12 



suddenly, left this vast ainouiil of machinery in full opera- 

 tion, and consequently the supply soon exceeded the demand. 

 Instead of stoppin^: or turning' a part into other channels, 

 thus reducing the product to the actual demand, the manu- 

 facturer, feeling his strength in the accumulated profits of 

 the past, continued to manufacture until the surplus was 

 thrown on to an overstocked market, and consequently 

 prices fell, in some cases even below the cost of the raw ma- 

 terial. The splendid fortunes made during the continuance 

 of the war soon vanished, and hundreds of millions were thus 

 lost to the capitalists. Fortunate was it for the country, 

 and more especially for the laboring classes, that the capi- 

 talists heeded not the warnings of prudence. Had they 

 stopped manufacturing, it would have depressed all other 

 kinds of business, and deprived the laborer of his employ- 

 ment, and created untold misery and suffering. But on the 

 contrary, wages continued at war prices, and still continue, 

 notwithstanding the decline in the prices of food and cloth- 

 ing. It could be shown that every dollar lost by the man- 

 ufacturer was paid in wages to the laborer. The laborer 

 continued on in prospei'ity while the capitalist lost all. Con- 

 sider the benelits the laborer and the community derived 

 from this sacrifice of capital. It took the splendid fortunes 

 of the past and diffused them through the community. 



The true interests of the country are pr(nnoted where these 

 powerful industrial elements operate in sympathy and attract 

 instead of repelling each other. We want no antagonism 

 wdiere all ought to confederate for the common good. 

 When we foster the great productive forces which feed and 

 clothe humanity, we bring each calling into amity and reci- 

 procity with all other callings. Thus the great harp of la- 

 bor with its thousand strings, touched as with a master's 

 hand, will vibrate in harmony through all the land. Mighty 

 are the achievements that spring from the union of capital 

 and labor; but their noblest offspring are the homes of our 

 people. It is these that make the chief glory of New Eng- 



