soon as confidence
If the mere possibility of unwse and immature
panic as that of 1886 what terrible catacIysm
would be oCcasiOned II instead of the possibility
confronted with the actuality. The DIFF
ference would be that between the storm and the
cyclone. On the other hand. remove all questions
to the sanity and conservatism in our laws, as
to the stability of currency, as 20 the con-
tnuity of our Industrial development in accordance
with natural laws, and will have condition
OF prosperity such as country in the world has
ever known.
NO DANGER FROM CHINA.
In view of the fact that the maintenance OF high
wages in the United States is largely dependent
upon increasing exports. the question Is asked
whether could sustain them in competition
with the cheap labor OF China, were China to be-
come a manufacturing country. The best answer
is that last year. among other exports, We
shipped two hundred million yards of cotton cloth
to the Chinese. The average rate of wages paid
by US in its manufacture was seven times the
average rate OF wages prevailing in China
The Chinese, like the people in our own country
who have Chinese cast of mind, do not recognize
the advantages OF combination Industrially they
are living in the land Of yesterday. instead of in
America the land Of to-day and tomorrow Not
withstapding her great agricultural and mineral
wealth. Notwithstanding the fact that she has
the largest body OF cheap labor in the Woriu,
China is not efficient competing factor in the
field Of production. because, in spite Of all these
facilities, she has none Of the antecedents, intel
lectual, political financial mechanical, for large
scale production under modern conditions. since
she possesses of the instruments of com
merciaI greatness and social well being Twenty