The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-22

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{E5fNNiSNV sawyer. II nOtlco hlnts o. ~
kLES&yJ In many OF the papers. nope
these Croakers are mistaken
"There never will be another industrial
panic such ns the ones With wiiich we
ire familiar" said Colonel Monroe. The
old fashioned panic Is now an impossl-
bllity."
why do yotl mako that prediction. .;e
For the good and sufficient reason tnat
we have Installed a now Industrial sys-
tenn" replied Colonel Monroe. The panic
or 1873 was typically an Industrial panic.
There was another one In 1854. but u was
Of less intensity The panic OF 1873 was
OF different character. twas moro OF
IL financial or speculative panic nun a..
Industrial ono An Industrial pancgis
ttanpcdc OF manufacturers and fner-
cha Ia who suddenly make the discovery
that there Is no market for the wares
or hand. AS q consequence factories are
, closed In all parts Of the country, mn
lions Of workncn are discnhrseu, p'ie.s
fall. a rush Is made on deposit ana say,
ing Understandable OF which are forced
into Northumberland long period OF
deprcssion and general suffering follows.
4 1T Is possible that something may occur
! 20 produce all of these effects. but II can can
MT spring from the same causes. LILO
trusts were specially designed to prevent
tho recurrence Of industrial panics. and
hnvc considera BILE faith In their cin-
c,ency. Trusts and labor unions have
reduced the danger from screVc lhdustrldl
l,anics to q minimum.
II confess cannot see now, deciaieu
Judge Sawyer.
.I,anlcs are phenomenon incidental
10 n purely competitive system OF indus
try,'' explained Colonel Monroe thirty
years ago we enjoyed all Of the fruits OF
competition. Workingmcn connected wi!n
one another for Jobs, until wages dropped
to the lowest point at which It was pos
sbIe to support life. Manufacturers COM
peted for the sale OF their products and
cut prices to point where losses were
Inevitable Take the steel Industry as
m example. There were then hundreds
NJ manufacturers OF steel products. Each
concern went blindly ahead producing
goods on n Wild chance that a market
could be found. In order to exist eacn
manufactures cut wages TO the lowest
possible point. Inc individual Hauufac-
turer had no way In which to determine
tho consuming power Of the public, nor
had he any method Of asccrtn.ning when
he and his competitors had reached the
I danger point Of an overproduction OF steer
commodities. All plunged ahead IN the
dark The amount which can be pro-
duced depends wholly on the consuming
royer OF the people. and largely on that
or the wage workers. 1t finally sits
Itself down to the size Of the wage tund.
BY steadily reducing the wages OF their
employees, the manufacturers IN those
glorious days OF unrestricted competition
eventually succeeded in so curta...ns con-
sl,1nptIon as 10 force a general suspen-
b sion o. industry and In accomplishing
4 their own ruin. Hence the periodical re-
turn OF Industrial panics with the follow
Ing years OF depression.
ANY man possessed OF sufficient intel
ligence to lead him to go indoors or put
my an umbralla when 1t rains should
have understood that the output OF fac
tories was fixed by the purchasing ca"
pacity OF the community. a blow leveled
nj the wage Garner recoiled on the stock
holder OF an Industrial enterprise. a
successful conspiracy to depress the price
LOT grains crippled the manufacturer fully
as much MS 1t did the farmer. Tho lat
,er's VIC patched up his old clothes, and
the cotton and WOODEN mills went into
the hands OF receivers. Unless the people
can buy back that which they produce.
the wheels of industry stop. All Of this
sounds SO obvious as to seem stupid. 1t
is as trite as 1t Is 70 solemnly Insist that
three and four are seven, but, despite
all this. the average small manufacturer
OF this country cannot get this idea.
through his thick skull. Judge. II I
should ever obtain possession Of few
surplus millions Of dollars. would start
night school for American manufac-
trrers.''
What Is the matter with the American
manufa cturer?" exclaimed Judge Saw
,,he> world In ability to protect his own
interests. He seems to be getting along
fairly well without your proposed night
school What would you teach him p
II should attempt - tcaNh him not to
regard every dollar expended In wages, as
money irreparably lost" declared Colonel
Monroe. II should attempt to convince
him that his best interests are conserved
by combining with other manufacturers
for the purpose OF maintaining the high
est practical rate of wages, rather than
striving for the lowest which can be forced
on those in his employ. I should attempt
TO explain to him that he cannot prosper
unless his worfmen prosper At the
present time he has the opposite idea. He
vainly imagines that prosperity must first
come to him, and that he Will then dis
tribute 1t in tho form OF wages which
must be gratefully accepted. 1t Is about
time that these deluded gentlemen were
taught that prosperity depends on the
market and not on the mill. It Is those
who buy and not those who sell who
have in their keeping the well-belng. OF
the community,
1.-THE average manufacturer imagines
that his road to wealth lies In the way
of elevatIng prices to the highest possible
point and Of depressing wages to the low
lest possible scale Occasionany ne. can
Gee all advantage In cutting prices. but
his one consuming ambition is to reduce
his wage fund. He cannot comprehend
that in the final analysis his employees
are his customers. He cannot discern
the plain truth that those who work for
him must buy back that which they
create. Who else will buy It? II pianos
are to be manufactured and sold. coun-
try must have a plano buying wage scale.
y But what Is your piano manufacturer
contemplating this very moment? Fie Is
to Join an association OF employers
which, will start a crusade against the
tyranny of labor unions. am not de-
Tending many Of the methods Of labor
unions. Some OF them are guilty OF pet
ty exactions and Of unwarranted use OF
power but who taught them their les
sons? But our plano manufacturer Is
really concerned with only one result
of trade unonlsm 1t has forced him to
pay a higher wage scale. Therefore It
must be attacked and If possible destroy
I'd True. times have never been so pros.