The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-07-22
From Niles Weekly Register, published at
Baltimore.

4
Baltimore.
PRESSURE OF THE MANUFACTURERS.
A great deal has been published about II !
present pressure on the manufacturers of
the middle and eastern states. With some
thing like exultation, it is given out, that /.
thousands of weavers are unemployed at i
lphia-that there is q reduction of /
the working people at m3ny factories
that some of the great monopolists," as !
they were lately called, of Rhode Island, !
and other plpces, have failed and Proel- |
dence paper says that "the embarrassments
which have heer realized in its immediate
neighborhood, have had no parallel in the
history of the republic, THAT within ten
days, twenty five hundred people had been
sudde unexpectedly thrown out OF
emp e. sc. We also learn that the
Fay Der CEN Mechanics bank OF Pawtuck1
eta in snbscribarSn PAYMENT, and that several
otrs1H @lls.S..s5edrng places, have been
hard runs Itsto be regretted that there
is toe much truth in these statements-tha
cotton manufacturers have been, for con-
siderable time, closely pressed, by the con-
tinually receding price of their goods and
increasing quantities of them ; but 1t will
not crafty some to be informed, that they
are already beginning to recover them
selves-that the Pawtucket bank desires to
receive its own notes in payment OF debts
due it-that the redemption of Its bills is
expected to be speedily resumed-that the
Inree factories, which had suspended ope-
rations, would be at work, as usual, IN
few days, and that the owners Of them only
desired little time to liquidate the de-
mands against them. While it must be
admitted that the cotton business, general
ly, has not been profitable for some months
past, il seems to us manifest that the dlfhcul-
ties under which the eastern manufacturers
have labored, were consummated by sud-
den and ruinous contraction OF the ca eWdt-
ing medium in that quarter for 1t IS no
less remarkable than true, that others, less
favorably circumstanced, have, with appar
ent ease, resisted or repealed this pressure,
and maintained a full and uninterrupted
operation. in the midst of sacrifices of goods
by forced sales. But, if they can keep
steady" little while-time enough to per-
NIT the business to settle down into its nat
ural state, as it must, all will he well; and
an enliyening circulation OF money soon be
felt and enjoyed.
Misery gathers strength to itself, and lk e
asnow ball increases its bulk in being rolled.
An hundred times more business IS done
through confidence than by money; and
Wnen Llo OpeTdLlOIS vi tiIC lSI olO NAiSNh
ed. the latter is wholly insufficient to keep
things moving. The more that confidence
is needed, it is extended; and in the hurry
and panic of the moment, instead of being
cool and deliberate to resist besettIng
evil, the.people unnecessarily jostle one an
other, and materially iujure themselves, IN
ill-directed efforts to "save himself who
cam" But it is not among the manutactur-
ers only that pecuniary distress is to be
found-only $4,000 dollars of the Pennsyl-
vania state loan of 100000, were taken at
Philadelphia, few days ago, though the
whole loan would have been snatched up, II
offered on the same terms, short time
since and the Troy Register says that ca
lal boats loaded with lumber, were lying
at Whitehall. for the want of money to pay
Alr-.Ae1l- 'l,ne ChanNHl "'re .T@naL.4y ta5st
whose business it is to build houses, have
left and are leaving the city of New York
We might point out many heavy failures
among the merchants--but no one thinks OF
proclaiming their misfortunes through the
land. We regard it as public misfortune
when the business of our worthy merchants
is arrested but if a manufacturer fails
"Tray, Blanche, and Sweetheart o.
all sorts and sizes, being of British breed
bark at him, and would bite his fthey
dared. Their noise, however, adds to the
difficulties encountered, and hence forced
sales of property, and the necessity Of cur
tailing the progress ofexpenditure. But such
things have happened before. They can.
not be altogether avoided, even by the most
prudent and especially, so long as our
commercial Intercourse is so intimate with
the old world, particularly Great Britain
for a pressure in Lancashire or Yorkshire
reaches the United States almost as soon,
land with nearly the, same force) as it
reaches the southern Or more northern
counties Of that small islann-and our mar
ket is made the last resort of desperate
spectators, insolvent persons, or for clos
ing-up concerns-whch it is desired to &C
complish speedily, though attended with
loss. And whenever a pressure comes up
on US, there is a sudden reduction of the
circulating medium-the bank of the Unit
ed States gathers in its strength, and the
state banks reserve theirs for self Dreserva-
ton, and individuals whose credit was good
for tens Of thousands yesterday, may be I'M
able to raise few hundred dollars to-mor-
row; and the failure of one person to fulfil
his engagement, proceeds through COM
munity to an incalculable extent-reaching
the most wealthy as well as the poorest Of
the laboring classes. Some parts are more
affected by such actions and reactions than
others. Baltimore city and county IS
great manufacturing district but, though
we have heard much of reduced prices and
"pinching tines" we are not informed that
any respectable establishment has ceased
its usual business at this season of the year ::
and the scarcity Of money" with us, is
mainly caused by The extraordinary want
oft elsewhere.
The letter which follows, contains some
sensible hints on these subjects. We think
that the cotton business win very speedily