Bisbee daily review., 1907-09-10
OF LABOR IS CAUSE OF
 TROUBLE
Until Situation is ReadjuSted
 There Is Little Hope for Re-
 lief From Present Financial Straits. q

B2ssCn.-The New Bereau says:
 None of the yellow journals need bel looked to to tell the truth in the pres eGt situation and declare that the present monetar stringency is largely due to the labor situation. It is high priced labor that makes high-pTiced goods that absorbs the currtncy from the inlncial centers. carryiny zeal money out from under that credit cen ters of the country co cls iaiaC> l&w. Der camps and the mills
 Harsh as it may seem in economic. law, there is no relief in the financial situation until money cLn be hIC a.. the centers; and money can be had at the centeTs only when it is returned from the pockets of labor. Today the unconscious lookup of capital is in the pockets of labor. Men whCI formerly had 8 ia their pocket now have SIC, and the banking and credit CenteTs are the poorer thereby. Few people realize that $l per capita more in the pockets of the people tor S5 more per family in the pockets of the wage-earners of that family means over SSO,00O, 900 of currency taken from credit centers and the destrur- tion of a few hundred millions Of cred it built thereuDCl.
 This is the real reason why with reduced banking loans and a larger circulating medium, money is abnOT- maliy scarce-scare in the credit cen ters. It is not scarce in the mill town of New England or the mining towns of the West. But theI strin- gency is self-corrective. When enter. prise has reached the limit of its ability to command real money, labor, after a time, begins to feel the pinch.
 A few months ago there was se- riOus trouble threatening in all the mining camps of the United States al though labor there was receiving the highest wages ever recorded. This was true of Arizona and Nevada as well as Montana and Michigan. For labor could not be had in quantity at the highest prices ever offered on either the St. Paul extension or MT. Hills extensions and improvements in either Canada or the United States. Laboring men could get higher wages in Butte and the mining and timber camps, with the products of mines and the forests selling at the highest prices ever noted in this generation.
 Butte was deficient in labor and wages had to be raised there be cause Goldfields was paying s per day for almost any kind of labor. Goldfields could not get all it wanted of the rawest kind of labor at S5 per day because the rebuilding of San Francisco cheap IabOrers were turned into masons and iinemen, into cleo tricians, and wages were anywhere 6N T kE Hrfd d0F1 Gate. In San Francisco today masons are getting s6; carpenters have come down from S6 to $5, and labor is at s4 per day. The banks will not fi- nance contractors or builders who are paving more. The effect has been felt in Goldfields, and where there were three jobs looking for two men six months ago, today there are three men looking for two jobs, and all the labor that can be used is offering. Strikes have gone by the board, and maximum prices for labor have been seen. Up to within 90 days efficient labor was scarce not only in Butte, but, for the first time in this genera tion, at Houghton. Mich. Careful statistics compiled by mining inter- ests. -wnIcn never see In0 iISiI1, showed d S0 per cent shortage ifi min ing labor at Lake Superior and the Calumet & Hecla for the first time in its history was unable to get the highest wages the class of labor 1t had heretofore commanded; in fact, could not set i+ at all.
 This wave of high prices and insuffi- cient labor such as rolled on from San Francisco eastward, has been met by high-priced money which has rolled westward from TOkio, Egypt, Berlin and London which has crushed the spirit for new enterprise, stopped the beginning of new electrical con structions, cut the demand for cop per in halves, piled up between 1OO,- O0O, ,0OG and POO 900 900 pounds of cop per and is now threatening a shut down of a considerable portion of the copper mining activities of the coun- try. These two controlling waves high-priced money from the east and high priced labor from the west meeting each other now in Houghton and Butte.
 What the whole country needs to- day is a little accumulation of labor,