| Show DOMESTIC ECONOMY I 1 advance it is an undeniable proposition that there are two separate branches of the financial 1 power each possessing marked and widely different characteristics and each requiring correspondingly cor corresponds angly different characters to evolve them one of these branches is the producing and manufacturing the other one Is is the trading and speculative A very little experience and reflection will enable one to determine the relative qualifications requisite for the rep resen tati ves of the two branches while each should possess energy and vim and aad be thoroughly imbued with the spirit of his bis work the one may be of slower thought than the other but must possess that dogged perseverance and invincible Iii pertinacity cinac tina city I 1 ty of purpose pu that shows no surrender he must also possess to a marked degree the virtue of patience which will enable him to watch the slow developing of experiment and which if he does not reach success at one trial will inspire him to look forward hopefully through a whole year awaiting an anity to try again agai n and this in contradistinction to the more mercurial disposition of the other who ibi the fever of excitement is often too restless and impatient to wait longer than over night to realize the execution and fruition of his plans this latter character becore he will take the trouble to examine into a producing or manufacturing business requires that it shall be laid out before him perfect and be decked with ribbons like a prize beast at a fair while the other character is willing to breed the calf then nurture it prudently tend it thoroughly and watch over it carefully until it attains a condition conch tion of perfection worthy to compete for the prize awarded the one party V la willing to take some risk of obtaining possible or probable benefits to be developed by time the other takes as little risk as possible and wants to get a hold on two thirds of his neighbors jackknife jack knife while he vie gives v es a hold on only one third of his own while both branches are indispensable pen sable and honorable the one that of productions production and manufacture is susceptible of much greater good to a comma anity than the other rhe the same amount of capital will wil I 1 retain a much larger amount of money for circulation and will give a very much greater per of employment and by its excess of these two powerful elements it diffuses benefits to the many while its kindred branch benefit only the few an illustration of the principle is seen by analyzing and comparing Z C M I 1 one of the noblest and most praiseworthy institutions of the trading branch with some of the manufacturing establishments in our community Z C M I 1 L with a capital of one million dollars sells three and one fourth millions of goods a year of this amount there is kept here for circulation for for dividend and probably 50 more for reserve fund fund in all say the remainder nearly three millions is shoveled out of the territory just as fast and as corn com lately elyas as it can possibly be lone done Cs this money goes to pay operatives 2000 or miles away for doing things many of which some of our unemployed people if properly or anizel could and would would be glad to do 0 and with this capital this institution employs only one hand to each pays out wages wa equal to only twenty per cent ol 01 oles of its capital and earns including its reserve fund only about fifteen per cent w while hile the shoe shop and tannery occupy i ing ng only one eighth as much capital ca 3 ital saves for circulation one half haf a as a much money as Z C M I 1 mercantile department does pays out for wages an amount equal equal to fifty per cent of its capital and employs two haidas to the 1000 or sixteen times as many hands as Z C M 1 I does to the 1000 yet this shoes bop is capable of supplying this people only one pair of shoes each every sixteen months thus showing ample room for four or five more factories thus it can be seen that Z C M 1 I is doing nearly as much good to the community with its one manufacturing offspring with one eighth of its capital as it is doing with the other seven eighths in the mercantile department and it is a matter worthy of comment and germain to my argument that this one issue together with a small branch for making overalls and jumpers occupying all told perhaps of capital is its only manufacturing fac turing development in twenty years of its existence I 1 mention this to show that the class of men necessary to manage successfully a mercantile institution like Z C M L I 1 cannot be expected to evolve from the crude elements the productions upon which the employment of labor and the true prosperity and tangible wealth of the people depend another striking illustration 0 of the principle I 1 wish to substantiate is found in the establishment of the utah commercial bank last week capital to the amount of was subscribed at short notice for this undertaking but what benefit will ibbe it be to the people that will employ not to exceed live five or six men that would be one hand to or which means the shoe shop industry will employ 70 to 80 times as many hands to the same amount of capital as the bank wilt will and just as long as the spirit of banking and kindred spec speculation illAtion prevails there will bt be plenty of money to advance the interests of the few while it looks as though the devil may have the many banks axe are necessary and convenient institutions tut ions but f from tom what source do they make mak their money they produce nothing they manufacture nothing but bu t t they ey simply take their profits out of other peoples peopled earnings by lending As A s money to B and keeping to themselves the interest B blaya pays for the use of it it is indispensable that such institutions as Z C M L I 1 and other kindred financial concerns should exist and that they are represented and manipulated by men of noble probity and marked intelligence is a source of congratulation to this community but that they exist in so notable preponderance over the producing and manufacturing branch of ahe financial power is a palpable evidence of faulty utilization of the principles of political and domestic economy there can exist no reasonable doubt in the mind of any statesman having the true interest of his people in view that there is great si superiority in the beneficent policy of legislating and planning for the benefit of the many while preserving an ani I 1 protecting the rights of the few A clear and palpable evidence substantiating the proposition I 1 have laid down is bound loundon in the statement made by one of the committee men to whom had been entrusted investigation into the merits merite of the sugar industry when he said 1 I cannot grasp the details of a producing and manufacturing business but if you will make your sugar PU ill buy it and sell ib 11 this expression showing the absence of interest in and comprehension of any thing pertaining to the producing interest seemed to voice the sentiments of the whole committee and gave tone to their report which recommended a disastrous delay whereas a few drops of the vivifying vilifying vivify ing elixir without which the producing and manufacturing branch of the financial power would ever be a failure would have inspired a searching inquiry elicited attractive information and engendered an interest that woul I 1 have culminated in a thorough investigation and given us the fruition of the enterprise some time earlier how true it is that the safe conservatism that declines to move lest it fall fail is the dry rot of life it certainly should be readily conceded that one of the most valuable aids to the solid and tangible prosperity of a community is the motive that inspires one not only to run some risk but to be willing to make some sacrifice for the development of the crude resources of the country and the evolution of industries in which great prospective prospect i ve good lies dormant in the introduction of ml all new producing and manufacturing enterprises no matter how skillfully fully managed nor what prestige they may bear upon their front there is a feature of ad venture adventure or apparent risk which calls for nerve and afia good judgment the offspring of motives born of unselfishness between the inception and consummation of any enterprise designed for the transformation of the crude elements into the practical and material necessaries and comforts of life there exists a hiat hiatus us in the bridging of which many a valuable and well intentioned design dies the death of inanition so many there are who use I 1 just I 1 buhl sufficient clen t fuel to make the water hot but withhold the last haw fow bushels 61 s of coal necessary to raise the steam to a working pressure the one more davo day for which columbus contended with his mutinous and ignorant crew prevented tb loss ot his entire undertaking and gave to the wory world the fulfillment of the purpose the industry which it is ray my earnest desire to inaugurate amongst this people possesses all the salient points or of a successful and attractive home institution and the slowness of its development is not due to its inherent weakness but to the fact that the recognition on of its merits has been to a large extent submitted to men belonging to the trading and speculative branch there is n not ot however the least doubt on ray my mind that the in justry industry will be sails satisfactorily facto rily permanently rma and profitably rab ed and 31 all the benefits claimed for it will be realized and it will become the head and front end and most potent factor of the producing and manufacturing branch of the financial power ARTHUR SALT LAKE laef CITY june ath INO |
