The labor argus. [volume] (Charleston, W. Va.) 1906-1915, 1910-02-17
Panics and
Prosperity
BY ROBERT HUNTER.

1917 II 1919 lie says: - stake my
reputation as an economist that that pan
ic viii be one of the worst in our his
tory
He doesn't give any reasons for his
belief. But the newspaper report says
that he predicted the panic of 1907
1t is probable that Carver is right
We have had mild panic at least once
every decade and severe panic at least
every twenty years during the history of
capitalism.
But recently some have said that there
will be no more panics unless our indus
trial monarchs want one.
Panics were inevitable and periodic so
long as industry was mainly competitive.
Now it is said that the trusts SO per
fectly control the market that panics can
be avoided if our masters desire to avoid
them.
1t is even said by competent men that
the last panic was deliberately planned
and carried out on schedule.
Unfortunately, we have not today in
economics a mind that can see far ahead.
Marx frequently foretold coming events
with amazing accuracy, and like all pro-
phcts, he was sometimes wrong, but the
wonder of it was that he was SO often
right.
We must confess that we haven It there.
fore much confidence in the predictions
| OF any modern economist. But the very
| thought of another great panic coming
so soon is enough to make men think.
We have prosperity now, and trusts
how a. L.
point.
AS result we two signs of ire
mendous unrest. The wage earners are
everywhere striking or contemplating
strikes to see if they cannot somehow
get little more out of the present good
days
The whole working class world is in
ferment to see if they cannot force wages
high enough now to provide them with 9
decent existence.
AT the same time consumers of mod
crate means are fighting against high
prices. Wage workers, small shopkeepers
and farmers are making desperate efforts
to keep down somehow the rise in the
prices of the necessaries of life
If these two prosests were organized
the country would be on the verge of q
popular instruction. There might be q
general strike. There might even be
riots against the extortions of the trusts
But the revolt has no organized form
and so we see a kind of guerilla warfare
going on without much intelligence, OF
purpose, or solidarity, and yet this, mind
you, is occurring in the days of prosper
ity when everything Should be well with
the masses
They should now be laying by store
for the panic that is to come.
Yet no one knows better than the
masses themselves that little will be
gained.
The fight on prices will not accomplish
anything of consequence. The fight for
higher wages will only benefit at most a
handful of workers. And the panic will
come.
Prices will be lower then, but the peo-
pie will have no money. Mills, mines and
factories will be running half time or
closed entirely. The world of industry
will be partially paralyzed and hunger
will rule throughout the land.
Men and women will then plead for
work and wages,and in order to get the
factories open once again they will doubt
less elect another Republican President.
And so we ask, how longl Oh, Lord,
how longl
Must this forever continued Will men
forever remain the butts and dupes of an
economic system which robs them in the
day of prosperity and starves them in
the day of adversity2
Will men forever remain the abiect
victims of system that piles high the
store houses during the season of labor
and leaves the people in misery during
the days of idlcness?
How long, oh, Lord how long, will
bakers, shoemakers, miners, machinists.
bricklayers and carpenters remain sunk
in their present ignorance?
When will they begin to think3 When
Will they begin to change the system
which makes of prosperity days of un-
rest, agitation, strikes, lockouts, boycotts; ;
and of panics, days of abiect misery.
when men of toll go on their knees to
beg for jobs.
Think, men, Think Unions are good.
Without them you would be worse off
than you are. Yet will they solve the
problem of panicS and prosneri+v7