The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-10

- 81
~t country going 10 the dogs in the
present struggle between capital
tSff<EI and Iabor2"
- I asked this question Of Sena-
tor Mark Hanna as we chatted together
IN his room at the Arlington Hotel on
cent afternoon.
NO." was the sreply. There is only
halt in our march of unbounded prosperity.
We shall have a limited period in which
business must run al a slower pace. Many
factories will cut down their forces, and in
some wages will be necessarily reduced.
AS TO the country. IL is in a healthy condi-
tion. The crops are good, the people
well of and the outlook is not serious"
What is the cause OF the halt, senator?
Does IT not come from the Increased wages
demanded by and the other exactions of or
ganized labor?'
II do not think So" replied Senator
Hanna. I'm New York and Chicago and
one or two other places a depression has
been created by the troubles In the build
ing trades. These have been nearly settled,
and look for better times there"
Then I suppose IT comes from organized
capstaI?'
mo; IL does not. The chief reasons are
the natural ones Of oversupply and under
demand. You remember the business situ-
alton of from 1888 to 1895. We had been
overproducing and the market was glutted.
Business came almost TO a standstill and
the people lost confidence in everything.
Every one bought as little as he could. and
the factories did little more than manufac-
ture TO order. while all enterprises includ-
ing the railroads. cut their purchases to
the minimum.
AT the same time capital became tmid,
and the savings were stored away In the
safe deposits and in low Understanding
securities.
WHEN REACTION CAME.
Then in 1895 we woke up TO the fact that
we had excellent crops, vast material re-
sources and at the same time a market
which was out OF everything The fnan-
eial sky frightened The demands came in
like n deluge. Money crept out OF the banks.
the factories and mills went TO work and
prosperity. like a SNOWFALL running down
Hill. gathered at every turn. until II seemed
that the powers OF adversely would be
crushed by IL. The great demand brought
about combinations OF capital to supply
II. New inventions created 10 save labor
In the hard times increased the capacity
OF the factories, and the new forces of
modern industry produced i'm quantities I'M
confidence OF the people ran neck and neck
with the times. The home market sprang
Into such enormous proportions that raw
materials and manufactures were brought
In from abroad I'm vast quantities. This was
especially so OF iron and steel, the sup
plies OF which. then ordered, still be-
Ing delivered.
Then all at once it was found that the
home demand was satisfied. The more con-
seryauve business men, including small
merchants all over the country. saw there
must be a turning OF the tide, confidence
wavered, and the results is the condition of
How about the future?"
81 have no fear of that" replied Senator
Hanna. "Our normal condition is one of
good times, and the present depression will
sooa pass away. We always move more
slowly during the year of the presidential
elections. As 10 the country, we have the
same muscle and brains that have succeed
ed In the past, and we are as good as
ever. In times like these, however the
sensible man trims his sails and keeps close
70 the shore. l began TO do so more than
three months ago"
THE AGE OF ORGANIZATION.
But. senator. do you think great combi-
nations Of organized capital are good for
the country?"
"Yes. The great Industries of the world
can be carried on in no other way. This is
an age OF organization. Such combinations
are among the evolutiOns of our industrial
development, and they are to the interest
OF both laboring man and capitalist They
have increased trade and increased wages
"A few years ago the balance OF trade
was against US and especially so I'm the
Industrial lines. ii Is largely owing TO or
ganized capital that we are now not only
able 10 manufacture for ourselves, but to
export TO all parts of the world This ex-
port trade will increase and wc shall hold
our own as the greatest industrial nation on
earth by our combination OF capital and
labor.
II am not afraid of such combinations
the senator went on. IF they abuse their
privileges competition will regulate them
Every field OF industry In this country is
open 10 all and extraordinary profits will
lead TO new organizations. Our only monop-
Giles are those protected by the patent
laws"
You occupy a peculiar position on the
labor question, senator" said l. you are
looked upon as the representative of both