The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1844-04-12

-
: one-iour!b 10 the permanent investment, as
i. the circulating capital accessory TO keep each
establishment in operation. | will now
, state The results. The manufacturerss OF
cotton in Massachusetts are now realizing
an average profit Of 35 per cent. per annum
on the capital inyesied-perpanent and cir.
culatlng. But have been Informed that
some Of .hese manufacturers have actually
divided 40 per cent. The cotton manutac.
iufers Of Massachusetts, however, realize
larger profits than any oihers-tbe general
average in all the States not exceeding 20
per cent. The profit on woollen mauulac-
lures, estimating the raw material at cue.
ball the cost OF manufacture, is 90 per cent.
on the capital. The prof, on cast ard rol
led iron land | want the attention of my
Trend from Pennsylvania 10 what ] state
is 81 per cent, on the invested capital
The number Of tons of iron annually pro
duced IS stated in the returns, but not the
value and have assumed, 10 my caIcu!a-
lion, that il is worth the first cost of En-.
slish iron with the duty added, making
abou, cents pound.
Mr.. Buchanan, from his seat said: a
great many Of them have stopped within
the last two years, notwithstanding.
That (sad Mr. McD.) is certainly dis.
tfessIDg; but ifthey have long received div
idendS OF "a per cent, they can we'll aford
TO stop.
Ga salt, tie profits on the capital invest.
cd amount to 20 per cent; bu, the salt
works in Virginia, if The returns are cor
rect, are yielding the incredible profit oil
SO per cent, upon the supposiiion that salt
can be sold for % cents bushel al the
works, which | have assumed, in the ab
sence OF positive information.
have thus, MIR. President, attempted TO
exhibit the enormous burdens imposed on
the people Of the United States, and TO
show into whose pockets you are putting
the enormous bouniies derived from them.
The grand result Of the whole is, that con
tribuiions to the annual amount of 1872.
600, 900 beyond What would result from
revenue duties, are exiorted from the PEG.
Pile by the &C, Of IS42, which the bill on
your table proposes 20 modify.
core, nov, Mr.. President, TO consider
the arguments by which THIS system Of pro
,eciive duties, 10 the various stages Of lis
progress from 1924 10 The present time,
has been supported. The principal argu
ment addressed in the commencement 10
the national prejndIces, and still urged by
the supporters Of the system is, that it pro.
tects domestic against foreign industry, as
/ il it were a conflict between tho pecuniary
interests Of this and foreign countries.
Now think can show that this is a
total mistake, in pom, of fact that there is
30 coufc, q. oil between foreign ard do
nestle industry; that foreign manufactures
cannot come IN competition with our own,
bu, by means Of the domestic productions
Of this country which s.e exchanged for
them and tina; the conflict is really not he
tween foreign and domestic industry, bu,
between one branch Of domestic industry
and another. What is II 10 the manufac
turers here, that the ma nufacturers Of Man.
chester, Leeds, and Birmingham, shall
make manufactures 10 an unlimited amount,
and sell them al the lowest prices, If the
domestic industry of the u. States fur.
nishes no productions 10 exchange for
them ? As long as they are The property
Of foreigners, that is, the productions Of
foreign industry, there can be no possible
competition. When they are exchanged
for our domestic productions they become
American property, and, 10 all inlents and
purposes, the production OF American in.
juslry: and il is al this precise point that the
competition commences. Ii is the expor.
tiers O: cotton, tobacco, rice, grain, and
meat, and tho consumers Of the foreign
manufactures obtained for them, who are
the true competitors Of cur domestic manu-.
iacturers Ii is upon these, and not upon
foreigners, that the burden falls Of the sui.
cidal policy which regards foreign com.
merce as a national evil, and foreign nations
as natural enemies,
Another prominent argument by which
this system has been indicated, Is lis ten
dency toincrease the rational independence;
and, having maintained war OF seven
years, foil Of priva,ions and sacrifices, 10
achieve tina, great national Blessing, IT is
not wonderful that the very words " nation
al independence should have charm for
every American heart. Bat, sir, there
never was more mischicvous and fatal
delusion than that which is propagated by
those who maintain that foreign commerce
diminish the independence Of the nations
by whom II is carried on. 1t is an idea
which originated in the dark agcs, when
nations were regarded as natural enemies,
and plumber and raplne we're the sources OF
national income; and has been propagated
By ambitious couqnerors, who would keep
the nations Of the Garth involved in ever,
lasting wars TO CRAFTY their lawlcss ambi.
ton. But, sir, the idea is as uniounded in
truth as it has been fatal in its iutlueuce.--
Mutual dependence between nations, created
BIZ the exchanges Of an extensive CONNER
cial intercourse, is the highest state of po
liticol independence that can exist between
4 the civilized nations Of the earth. Mutual
commercial dependence is mutual political
independence. And | undertake TO say,