Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-11-03
business Shriukage and Labor.

A good many events are taking place
ut present In the business world
whose effects are likely to be felt by
the workingman unless there is turn
! in the TIDE. The American Smelling
company, which has already reduced
| its dividend to per cent, shows prac-
.ically 10 surplus above dividends for
the past year and the American Loco
motive company, after paying one
dividend without having adequately
earned it. has now passed It's divi-
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 depriv-
ing some laborers of employment. but
| by reducing the demand for labor and
so permitting reductions In wages to
! be made even 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-
clined for representative cities from
$3.50. G50,00O in the first eight mon.h s
Of 1907 to $2sf.3J1. 900 for the CORE
carries the same lesson.
What will he the effect upon labor
If the shrnkage of t. to % per cent
in volume of transactions which has
already been disclosed in railway
! earnings. building constructor and
other directions Is not sool counteract
ed by revivinc confidence? Every Ia
boring man can answer the question
for himself I-e knows that it viii
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 iabortng 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 even permit it.
Does he not know that the average
business man, whether be be manufac-
tuEsr. contractor. engineer or banker,
looks upon the election Of Mr.. Bryan
with fear and trembling and will cur
tail bis business activity from the
very day that the result Of the cleo
ton Is announced? There may BE- Ia.
boring men vindictive enough toward
their employers to enjoy the spectacle
of seeing them worried by the election
Of Mr.. Bryan. But would temporary
qualification nike this be wisely OBJ
tanned at the sacrifice Of steady EN-.
ployment, good wages and personal In
dependence during the next four
years7 Even H 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 not likely to dispel their dlstrust
after his election.
Among the important principles
which Mr.. Bryan is advocating In this
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 ID 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 Dor
row capital Of the banker and employ
contractors and builders for extending
his plant and atfording increased en-
ployment to labor.
The attempt to destroy the trusts by
such crude process a. removing the
duties on trust made goods would
have an even worse effect Certain
industries would be practically ruined.
their securities would decline. receiver
ships would ensue. and the community
would again be in the midst Of panic
more threatening than that Of last au-
tumn. because 1t was brought on by
the determined purpose Of 4 man en-
dowed with four years Of power. The
proposal to issue greenbacks would
revive the evils Of civil war finance.
when gold ned abroad and business
became little more than gambling.
To the prospect of these dangers