Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-07-14

port from foreign countries. although tie
nominal duty be unchanged, the real lax
Is much larger than il was. We sill pay
81 cents upon yard of tle coarsest col
ton bat the sane amount will purchase
mucl, more of provisions or labor than
II would do formerly. The duty, ilieu, Is
substantially increased /; ana il il !;as aiih-
eric, with exaggerated pi,ees and ia M.
sound currency, proved inadequate, ould
II noi be prudent, now ihai a change IL
these circumstances gives 10 the pieseui
,arih lis fair operation; 10 vail The iesuit
OF their operation
The depression il lie price OF proper
~ aud labor WIS conaneI 10 no section
OF the country, and Ia 20 branch 81 Dnsi'
ness. fhe manufactured, like the iafm-
er, should estimate his profits not on,ihe
supposed vaiue G. his capital years "a
20 not OH " hat II then cost, or- would
then have sold Tor, bat al the price which,
II you'd now cost, az would now sell iol.
against This general ,Iepressicn.Ae could
nLi indemnity !iiui 1ui there was "a loss
peculiar 20 manufacturers, Irenf- " hlch
no government could ins ure 20 III, ~, and
-w!iici. many al t,icd, ic!, very severely al
ti;lS iiDe. Whilst an Improvement ia
machinery ia useful 10 Tire couUiry la
WHICH II is made, lis Immediate effect -
often greatly 10 impair The capita! oil NIX
nUiaciurers. TIE ola machinery must
be abandoned. What relief wonld ,tighes
duties give 10 The owners 0i manuiacio-
ries which had not adopted the improved
machinery i might encourage ihem 10
struggle d lille longer with inferior una
cbiriery, but without permanent benpiii, t.
ven 10 themselves !, must produce 3 real
waste OF The capital ai.d tabor OF ne ma
lion.
Among tie causrs which al tbs mo
neni depTess the manufacturing industry
Oi The country, one OF the most cons.ie-
rable rs ia he found in tia, general iiRi;-
nuiioH of income which affects the he.
mand both for foreign and domestic p!U-
duciloas. The carriage makers, Tor in
stance, suffer probably as iiucm from
want oil employ mcni as any ether class
Of manufacturers. There Is here 10 iSreign
competition. 1t is distress from whilh
our .ari.i can give no relief. On tie cCn..
lrary. lis eject must be by increasing the
expenses, aud diminishing, therefore, the
clear income of the con.laapiiy, greatly
TO Increase lie difficulties OF all these.
classes OF manufacturers who sulier iroui
diminished demand. 4
Ills fsiends wI.o had preceded him had
referr, 10 instances Of IaaEulactorir0
every other Industry Was depressed, and
particularly 10 that Of an establishment
Cat Wa;'!lan,) which was understood 10
bave divided ~ per ce9t. and reserved IA
considerable surplus. The committee Of
manufactures, Ia declining 10 give a;ly
detailed statements upon The subject, llad
Obliged him 10 resort 30 the sources OF
information which, were within his reach.
He should stale 10 ihe house ile opiU-
ION which his enquiries had enabled biBa
10 form, and he should STATE il III the wCgds
OF letter written by nlan who Was as
wei! acquainted with the subject as any o.
iher in tie u. States. Mr. Baldwin asked
the name oil the writer, WINCH nlr, l.. de-
chncd 10 glve.J Many manufacturers
have been ruined, ana maBy others lost
money. bal very hule reflection and ca.
quiry will rake The Canse esideri. Per-
baps the business has been conducted 10
the best advantage, when, IN addition 10
The want OF capital aud experience, is
added tina; 81 Incorporated companies,
where the principal meaning al the chare
ter ~ To eXOneraie each heider Of lie
stock, as we'll as the President, Directors,
and Agents, from individual responsible
iiy, for any debts die fioGi tie compaDg
Consequently, in all purchases for The
establishment the agent would be ublig.
ed TO give al least per cent. more ;tan
the individuals could purchase il OH illeir
own responsibility.
" Bat perhaps greater cause OF loss
may be IN the general fa!I in price Of eve
ry article used by manufacturers, aud III
all kinds OF manufactured goods, whether
| foreign or homemade, and also in the
price OF labor end improvement in ma :
chihery compelling those that did not sell
Immediately on The goods being finished,
| TO make heavy losses, for " G suppose IL is
admitted that The cost oi making any goods
| Oi which cotton or wool Is the article of
chief value, is moi more tiian halt the coas
OF making tie same goods III 1916.
In order more clearly 10 shew the
consequences OF not Immediately selling
we give ibe following example, arising 10
| our own business. Ne supply Il maker
OF caudev ick with cotton, and sell all lie
wick lie makes, aud during the year 1910,
ihe business having been good Tor many
years, he, with Others engaged III he
same business, had accumulated cODsi-
:. derable quantity on hand, which, during
the year 1918, had Oeeu worth from 81
10 55 cents per lib. wlien ibe raw iDeieFi-
al OF cotton was wOrthirom 30tO sc cents
paying the spinner an average o! 20 ceBls
the ID. Tor his labor and expenses bui
on the ist Of Aug. last, The same kind 81
cotton could be purchased at 10 ccNis
the pound, and Tie price OF wick had fall
len so low as . cents, but yet PAYNE
l6 cents for the labor and expenses
which, we are convinced, is prohtabl,
business Hence, on the Isl % Angus,
last year, he could afford 10 sell his Wicf
at what lie cotton Of his 1878 wis& cos
him, aud at The time we were selling hi.
new made Wi..k al profit, that made ID;
year before was selling at a loss Of iii,
whole coal u nIaking and manY olhel