The labor world. [volume] (Duluth, Minn.) 1896-current, 1903-02-28

J. J. Hill, the trust railway magnate,
has broke loose again with another
statement that the country will soon
have another panic, and a period of
commercial and industrial stagnation.
This time he says the panic will be
caused by the trade unions and the
papers give his stuff the widest publi-
city. Mr.. Hill overlooks the fact that
this country has had periods of indus
trial stagnation and panics since it has
existed as such. In 1887 we exper-
fenced one Of the most disastrous pan
les and trade depressions that ever
occurred, and there were compa rative-
ly few organized workmem at that time.
The next great depression was in 1857.
Does Mr.. Hill claim that the few un-
ion men at that time were responsible
for that panic and depression? The
next panic and industrial depression
was in 1873, which was started by the
failure of J. Cook, the great banker
and speculator. Perhaps the fellow
who is looking for some one upon
whom to place the blame will say that
the handful Of union men at that time
was the real cause Of that dark period
In our country's history. The panic in
1893, while very severe, was not near
as bad as the preceding ones, and did
not last as long, and there were more
union men and women at that time
than at any Of the previous periods
We do not propose to let the real
causes for panics and industrial de-
! press;ons escape with the foolish
statement that trade unions cause
them. Let us see what then are the
real causes. Chief among which are
| over production, caused by the fact
that with improved machinery and
long hours and low pay the unorgan-
lied workers We cannot consume all
that is produced. Under consumption
| caused by the same agencies and the
further fact that we do not receive in
| wages sufficient to allow US to con-
sumo all that we produce. Over CAPT.
taiZation and water stock. The Uni
ted: States Steel, Trust 4is4 is4capitalizedsat
II! lE$l 4Ae.ot .oQa
which fs' water and N hieli spay
tribute: Continuous and reckless ex-
tension of the credit system, which
leads to failures and consequent loss Of
confidence by dishonest officials Of
great banking and financial institu-
! tions, mergers and trusts is one of the
! greatest contributing causes of panics
and industrial stagnation. Fraudulent
manipulation of the stock markets
cause more crime, distress, misery and
| wickedness than all the rest combined
| and that is one of Mr.. Hills favorite
| pastimes. Over $400,0O0,OOO was lost
last year by promoting fake business
| specializing enterprises in England
alone, for which of course the poor
| working man in the trade unions was
| responsible. Amalgamated copper
stocks, which all know are largely
owned and controlled by the unionists,
dropped some time ago from $3.50 a
share to about $40 and thousands OF
people lost heavily. The reckless
speculation in the mad rush to get rich
results in failure and the destruction
of confidence and consequent panics,
which invariably lead to industrial de-
pressions. The more wages the work
ers or masses earn the more they will
consume, and the less danger there will
be for industrial stagnation and the
best and only way for the workers to
! get better wages is to organize into
trade unions. We earnestly protest
against the small-souled, contempti-
| BILE attempt of the real wreckers to
! shift the responsibility onto the shoul-
| 1ers of the workers of the trade un-
| ions.