Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1844-12-06
NcwsH0"nSh;ro

The Legislature of New Hampshire con-
vened at Concord on the goth of Nov.
last. We make the following extract from
the Governors Message. which is about
half of it. After a short review of the
State affairs. Gov. Steele remarks -
1t would, perhaps, be out Of place for me to
congratulate the Legislature on the result OF
the presidential election; yet / cannot forbear
saying that It's result mustgo far towards con-
vlncing political aspirants that honest, straight
forward action is far preferable to ever varying
professions. corrnptlng schemes of distrIbn-
ton, or false issues on national policy. Not
many years since it was Confidently said that.
without a national bank, the currency would
be ruined, and exchanges from one section OF
the country to another would be disastrousIy
dIsordered, If not rendered impossible ofbeinq
effected at all. Time has proved those conf
dent predictions to be wholly nnfounded. A
sound and wholesome trade has effected that
which The United States Bank failed TO do,
and has gone far towards convincing every
one open to conviction, that trade, left to it.
self, will regulate its own concerns much bet.
ter than any artificial power can do it. Such
also will be the fate of the present tariff pre-
!
work the destruction Of the Interests involved
In rs lmmoderate protective clauses. Protec-
tive duties have the effect of enhancing the
price of the articles protected, and in proper.
ton to the rise of prices will be the profits
made by the producer or manufacturer. II
those profits are large, the inducement to the cap.
italstls greater to extend such profitable bu-
Esiness; and this is often done so hastily thai
prudence is lost sight OF. A rush t,kes place,
the business is overdone, and the home mar
ket overstocked.
To remedy the evil, foreign market must be
resored to; but this cannot be done except at q
sacrifice ruinous alike to the business Of the
manufacturer and all other interests necessa.
riIy connected herewith. That we are fast
approaching crisis | cannot doubt. Manu-
! featuring establishments are being erected OF
| enlarged wi h such haste. that time is not CIV
en- for the damp walls of the building, or the
paint on the machinery, to dry. Machines OF
all kinds, new and old, are eagerly sough al
ter, and as eagerly SET in motion. The late
! land speculatlons were scarcely conducted
with less deliberaton or Judgment than are
the erection Of mills or purchase Of stock II
mills already built. If the concern can show
the large dividends, no matter how made, nc
matter what the construction or durability O
the buildings or machinery may be, they are
rarely, ifever, examined or inquired after
present gains alone control the decision of the
purchaser. The result is inevitable; protec
tive duties cannot save interests thus situated
from a revulsion which must, sooner or later
bear heavily on the operatives, and force then
either oadd to their already burdensome hours
Of labor; or submit to large reduction of wa
oes; perhaps both. Such has ever been ant
will be the result Of all hot-hed systems,
we wish to have wholesome and permanen
interests Of any kind, We must admit of a fAi
competition, .......~ se.s-, g.,.s
JOHN Fl. STEELE.
! Council Chamber, Nov. 20, 1874. 2