New-York tribune., 1902-12-11
TEXT OF THE SPEECH.

,o4 all the baneful influences which lead u
national decay, the most pernlclous i9 49, 80
that degrades or impoveTlsnes tdoGo oIo IN fleets
srreng1h Of a nation consists nol dlOlie --t a. - -
md armies but in the manly spirit OF an @ nut
pendent yeomanry, and IN the inoelIlsenioe' N
sorr and happiness Of its laborlng peoile-
C(f All Industrial questions, the one lnaI mos
directly affects the general Weltare Is lhe &c &c
4ion of American labor 10 capital In lhe piose pS
-,,+iar of business OF any magnitude three
.binps q ~ nacessary-ca pital, SUPERVISION aud
Labor For success, wise SUPERVISION Is qul1S
as important as either Without capltal anu s
- s1,-,ervision il would be impossible for
ishor alone 10 accomplish any great result ies =
labor whether Of brain or muscle Is ehlll,eS = :
TO receive out OF the ACCOMMODATIONS ol
An T,roportion to what il contributes toward tie
accumulation. While this theory Is JOsti tLe ,
difficulty in reducing ii to practce Is 70 1s' ts G
% satisfactory method by which II couIu DC
done ,. 80, 80.
Copartnerships in all cases are based on the
-nrnciule that whoever shares in net pronts must
In the same proportion be TesIoilsloie Loi @ Loo ~
But profit or loss in business cannot De ascef-
rained until after the expiration OF d peIlou "a
ehe business. Yet labor must be palo III cur @ eNt
expenses whether there is any net proht or
not Statistics show that a large percentage OF
an kinds of business ends in bankruptcy. thus
sinking the amount OF capital invested IN
such cases il is clear that labor receives an tl
;t could possibly be entitled 10 under any theorE
of prof5t sharing AS wages are paid IN current
expenses and capital takes all risks OF losses
some method ought to be provided Tor tne re-
payment Of the capital invested. Even IN sue
cessfuI business there would oe no aooilohaI
a accumulation of capital until the money already
Invested Should be repaid.
CopartnershiD between the owner OF the capi-
tai in any business and its laborers would not
be practicable, for the risk Of losses and invest
snent of money would all be on one side, with
out investment or responsibility on the other
interpretations or associations Of labor could not
change these conditions. Incorporating indi-
~iduals associations without capital would
he mere fiction Of law, like John Doe and
Richard Roe in legal proceedings. Business
cannot be prosecuted successfully on mere legal
fctions Therefore corporations associations
for business must be based actual capital
To work is a right Of every self-supporting.
Jaw abiding person under any form of govern
1nent, and the highest duty of free government
IS TO protect individuals in this right. To in
vest money or not to invest is the right Of the
owner of capital But whenever it is invested
tn business any lawful pursuit it is entitled
10 the protection Of law the same as labor is en-
fitled TO protection FOR its rights.
Law cannot create or compel the investment
Of capital any more than il can compel labor
70 work, outside of penal and charity institu-
tions. But unwise legislation can prevent the
investment OF capital and may destroy it. Un-
reasonable demands by labor upon capital, If
persisted in, can do the same thing.