throats by helping elect McKinley? Surely they understand their business much better than does a Texas maverick-brander who writes economic editorials while astride a mustang. Possibly so; but it were well to remember that while it is evidently to the interests of the stockholders of such a corporation that it should prosper, the bond-owner, who is a kind of wholesale pawnbroker and flourishes best during periods of business depression, also has something to say. Whether the former receives any dividends or not the latter must have his interest, and the more of labor products required to pay it the more he is enriched. The railway bondholder is usually the party who holds a $500 mortgage on a $10,000 farm. Crops may fail, the hogs get the cholera and the poultry die of the pips; cotton may go down and cloth go up; but the sorrows of others cause him to lose no sleep. As I have hitherto pointed out, we have it on the authority of Mark Hanna's newspaper organ "lower wages are certainly a feature of the new prosperity"--that the American workman need not hope for permanent employment until willing to accept the same wages paid "the pauper labor of Europe," from whose disastrous competition the Republicans solemnly promised him protection. If Supt. Trice is reducing wages and overworking his men it may be accepted as certain that he is compelled thereto by a higher power--that the edict has gone forth that the employees of the I. & G. N. must work longer hours for less money that interest be paid on the $15,000,000 which the blessed "business revival" added to the value of Mr. Gould's securities while he was idling about Europe. * * * SALMAGUNDI.