Capitalists and financiers -- Fiction; Gold -- Fiction; South America -- Fiction; Wall Street (New York, N.Y.) -- Fiction
If this scaling down of wages had been done by employers, organized
labor would have known how to deal with the situation. But the amount
paid in wages was the same--more in some cases--in dollars and cents as
it had been at the beginning of the year. It was impossible, therefore,
to retaliate at once with strikes and other arbitrary measures. The
power to be combated was greater and beyond the employers. Moreover, it
was something even less tangible than the soul of a corporation. There
was no getting at it. Employers themselves, except the producers of
goods in regular demand, suffered from it quite as much as did the
workers. The railroad companies could not advance fares and rates,
because the purchasing power of money had suddenly diminished nearly one
half. The increased prices they were called upon to pay for coal, rails,
and rolling stock left them no surplus with which to satisfy the demands
of employees for more wages. Miners and mill operatives were pressing
their claims with better success. Coal and standard cotton and woolen
goods were held at high prices, although the demand from actual
consumers did not increase. The latter fact did not for the moment
trouble the middlemen or dealers. Nothing was to be gained by turning
their goods into money on a rising market. They held on for still larger
profits.
The farmers were the ones who regarded the situation with the greatest
satisfaction. The crops already beginning to come to market were large,
but the prices of all staple products were marvelously high. Wheat,
corn, and cotton seemed to be the favorite investments for idle money,
while a real estate boom drew attention away from stocks and bonds in
still another direction. Agriculture could afford to enjoy a wonderful
prosperity at the expense of town vocations. The boot had been on the
other leg long enough. Somehow, no matter how, the tiller of the soil
had been suddenly restored to his pristine supremacy in the economic
world. It was enough for him to rejoice over the fact without trying to
explain it.
Public-domain text, read in full here on John Shaqi.
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