The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-08-05
From the Boston .adrertlser.

N. ENGLAND CoTToN FAcToRIEs.-No. l.
few years since these establishments
we're popular favorites. Owners were COM
plimented on their good fortune, and solicit
ed to sell for large advances on their in
vestments. Credit was rendered to them
by banks and individuals beyond their
wants and multitudes were impatient till
they obtained share in what was then
considered the most profitable business
This induced new enterprises, and most
of our existing factories were projected
between four and seven years ago. In the
early part of 1896 the tide of popular opin-
ion turned against them, almost as suddenly
as the tide turns on the ocean-and for
reasons as little known. Perhaps this also
should be ascribed to the inhu ence of the
moon; for it is difficult to find earthly rea-
sons why so suddenly, without any change
OF price or demand for goods, the price of
stock should fall from 20 or 30 per cent
above, to greater rate below par.
This unexampled change, which as yet
has scarcely experienced any relief, has
been ascribed to all sorts of causes which
could or could not affect the subject.
Some ascribe it to the invention of labor
saving machines-and hold him to be a NAL
efactor, who invents machinery by which
one may perform the labor of two. They
| think that curse should fall on the inven-
| tors, and their establishments. And if in
vention should contrve to supply all the
wants of man with half the labor heretofore
! demanded, it would spread vide and extern
sive ruin, for it would leave half mankind
without employment. But ifinvention should
go on till it saved the other halt, it would
seem to puzzle their theory
! Others ascribe it-as they do most of the
! embaErassments which have been met in
other branches of industry-to the Tariff.
These varying and different theories show
that the subject is not well understood
A very large portion of the New England
capital has been invested in cotton mills.
They operate to supply one of the never
falling necessaries of life, and therefore
| cannot be abandoned, but must become
more and more intimately connected with
the general industry and commerce of the
country-and the interest of the whole
community will be more or less connected
! with their success and reverses.
AS these establishments are comparative
ly recent, it might be expected that differ
ent opinions should he entertained of their
ultimate success. But that statements, ut
terly varying from the truth, should be cir
culated, reiterated, and extensively believ-
ed-and that error should so long prevail.
when facts may be so easily and correctly
ascertained by any disposed 20 inquire, is
singular, and almost without example.
A slight discussion Of the subject, and a
statement of few facts, may tend to re-
move a delusion-to dsabuse the public
mind, and render plain to every one the
causes of the present depression Of the price
of cotton factory stocks and goods.
GOSSYPlUM.
1870
Two persons have been convicted at
Manchester, Eng. y of stealing loaf or two
OF bread, whilst in a starving condition, and
sentenced each to six months Imprisonment
at hard labor A thousand refnements OF
argument may be brought TO prove. that