11 



supporting' element of our commerce. I have not lessened 

 the importunce of any other interest, l)ut have shown that all 

 stand together in harmonious relations, and that no one in- 

 terest can sutler without atfecting the whole. 



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 blessino's are diffused amono- all 

 classes. The legitimate purpose of wealth is to ameliorate 

 the human condition as much as possible by furnishing to 

 man the means of physical comfort and enjoyment, and open- 

 ing a way for his highest moral and intellectual improve- 

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

 terms. There is no natural antagonism between them. The 

 true relations 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 fnjustice comes between 

 them, both nmst suff'er, and in any contention Labor must 

 suffer first, as her wants are immediate ; Capital can stand a 

 longer sieo:e. Both their interests o-row out of the wants 

 and demands of the community ; and they ought not to be 

 circumscril)ed, unless the}' interfere with morality and the 

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

 prosperity, and labor partakes as much of its benefits as cap- 

 ital, and oftentimes more. It may be and sometimes is the 

 case, owing to peculiar circumstances, as in some kinds of 

 business durmg the late war, that capital for the time being 

 ma}' reap a greater reward than labor ; still the time always 

 comes when the tables are turned and labor receives more in 

 proportion than capital. As an illustration of this principle, 

 let us take the M^oollen manufacturing interests during the 

 late war. Some of these interests enjoyed unprecedented 

 prosperity. The natural effect was to turn into that channel 

 all the availa])]e machinerv of the countrv. The war ending 



