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Hence we hold that transportation companies of every kind are necessary to our success, that their interests are intimately connected with our interests. We are opposed to such spirit and management of any corporation or enterprise as tends to oppress the people, and rob them of their just profits. We are not enemies to capital, but we oppose the tyranny of monopolies.

This 3 per cent. interest, these profits, and these monopolies, as we shall soon see, might easily amount to the sum of eighty millions annually, which the creditors were formerly paid.

Value to a great extent being determined by local convention and local habit, the profits of the trader were likely to be considerably increased the further he got from his home market.

Adventures of that kind were left for the hardy North Carolinians and Virginians who first settled what was then known as Upper Georgia. After the Revolution, this tide of immigration increased very rapidly, and it was still further swelled by the profits that the Whitney gin enabled the planters of Georgia to make out of their cotton crops.

When the other bidders heard this, they perceived that all their contrivance was defeated; for their way was, with the profits for the second year to pay the rent for the year preceding; so that, not seeing any other way to extricate themselves out of the difficulty, they began to treat with the stranger, and offered him a sum of money.

It is true that the consolidation effected great economies in the production, but it is entirely obvious that the profits to the company would be greater if we were receiving the full advantage of the economies by still selling our product at the old rates. And this case which I have cited is, I understand, a fair sample of Mr. Gorham's policy in all other directions.

If the business is very successful, its profits may pay a fair return on all this capital; if not, low dividends or none can be paid until the business slowly catches up with its overcapitalization. In all investment-as our industrial organization at present goes-there is risk; but to create a needless risk and deceive the public into taking it is plain dishonesty.

The continued assent of the wage earners to any policy of wage settlement will be largely governed by the success of the community in making good its claim to a large part of the extra profits which may accrue to particular enterprises or industries. Sixthly Any policy of wage settlement of the type considered above should give encouragement to the organization of labor throughout industry.

The circulation grew larger as its news facilities increased, and for some years its proprietor expended all his profits in making the paper more attractive. At the close of the fifteenth month of its career Mr. Bennett increased the size of "The Herald," and raised the price of it to two cents per copy.

The stream is also known as Spectre Brook, for late wandering hunters and scouting soldiers, seeing the forgers moving to and fro about their furnaces, took them for ghosts. Province Island, in Lake Memphremagog, Vermont, is believed to contain some of the profits of an extensive smuggling enterprise that was carried on near the lake for several years.