, 1908-10-17
Business shrlnkage and labor.

company, which has already reduced
Its dividend to A per cent, shows prac-
tfcally no surplus above dividends for
the past year, and the American Loco
motive company, after paying n
dividend without having adequately
dend altogether. To the workingmn
facts like these may seem to concern
the capitalist and investor rather than
himself. A little consideration will
show, however, that such events soon
react upon labor. not only by depiv-
ing some laborers Of employment, but
by reducing the demand for labor and
so permitting reductions in wages to
be made eve among those still en-
ployed. The fact that the American
Locomotive company has been COM
PEELED to close Its works at Providence
is one of the evidences Of this. The
fact that building operations have de-
ciined for representative cities from
5000, 100000 In the first eight months
of 1907 to $2S4,351.o 600 for the CORE
spending months Of the current year
cairles the same lesson.
What will be the effect upon labor
II The shrinkage of 15 to 20 per cent
In volume of transactions which has
already been disclosed in railway
earnings, building construction and
other directions is not o counteract-
ed by reviving confidence? Every la
boring man can answer the question
for himself. He knows that it will
mean reduction of wages, ineffective
strikes, the exhaustion of his savings
and the success of scab labor in GUST
ing him from his job at lower wages
unless he submissively accepts the
terms imposed by ~unfavorable bust
ness conditions.
To the laboring man who favors the
election of Mr.. Bryan as president the
question should come home whether
under the most favorable conditions
such an event would contribute to the
revival of business or eve permit it.
Does he not know that the average
business man, whether he be manufac-
turer, contractor, engineer or banker,
looks upon the election Of MI. Bryan
with fear and trembling and will cur
tail his business activity from the
very day that the result Of the cleo
ton is announced? There may be Ia
boring men yindictive enough toward
their EMPLOYERS to enjoy the spectacle
of seeing them worried by the election
qualification like this be wisely OBJ
tained at the sacrifice Of steady en-
ployment, good wages and personal in
dependence during the next four
years? Even If the business men who
entertain these feelings are all wrong.
still the fact must be faced that they
are entertained and that Mr.. Bryan's
attitude on important public questions
is nj liks|1rto diaeel they dlstr'st
after his Ion
= Among bortant principles
I which Mr.. ran is it22vocas 8 in tbie
campaign are radical revision of the
tariff, reduction of the product Of the
trusts and the issue Of government
paper to supersede the existing cur
rency system. Radical revision of the
tariff means that manufacturers will
reduce their output to the absolute
minimum which will meet current or
ders. The mere fact of uncertainty
regarding the proposed rates, espe-
cially when that uncertainty is en-
phasized by Mr.. Bryan's demands that
the rates shall be moved sharply
downward, will paralyze the activity
and reduce the output of nearly every
manufacturer. Still less will it be
possible for any manufacturer to bor-
row capital Of the banker and employ
contractors and builders for extending
his plant and affording increased en-
ployment to labor.
The attempt to destroy the trusts by
such a crude process rs removing the
duties on trust made goods would
have an e worse effect. Certain
industries would be practically ruined,
their securities would decline, receiver.
ships would ensue, and the community
would again be In the mids of a panic
more threatening than that of last au-
tumn. because 1t was brought on by
the determined purpose of a man en-
dowed with four years of power. The
proposal to issue greenbacks would
revive the evils of civil war finance.
when gold fed abroad and business
became little more than gambling.
To the prospect of these dangers
some make answer that Mr.. Bryan
would be curbed by a Republican sem
ate. To a limited extent this would
be true. But the constant transmits
sion to congress Of messages urging
his favorite measures would tend to
perpetuate the uneasiness which
would be excited by his election. More
over. in many matters the executive
discretion Of the president and the
members of his cabinet Is such that
they would be able to add to the dis
trust excited by merely academic dec
larations and thus to keep the business
community in that state Of doubt
which means a continuance and extern