Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1922-05-06
BRIGHTER OUTLOOK IN BUSINESS CIRCLES.

follow? Should it continue to divide
UP the limited amount of work among
all the men who claimed a share OF
1t, increasing the pay as the amount Of
work for each diminished. or should
it organize the industry for efficient
production, and compel one-third of
the miners to find other work? If the
latter is the remedy, the miners can
apply it themselves, without the inter-
vention of the government. Would
they rather do It of their own choice
or under the direction Of the govern
ment?
In the course Of the recent hear
ings upon the coal industry before the
labor committee of the house Of rep
resentatives, washington, the follow
ing collequy was reported as taking
place between Congressman Atkinson,
of Missouri, and Edgar Wallace, rep
resentative Of the federation of labor
and member Of the miners union:
Congressman Atkinson: Miners
were getting up to last week 81 per
cent more than they got during the
peak of prices during the war, why
aren't you willing to skid down a little
fnow when farmers have lost 50 per
cent. of what they had then p
Mr.. Wallace rs there any reason
why we should lose because farmers
weren't organized"
This retort by Mr.. Wallace indicates
that he thinks there is nothing to the
problem Of a living wage but for every
group to get control Of its own COM
pensation and boost it up for the
others to pay.
The ambition of organized labor to
improve the living conditions Of the
masses is. of course, pTaiseworthy, but
there are certain truths that must be
| understood.
One of these is that money wages
! urfng compensation, and another is
are not to be considered alone in meas
that the wage bill is not paid by en-
ployers in any final sense. In the last
analysis the workers in the various
| industries are working for each other
and paying each other. They are all
consumers, and the consumer pays all
| the costs of production and delivery
upon everything he buys.
| Of late a new phrase has come into cir
| culation to the effect that there must be
not only Giving wage" nut q Saving
wage" Unfortunately, the people who
use 1t usually think OF nothing bur an
| increase of money wa yes which means
that wages and the es4 - Living will go
I
| off thar the donkey that foilDWs all day
tue Wis., cf hay just tc1t al Of his nose
| 1t IS time practica. nei. .-:,rred that
| there is 70 progress Ny simply JaekirG Ut
| indust; ial costs, which carry tie c5st CT
| living with them. Tho CO. broadly els
tributrd gains that ov4r come to the
| masses CT the people have cone by the
| inEpruFe1nents in Industry :.tat hav;
| chel~NreG and mecca al production
,.1l-
made all the time, and the opportunitie.
| fer them are limitless. The engineers say
tina. the industrial cutprt might b. in
| creased from 40 to 100 per cent. of in
dustrial friction could be reduced and
the best methods now known general,
| adopted. That would make it possible
for wage-earners to have the war-ti1n,
noney-wages and at the save time civ
| each dollar the pre-war purchasing piw
er. That would be genuine progress.
In view of the number of foreign Ioa1i
granted in this country lately there is
revival of the argument that foreigl
loans in the United States should be &C
companied by an agreement that tn
proceeds will be expended in this country
In the situation of the United States a
the present time the first appropriat
comment is that such a regulation woui
be wholly unnecessary to secure the pur
pose In view, as present exchange rate
virtually give assurance. that any credi;
in this country will be expended here
So long as exchange of the United State
is at a premium everywhere, nobody |
going to withdraw funds from the Unit
ed States. To do SO would be an act G
business folly If the borrower does nc
want to use the funds for purchase
} here on his own account he can sell the;
) at a premium to somebody who doe
) want to use them here. The premium
, proof of that.
/ Moreover, why should be object
I Holland, being in good credit, shout
borrow in this market and turn the result
ing credit over to Germany. at premium
i, in exchange for German coal or iron
The conditions may be more favorable Il
Holland to trade direct with German
than for US to do SO. And so there is n
! limit to the variety of deals and trade
by which other countries may arrange /
help each other to obtain chedits In II
. United States. Why should we restrit
: them in doing so? The more regulation
we lay upon our foreign trade the less "
shall have for it.