The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1920-11-11
THURSDAY, NOVEMBER II, 1920
WAGES AND DEPRESSION

The effect of the coming depression
on wages which The Banner under (
took to discuss yesterday proved too
big q topic to cover in one article. |
hence this continuation of the subject
today /
The depression itself is absolutely /
nothing to worry about. 1t is merely
a necessary adjustment like shutting
down mill for inventory and repairs
after it has been run fer many months
at forced. capacity There is demand
! enough in the world and money and
business talent enough in the United
States to overcome any Of the ordi-
mary obstacles without serious delay.
Even if twothirds of the industrial
( pants in the country should shut
down tomorrow it could not be for
long and would merely make the de
mand greater following the delay.
The point of adjustment to be
reached is a reduction in costs which
will permit the sale Of goods in this
country at q fair price and in other
countries in competition with foregn
manufacturers, and to do il without
injustice to either employer or en-
ploye and with as little hardship as
possible
Manufacturing will not be done eX-
cept al profit. The men who have
the ability to manage a big business,
who will risk their capital and endure
the strain Of industrial struggle, will
fnot do It unless there rs a reasonably
assured margin Of profit. This means
not only interest on money invested,
hut q building of reserve to provide
against losses, for the rerlacem2nt of
buildings and machinery, TO anticipate
needs in the purchase Of raw materi-
ais, to give security when money must
be borrowed and C carry the business
over the dun periods that are sure to
COM
Theorists have had visions Of indus
trialism on some other basis but
every experiment since history was
written has proved the error of their
teachings Two years Of communism
in Russia has ruined every manufac-
turing plant in the country and re-
dnced the PEOPLE who have survived
to a deadleyel Of poverty and serfdom
where their masters are the despots
temporarily clothed in political power.
Progress does not mean a decrease
/, of capitalism and industrialsm but
an increase With an ever increasing
number of people sharing in the profit,
stockholders. as il We're, in the enter.
prise aud deye.opment and future OF
Oh ration
Unthinking persons VIII often be
heard to declare that the rich are
getting richer and the poor gettin1
\ uc0~or. but the statement is absolute
~ false in this country at least More
and more people every year share in
prosperity and improved standards OF
1 living. There are more stake holders
o In tho game IN America than ever he
fore and the number increases at
much faster percentage than Oh.
growth of population.
Continuation of this desirable pro
gress caunot be brought about by ask
ing either capital or labor to make to'
\ great a sacrifice. Business shouif
4 not at empt to lower the wages OF et
Acient loyal trustworthy employe.
any m,ra than these same empoye!
should expect business to give up 1T
entire profit in order to reduce costs
Uascupulcus employers viii seek Q
force down wages in order to main
tain the big profits they have beel
making in recent years Unscrupu
lous labor leaders viii seek to ho.d ~