The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-08-26

ueciihe, we may look for a relief-for the
hahd OF severe correction is now upon
them NF0"
As soon as necessity shall have compelled
the manufacturers to furnish themselves
with the means of coming into the market
on equal terms, theirs will be found at least
as safe and good a business as any other.
Ii decline of price be still adhered to as
proof of overproduction, it must be admitted
that there is an overproduction of ships.
stores, houses, stocks, all foreign goods, la
Dor and every thing else, excepting money
and the articles of daily consumption in the
market There an overproduction of brok-
ers, and men qualified for salaries in banks.
Ounces and counting rooms-a great over
production of business notes with weak
| nalnes-G"d ON owe rDroduction Of. money TO
be let only on the choicest security. This
last is perhaps more likely than any other
over-production to be increased.
No. 6.
! There are few subjects of general inter-
est, concerning which SO many opinions,
founded on absolute misrepresentation and
mistake, prevail, as those that regard the
cotton factories. Among these are the
opinion that factories could now be made
for two-thirds of what those now in opera
ton cost-that machinery is greatly i'm
proved-and that water powers may be
purchased at the same rate of reduction.
These positions are assumed and talked of
by large portion of the men of property,
as conceded and undeniable facts. But
they are wholly without foundation, and at
decided hostility with the truth.
At most of the large factories, their wa
ter powers were bought as low, and many
of them cheaper, than they could now he
bought. 1t is fact, we'll known by all who
have had patience to inquire where knowl-
edge may be had, that the water power
and dams at the large factories cost very
little more than the same quantity of power
when well applied, as it is used generally
at the saw and grist mills in New England.
1t is true, after they purchased they boast
ed of the great treasures they possessed in
their surplus water powers and offered to
sell to new companies at four or five times
the price they gave, and at two or three
times the present estimate of their value.
And in this lies the error: present esti-
mates are compared, not with what they
gave, but with what they demanded few
years since. But with the exception of
Lowell, there never has been sale at their
high rates of estimate. And present hold
ers generally have their powers at as low a
rate as future purchasers can expect to OBJ
tain them.
Within five years, and for much larger
period, no essential Improvement has been
made IN cotton machinery, with the eXcep-
ton of the self-operating mule at Nashua
and that has gone into limited operation.
No one who is fit to build factory would
vary his machinery much from that already
in operation. The Waltham speeder, spin
ming frame, loom, dressing frame, and warp
er, are considered as good as any machine
ry that can be made. And the newest fac
tories are furnished on their plan, or on 9TH
err plans with trifing alterations, the su-
periority or equality of which are questions
of much doubt and debate.
Powers are not cheaper, and machinery
is scarcely improved within six or eight
years. 1t therefore follows that there can
be now no saving in building new factory,
unless it be in materials or labor.
In materials, taken altogether, it is doubt
full if there be any saving. Bricks, steel,
and wrought iron, maintain about the same
price-timSer and lumber have advanced
and no article but iron castings has mate
rally falleIf in price. Machinists have be-
come more numerous and find less employ
their labor has fallen
in price-but their reduction of wages is
far less than has been generally stated.
On the first of September, 1S25-a time
when machinists were in the greatest de-
mand-I took list of the names and rate
of wages of all the workmen a: daily and
monthly wages, in one the largest New
nd chn I hnu ho
list before me, and find their average daily
may now be obtained for about dollar on
an average. This makes a diminuton of
about 20 per cent. The price of materials,
and the labor of making machinery, were
then about equal. Now, the balance is on
the part Of the material. The whole ma
chineIy costs about three-fifths of the whole
expenditure of well regulated establish
ment. 1t thence follows that this reduc
ton is about 10 per cent. on 3-5, or 6 per
cent. on the whole cost of the factory estab
lishment. Very little saving, surely not an
equal amount, can be made in all other de-
partments. The whole saving now would
not exceed IL per cent, and that sum will
not equal the loss of interest while build
ing for it must take two or three years to
get into operation. 1t thence follows, that
a good factory, recently built, at the par
value-that is, at the sums actually expend-
ed, without adding interests as cheap as
enc could now be built, adding interest on
the expenditures till it got into complete
operation.
speak only of factories and machinery
thoroughly made for it is well known that
there are factories built to sell. They are
like cheap watches-they will never keep
time, but will vex and disappoint the pur-
chasers by perpetual irregularity and stop
ping-and bills of repairs will make up the
balance of the first cost, before they arrive
at that early period when they will not
move at all.
There are men anxious for the employ
ment given by building factories; and they
mnu he nvnnctnd To make large statements