The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1903-07-30
in England, and to allow for this in
estimating real wages: that is, what

in England, and to allow for this in
estimating real wages; that is. what
4 man can buy with his days work.
But this is not alb The projections
.sts forget to tell US that England is
the only free trade country in Europe,
and that times are even harder in pro-
tected Germany, Italy and Russia and
other countries than in England; that.
indeed, it is mainly from the protect
ed countries of Europe that the food
IF immigrants is now coming. They
are being driven out by excessive tariff
and other taxes. Those who remain
are rapidly becoming socialists and
threatening to Overturn protection and
perhaps the government with it. The
socialists made great gains in the Ger
man elections few weeks ago be-
cause of hard times, which their speak
srs attributed largely to high tariff
taxes and merciless tariff trusts in
steel, coal, coke, etc.
In this connection, it may be noted
that five years ago the German writers,
editors and business men We're ''whOop-
ing it up for protection and trusts
cartels) there. jus as our learned COM
mercial writer's have been doing here
for three years. They said that tile
great syndicates controlling the indus
tries of Germany could regulate pro-
iuction, adjust supply to demand and
all the rest of it, SO that there could
be no over production and therefore no
real depression in business. Most Ger
mans were optimistic then. Now all is
changed. Three years of severe de-
preston and hard times have devel-
oped a big crop of pessimists and
.croakers." They are cursing high tar
if duties and trusts ''tO beat the
band" They are ridiculing the optim-
lists of five years ago and parading
their prophesies before the people,
The trust-tooters in Germany just now
are very meek and humble specimens
Of mankind. They have had their day
and are now having their night.
Is there not a lesson in Germany's
experience with trusts for us? Why
will our great heads not learn this les
son?
The Iron Age contains long edi-
torial entitled. "a Theory of Industrial
Depressions." 1t says: There is good
reason to believe that panics, followed
by periods of Industrial depression of
greater or less duration, were former
ly due to causes rather psychological
than MATERIAL and that owing to re-
cent greater changes in industry, des-
ignated Combinations by Mr.. Car
negie, we have "a series of entirely
new economic postulates. which con-
fuse statistics and silence prophecy"
1t, however, suggests strongly that
our trusts and banks, by working har-
mOniouSly together. can avert panics
and depression, and asserts lit will be
dangerous to attempt to formulate
laws which are intended to explain
what may never again happen"
This editorial may have been cop
led from some German magazine of
1898. Possibly within two years this
same Iron Age may be blaming our
tariff and trusts for hard times and
be quoting some of to-day's strong
antitrust articles in German papers.
1t is even now uncertain if our trusts
are making friends of all Our pres
ent day trust-tooters should hot for
get that those who laugh best laugh
last-Byron W. Holt.