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THE
MUJIC TFADE
VOL. LXIII. No. 11 Published Every Saturday by the Estate of Edward Lyman Bill at 373 4th Ave., New York, Sept. 9, 1916
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N ancient times the standing of a nation was gauged much as is the modern pugilist's—by the number
of battles won, by the ability to meet all comers, and by the number of foes vanquished. To-day, the
standing of a community or of a nation is measured by a far more logical rule and yardstick—the
yardstick of industrial and commercial activity.
Supremacy in-commerce is therefore the Ultima Thule of every civilized nation. Despite the political
and diplomatic factors which are to a certain degree responsible for the present European war, that great
conflict is being waged, in a large measure at least, in order that the balance of power in things commercial
may be decided.
And if, in the struggle for a place in the sun, the favored nation shall be the one which is commercially
supreme, it behooves us to bend every effort towards the strengthening and establishing of our national
industries and the upholding of our national commercial activities.
It has been said, and truly so, that America is great because of her vast natural resources, yet this is
but a half-truth. The natural resources of this country were even greater than they are to-day when America
was but a howling wilderness, yet the mere existence of these natural resources did not make her great at that
time. It is because of the vast industries which have been reared upon the foundation of these natural resources
that America to-day has attained the place and prestige which she enjoys.
If, therefore, the industries of a nation are the stepping-stones to the heights of world-supremacy, it is
high time that we regard our great national industries in their true light, and endeavor to strengthen and
upbuild them instead of seeking to curb and throttle them by restrictive legislation.
For the past decade Germany has fostered and encouraged every phase of commercial activity that has
sprung up within her borders. Large corporations, trade combinations, and even associations formed for
the express purpose of regulating trade and maintaining prices have been directly encouraged and materially
aided by the German government. Not only that, but a host of scientists and commercial experts have been
employed by the government to the end that private industries might have the benefit of their aid, their
researches, and their highly specialized knowledge.
In this country the reverse has too long been the order of the day. Trust-busting, anti-business legislation,
and the hindering and hampering" of industrial activity has seemed to be the motive which has actuated our
legislators for many years, and the demagogic wail against predatory corporations and malefactors of great
wealth has usually fallen upon sympathetic and eagerly-listening ears.
The dawn of a new era is at hand, however. No longer is the Sherman Act regarded as a complement
to the Magna Charta.
We are beginning to learn that co-operation, rather than correction, must exist between our industries
and the nation that is great because of them. We are coming to know that the payroll is the basis of general
contentment and prosperity, and that the man who provides the payroll is much more a benefactor than he
is a transgressor.
The need for a better understanding between producers and consumers is being felt to-day to a greater
extent than ever before, and much of the misunderstanding which has hitherto existed between capital and
labor can be completely eradicated if those who hold the reins of government will seek to encourage, rather
than discourage, those men who are making this country rich and powerful by reason of the vast industries
which they maintain.
One of the best pieces of constructive legislation which has thus far been introduced before the law making-
bodies of our nation is the measure commonly known as the Webb bill, which is now before Congress. This
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