The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1912-01-02

which was forced 10 procure liberia
assistance from New York. In consc
quence we were lending large sums I,
: Europe at time when we are usual
~ borrowers. thus illustrating i'm
striking degree the financial strength
and soundness of the United States
Among other hindrances against the
, stock market which operated through
out the year were those of n strictly
political character. The presidential
campaign began almost n year in al
vance, the trust and tariff problems
being the most serious sources Of
anxiety. All in all IL has been a year
of many perplexities. The nerves OF
the financial district have been severe
~ strained, but so far without IMPAIR
ment. There is really, i'm some re-
spects. more confidence at the close OF
the year than at the opening. and il
anything Is needed for a complete res
toration IL is absolute rest from the
marrying and inquisitorial attitude
which Congress has seen fit to adopt
toward business for the purpose Of
pleasing constituents at home.
Political and Social Unrest.
There is one influence affecting bus
mess that should not be overlooked,
and that is the general social unrest.
IL may or may not become a seriously
disturbing influence. but il is sure to
he vital fnrca In pau, Iaari.ia,to., g.
some time to come. The social uplift
which is now going on Is not a move
ment to be ignored. Those at the bot
tom of the social ladder are fighting
FOR a better chance, and they are go
ing TO have it, as they rightfuly
should. Their determination to secure
larger share of the general OUTPUT
has been immensely stimulated by the
phenomenal growth of unwieldy for
tunes In this country. not 10 speak of |
the often vulgar and ostentatious dis |
play of wealth which has naturally |
created undesirable class antagonism. |
These swollen fortunes. II is thorough |
ly appreciated. have only been made |
possible through past misgovernment /
and legislative privileges in one form
or another. Such privileges have fos-
tered monopoly. and an inordinate
of capital. The discon-
tent bred from such conditions mas
been materially aggravated by the
congestion of population in our great
cities. and the radical tendencies of
foreign population. which either can
not or VIII not take itself TO the farm
Dr. the smaller city, where there is a
better demand for unskilled labor than
n our great cities. The various abuses
irising from these conditions have Gre
ited strong and disturbing senti- /:
nent against capital, especially in the :
orm OF great corporations. This is
hown by the overwhelming public /,
support given the Sherman law, and !,
he popular approval of recent govern
mental efforts to regulate corporate af- ;.
airs. This determination to regulate
BUSINESS moe freely means that the .
ountry must be prepared for a widen :.
ng of government activities i'm busi-
ess affairs. whether on municipal
tate or national lines. II is To be :.
oped that this tendency will be intel /,
gently guided and kept within the ;,
mits of moderation. Government g
wnership is un-American and de-
tructlve Of both national and individ-
al liberty and progress. Wise reg1ila
ON may solve many of the problems
the day. and our financial and in ;,
ustrial leaders will do wen to set -
lemselves In harmony with and not :,
gainst the popular will This will be
God business quite as much as good
olitics. The Interstate Commerce =,
ommission and many of our public :,
.rvice commissions have already -
roved their usefulness as a means of
rejection not only to the public but :,
$50 to corporations and investors. =.
or late there has been a decided -
ndency to curtail legislative privi-
ges. The check imposed upon mon -
,oly by the Sherman law and the pro ~,
'sed curtailment of excessive protec- ..
on by reduction OF the tariff are -.
e first steps I'm this direction II Is
lite certain that privileges Of this 40
'aracter will hereafter be very diff L.,
Ilt. II not impossible. to secure. The a.
ust movement has reached its zenith
I'd monopoly must hereafter choose -.
tween facing competition or rigid ~,
vernmental regulation. After a lit 49,.
experience with the latter. IL will ~,
obably prefer the former. ~,
What the final outcome of present tn.
ndencies viii be cannot be foretold ca,
eat changes have taken place in the ent
81 twenty years during which our fin
iustrial system has been complete w,
revolutionized. The large corpora abb
N Is here to stay. SO. too. is its abb