Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-01-12

n financial crisis and a consequent in
dustrial depression.
IMMEDIATE COLLAPSE UNLIKE
LY.
This influence alone, I think. has
already delayed the appearance of
the elements of depression and may
postpone its coming an indefinite
number of years 1t seems futile,
therefore. to apprehend a collapse in
the immediate future. and yet such
things are so tickle, slight causes have
such great results at times that the
public must not be surprised IL some
of the elements OF past panlcs and de-
pressions appear at any time.
We all remember how sharp the
panic of May, 1893. was and how
quickly 1t came upon us, l do not
look for this, yet 1t may come.
The question now arises as to
whether the present prosperity is real
or apparent. ] find 1t impossible to
define real and apparent prosperity.
yet 1 suppose the real prosperity
means that prosperity which comes to
the whole country. which affects poo-
pie universally, while an apparent
prosperity Is that which results from
speculative enterprises. makes a great
deal OF noise and benefits but few,
Under this definition the present and
long prevailing period of prosperity
is real Wages are higher than at any
other period in the history of the
country.
Prices are also higher than at any
other period. The cost of living has
constantly increased, but there has
been tremendous rise in the wages
OF most trades, and so far as the sta
tistlcs of wages and prices are con-
cerned earnings are today little, but
not much, higher relatively than the
cost of living. There is scarcity OF
money to be sure. and this is always
or nearly always, the accompaniment
of prosperity; but there is great
scarcity of labor. Most enterprises
are hampered by their inability to
secure the proper amount and quality
of labor. The Offering of high wages
takes the lead. Therefore, now, with
things are languishing. simply waiting
for men to enter upon the labor side
OF the plants
WAGES ARE UP TO STAY.
With high rates of money. high
wages, there must necessarily be high
prices Whether man receiving IS a
! day and spending 81. 90 rs a better man
than one receiving So and spending
$3.50 Is n sociological question
more than an economic one, but most
men would rather have s. day and
expend all but 10 cents than TO be re-
duced TO 81 day and still save Il
| dime. But all this leads to cartalIi
| kind of imitation When prices are up
| land they go up earlier after a depres-
sion, and faster than wages the wage
| Garner suffers His rates of pay. how
ever. are sure to follow. When de-
| preston begins prices are first affected
| They 20 down with more or less rap
1 . Z,
| the same rapidity. and while prices
! reach the level before they began to
| rise wages rarely. II ever. reach the
level they experienced upon the rise
hence In the swinging OF the Industrial
! pendulum In the long run wages takes
| the lead. Therefore, now, with wages
| higher than ever In the history OF the
country, they win never go down 80
low as they were at any previous perl
Cd while prices may. In this sense.
therefore, the prosperity is real
| The Influence of the great comblnn-
lions or trusts Is felt In this direction
as well as In the steadylng effect It has
! upon depresslons. The great interest
Is 20 hold up. to keep on high plane
OF productivity when one member
suffers all suffer. Therefore It is to
the Interest Of the combinations to pre-
serve the stability OF labor not only
az To numbers employed, but as to
| compensation for as compensation de-
crenses consuming power decreases,
and hence come stagnation and depres-
sion.
SAVINGS BANKS DEPOSITS.
Another indication OF the reality OF
the preyoillpg prosperity is 10 be found
IN savings bank statistics. but these
statistics are Interesting from another
point of view,
In 1882 when the depression OF that
period was beginning TO be felt the de.
poslts IN our savings banks amounted
10 1866. 100000, and during the period o
depression following that year the,
constantly Increased, although not /,
any very great extent. In 1856. whel
the depression was beginning TO pas
away. they amounted to silii, 500. 900
In 1888 when the last depression be
gan. the deposits amounted to 81 sos
100000 IN round numbers, and the,
kept increasing until when the depres
sion passed away. they amounted 4
about $1,000 900 900, while now durinl
this period ~ prosperity, which may b
said 20 date from 1895, there has bee
an Increase IN deposits from sl,sii,000,