Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-16
Balance favorable to manufactures S s.734,S4a


-S 6.l66 col
Balance favorable to manufactures s 9.134,342
Sir, should have been glad to have made
IA comparison between the relative profits ni
manufactures and other pursuits, If 1 could
have commanded the data. One of my oh
.ections tn this bill, however, has been already
stated tn be, that We cannot procure the neces-
sary information on this subject TO arrive at
any precise result yet. there are some facts,
which beg leave Ia state, as showing the
probable profits of manufactures IN general,
and the certain prosperity of sumo. The
annual Treasury Report shows, that, in 325,
we imported, of foreign articles, S5,755.109 less
than IN 1929; and that, in the same year, We
t1porfed, OF foreign articles, S5,944,267 m"re
than IN the preceding year Adding together
these sums, II appears that there was dimi
mutton of consumption, nf foreign articles, in
1928, compared with the preceding year, OF
about 81 ,O00, 600. Now, sir, This additional
sum must have been supplied from our own
manufactures, more in 1898 than in 1899. un-
less we could suppose, what is altogether i'm
probable, that, AS our population increased,
our consumption decreased. Surprising the
consumption only to have remained the same,
the same conclusion results from this fact -
Again: previously To the year 1870, there was
actually Invested, as appears from the com
mrrclai digest, IN manufacturing stock,
capital orupwards Oi $40 600, 900 that, since
1890, companies have been Incorporated in
four of the Northern states only, with an ag-
Sregate capital of about Slj,OOO.OGO, about
one third Of all the previous Investments
Unless, SIR, we suppose the capitalists totally
T. have lost sight of that sagacty for which
they are distinguished, which enables them
oh.
this fact affords strong presumpiive proof of
the increasing prosperity of manufactures
Sir, am infoi med, from good authority, that
an non factory, in the stale of New York, has,
Tor series Oi years past, netttd 60 FER cent,
thnu5I n transports It's ore IL miles, is 10
miles from water carriage, and l45 miles
from The city Of New York. As to this item
1T me say, that the ministerial pamphlet, be-
fore quoted. states the decrease in price Of iron
TN England To be undoubtedly great, assigns
this strong reason, that the sword is succeeded
by the plnnghsbare. ! have further been ia
formed, SIR that there are Two manufacturing
establishments in Massachusetts, which make
II profit of % per cent. that certain capital
invested in manufactures is at from 40, to 60
per cent. beyond par and that, within the
last ninety days, mercantile capital has been
Invested IN manufacturing stock at 40 per
cent. beyond par. Sir, what is there to com
pare with this In any other department of
national Industry Ii il be said that these are
a few well established manufactures with
large capital, what is the import oft that argu-
ment If il he not this not that foreign com
petition IS the most serious evil, but that our
smaller capitalists call on us to sustain tkem
against TIE larger ones-against the domestic
competition. The irresistible conclusion which
follows, that he fault is not in the pursuit but
in the pursuer that there is want of capital
or skill, or machinery, or economy, or OF
something, which il is his duty not ours, to
| supply.
NJ. Chairman When we argue upon the
improperly of commencing system upon
the authority of the British example, at a
period when her ministers and statesmen
have become convinced by experience Of its
impnIicy, we are met with the declaration
that whilst this isthrir theory, they do not car
~ il into practice. Let us first sceithp principle
now openly avOwcd to the world by the
British ministry, in the pamphlet already
quoted. give il to you in their own words
Again aud again let il be repeated, that
they (the ministers, are thoroughly impressed
with the truth of the principle, that freedom
OF trade is alike advantageous to the best in
terests Of the country, and TO the solid profit Of
the merchants, manufacturers, and growers"
And, sir. let me inquire, are gentlemen correct
when they assume the fact that this theory
has not been carried into practice | answer,
No, sir. Within few years, Great Britain,
after successfully relaxing the rgor Of her
double colonial monopoly in her West India
Islands, has extended thesystem of free ports
to almost all those Islands and the United
States are now enabled a. import that colonial
produce in their oten ships, instead ofrecciving
it imported IN British ships only. She has
admitted us 10 direct trade 10 her ports in The
East Indies, so as 10 excite the clamOr rf her
merchants, that we should rob them uf their
India as well as China trade she has, by
treaty stipulation, abolished all discrimination
between American and British impnsts and
tonnage and, finally, she has knocked off as
many sharkles from the monopoly nf the
East India Company, US under The crcum-
stances, ministers lelt tina; they could venture
upon. The ministers admit that, if The ground
were clear before them, free would be
preferable ~ a restricted market: but they
say, that whether it be- called = system Of
error or abuse, il has grown up under less
enlightened times. On account Of the capitals
that have become fixed, and The interests thst
are embarked, the question is not uhat is ats
sOlntely best, but what is go, under existing
circumstances. Thus sir. we find, that this
theory has, IN important respects, been carried