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Updated: May 14, 2025
When the contemporary man steps from the street of clamorous insincere advertisement, push, adulteration, under-selling and intermittent employment, into the barrack-yard, he steps on to a higher social plane, into an atmosphere of service and co-operation and of infinitely more honourable emulations.
The weapon of capitalist warfare is the power of under-selling "cutting prices." The most powerful firms consent to sheathe this weapon, i.e. agree not to undersell one another, but to adopt a common scale of prices. This action, in direct restraint of competition, corresponds to the action of a trades union, and is attained by many trades whose capital is not large or business highly developed.
A big opportunity is constantly tempting one of them to undersell; new firms are constantly springing up with new machinery, willing to trade upon the artificially raised prices, by under-selling so as to secure a business; over-production and a glut of goods tempts weaker firms to "cut rates," and this breaks down the compact.
This I rejected, because it being the chief Manufacture of the Country, it would, by raising the Price abroad, be a Hindrance to the Commerce of the Nation, and give the Cormorants who made it, tho' nothing so fine as the Cacklogallinians, an Opportunity, by under-selling them, to become the chief Merchants in this Branch of Trade.
And now along comes Wyman, the one man in Wall Street who dares to shake his fist at old Dan Waterman; and he gives the newspapers all the facts about the bad steel rails that are causing smash-ups on his roads; and he turns all his contracts over to the Mississippi Steel Company, which is under-selling the Trust. The company is swamped with orders, and its plants are running day and night.
Here again we have first to guard against some exaggeration. It is not true that German, Polish, and Russian Jews are coming over in large battalions to steal all the employment of the English working-man, by under-selling him in the labour-market.
Seeing the great dread and anxiety that was above, as to the inordinate liberty of the multitude, and how necessary it was to bridle popularity, which was become rampant and ill to ride, kicking at all established order, and trying to throw both king and nobles from the saddle, I resolved to discountenance all tumultuous meetings, and to place every reasonable impediment in the way of multitudes assembling together: indeed, I had for many years been of opinion, that fairs were become a great political evil to the regular shop-keepers, by reason of the packmen, and other travelling merchants, coming with their wares and under-selling us; so that both private interest and public principle incited me on to do all in my power to bring our fair-days into disrepute.
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