pre-eminent among the great industrial classes in our country, 

 that they feed all other classes and produce all the raw material 

 for the other interests, and constitute the main supporting element 

 of our commerce. I have not lessened the importance of any 

 other interest, but have shown that all stand together in harmoni- 

 ous relations and that no one interest can suffer without affecting 

 the whole. I am now brought to the consideration of the 



INTERESTS OF LABOR. 



Wealth of itself means nothing more than the possession of 

 something that has a market value, and not possessed by the 

 generality of men. It is only a benefit in the highest degree or 

 sense when its blessings are diffused among all classes. The 

 legitimate purpose of wealth is to ameliorate the human condition 

 as much as possible by furnishing to man means of physical com- 

 fort and enjoyment, and opening a way for his highest moral and 

 intellectual improvement. 



To be effective, Capital and Labor must be on good terms. 

 There is no natural antagonism between them. The true rela- 

 tions of Capital and Labor are best maintained where there is the 

 greatest freedom of competitive industry and where each is sure 

 of its reward. 



If injustice comes between them, both must suffer, and in any 

 contention labor must suffer first, as her wants are immediate. Cap- 

 ital can stand a longer siege. Both their interests grow out of 

 the wants and demands of the community, and they ought not to 

 be circumscribed unless they interfere with morality and the pub- 

 lic good. It is to capital we owe our public and private prosper- 

 ity, and labor partakes as much of its benefits as capital, and often- 

 times more. It may be and sometimes is the case, owing to pe- 

 culiar circumstances, as in some kinds of business during the late 

 war, that capital, for the time being, may reap a greater reward 

 than labor ; still the day always comes when the tables are turn- 

 ed and labor receives more in proportion than capital. As an 

 illustration of this principle, let us take the woolen manufacturing 

 interests during the late war. Some of these interests enjoyed 

 unprecedented prosperity. The natural effect was to turn into that 

 channel all the available machinery of the country. The war end- 

 ing suddenly, left this vast amount of machinery in full operation 

 and consequently the supply soon exceded the demand. Instead 

 of stopping or turning a part into other channels, thus reducing 



