Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1829-08-26

petition with foreign manufacturers IN the
| domestic market
It is not forgotten that in the preceuing
comparison, slave labor in Virginia, Of
THAT rude kind which is used in husbandry,
lis compared with the labor of freemen in
F. ENGLAND or the northern states. exercised
lin towns and united with a certain degree
of practical skill. As these latter circum-
stances either enhance the price of labor
or incsease its produchyeness, they should
be taken into the account, aud they may
considerably vary the result of our esti-
Innate. They tend to make part of the
! difference that has been stated rather apa-
trent than real. But what allowance should
be made for these circumstances, and how
far thew affect the main object Of our inqul
Iry viii be considered when we examine the
objection that has been made to the en-
Iployment of slaves m manufactures. We
Twill now consider the objection arising
from the higher profits Of capital IN FT-
1 gnia.
In estimating the comparative value OF
/ capital. It viii be necessary to distinguish
Iit It into three kinds.-lst. Real estate,
comprehending land, buildings, and water
power. ID. Machinery. Sd. Circulating
capital employed in the purchase Of ma
/ terials. paying workmen, and the other
\ current expenses of the establishment
/ OF these. the two last must be set down
higher In Virginia than they are either IN
England or the northern states, and the
first much lower.
The buildings required for a manuiac-
tory viii probably cost less IN Virginia
than 10 England; the greater cheaPness OF
provisions and of the principal materials
with us more than compromising the greater
IcheaDness Of workmanship with them.
/ Our advantage would be yet greater IN tins
respect over the northern states, as Prov
sion and labor are lower 10 this state, and
1.-The materials not higher. But the price Of
that portion of fixed capital which consists
of water power and OF land, for fuel, and
building sites, depends so much on accJ
dents and localities, that any comparative
@. mate of the value of the real estate re
eursd for manufactures must be mainly
.coaiectural. We are, however. far with
I'm the limits Of probability. when we say
/ the requisite land and water power may be.
1nrcnased with Us for half the price they
/ bear 90 the more populous states, and for
lone fourth of tlat which they would cost
|n England. ID this case, the aggregate
! cost Of land, water power. and buildings,
Twill not exceed fifty per cent. Of the sum
IDalt for them by our competitors either on
this or the other side of the Atlantic.
/ In the price of machinery, the advan
[ tara is altogether in favor of England
This species of manufacturing capital
costs. M any part of the United States,
/ from 80 10 100 per cent. more than 1t does
I'm Great Britain. Such par, of II as IS
7 fabricated 10 this country, viii no doubt
cost from l5to % per cent more IN Fr-I
gInia than in the northern states.
The mouied, or circulating capital for
The purchase of materials and the pay of
the workmeu, can certainly b. obtained
on better terms IN any of the places we
have named than In this state. The value
of money. or the natural rate of interest,
INA different countries, can be best compar-
ed. by comparing the price of the public
I funds or other domestic stock IN each, with
the annual interest or dividends. Il is true
that individuals. cannot always borrow on
as good terms as these prices of the pub
. he stocks Indicate, but they serve very we'll
TO shew the proportional difference. Nor
can small srms be borrowed at as low an
interest as large ones. When thus com
Dared. II viii be found that the interest Of
money is somewhat lower IN England, per-
haps from one to two per cent. than II Is
/ IN the northern states, and lower IN these
| than It's in Virginia BY a somewhat anal
I Ter difference.
But if money commands a higher inter
est I'M Virginia than In England or Massa-
chusetts. it must also be remembered that
we should have occasion for less Of It In
our manufacturing establishments, since
the nrice of labor and of one of the raw ma
lterials. cotton, Is cheaper with us than they
are in either ofthese places. The differ
Ience ought to be a full equivalent to the
difference Of interest.
/ Let us now Sc what proportions these
three kinds of capital commonly bear to
leach other. It is of importance to deter
mine this. because they vary, as we have
seen, m price, so greatly in different coun-
tres; real capital, for example being chea,
per here than in Europe, monicd capital
Idearer, and machinery dearer.
/ From the want Of precision, Oh this
snhinct nm the Witnesses examined eXamln-