White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-11-02
NEW TARIFF MAY
AFFECT BUSINESS
PROFITS AND ARE GOING SLOW
WHILE WAITING RESULTS. OF
DEMOCRATIC LEGISLATION.

There Is a quite general opinion In
industrial circles that a severe bust
ness depression is in the making.
which will be especially pronounced
IN the United States, says the Boston
Commercial, 1t is felt that the stand
ard of wages existing here Is much
higher than car be maintained per-
manently under a low tariff, as the
labor unit In manufacturing in practi.
cally all foreign countries is obtained
much more eheaply.
Seeming industrial and financial
disaster through the medium of re-
form agitation. by new and proposed
laws restricting the activities and
nrofts of capital, war clouds and wide
spread labor troubles, the CONNER
clal goes on to say.
when lawmakers and the captains
of industry go wrong the law of sup
DIV and demand sooner or later cor
reefs their errors; but in the mean
time a great deal OF expensive recon-
struetion is necessary and the bills
have to be paid.
II our recent tariff revision has a
tendency to depress many of the
leading industries in the United
States the voters will bring about a
restoration of the rates previously
prevailing. To accomplish this, how
ever. will require more than a year.
Business depression, II il becomes
an actuality. will reduce the amount
of currency required to meet pay
rolls. money Will concentrate in the
banks and interest rates will decline;
but II public confidence In the future
of American industrial enterprises Is
thoroughly shattered meanwhile. and
the earnings OF corporations reduced
to a minimum. that money win not
be available Immediately for either
railroad or manufacturing improve
ments and expansion.
The rapid industrial development
of the United States las caused all
the world TO wonder. Our profits and
the savings of the working people
have been reinvested and We have
drawn heavily on foreign countries
for capital.
Notwithstanding the fact that
very much higher wages are paid In
the United States, earnings have been
satisfactory and we have been slowly
but surely building up a large foreign
trade with a balance much more
largely In our favor than can be
boasted of by any other country.
The attitude of the government
and the labor organizations towards
our leading corporations. however, Is
causing leading men TO question
whether industry In the United States
has not been overdone and to serious.
ly consider the possibility of USING
their capital to better advantage IN
such countries as China, southern
Europe and South America. where
there is an abundance OF cheap labor
and great natural awaiting
development.
Business cannot be l%egislated into
existence: but governments can drive
IL away. Ii is very strongly suggest
ed that the law makers in the United
States have been endeayoring TO DC
this for some years past and tina
just now they are more determined
than ever.
1T is all wen enough to tear dow
a great structure when the plans haN'
been perfected and the resources arr
available TO build "A better one IN III
place. but nearly the whole world Il
tearing down now and trusting Il
luck that something better may grow
up naturally from the fragments.
THE foregoing are some of the pes
sImistic views that now occupy TN
minds of business men and finaneiers
Unquestionably we are in a period o
transition: but in all probability w
shall find that we have been tfaVei
ling In a circle in the wilderness o
faulty moralistic teachings and re
form visions and that we shall com