Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1844-09-16
Profits Of .lidnnjdrtiUcys.

PlQUs Of .lmujacturcrs
cne OF The inosi elective Arguments used in The
South against the Protective Policy is based npan the
assumed enormous profits Of the manufacturers as
sumption unreasonable itself that we sh,ld Mace
no confidence III II even we not possessed of f,rs
10 daprogc IT, For, If it true thai the panulactn
realizing from 20 to 10 per cent npon tber can
nal Invested, bow long wond be before tpre would he
ageneraalandonmeni u other andtss profitable pursuits
hnul, by the augmentation Of the number Of Lfciur.
Their sales ould be 10 fair renuneratpo
Preesf lie instinct OF sell interest, particularly in the
manufacturing States, which it is said To be d, cuiar
" sharp, would never permit class of labor thus 10
enrich lseli while much capital lies idle spelina
investment at from to per cent, aud whlle in so ma
ny other departments OF industry the profits vary iron
: To . or O. Even here, N Virginia where il Is sad
twlih what proprltty others can Judge as well as We
the people less cute than the Yankees surb = stafe
oil things Is no, long permitted eXlstol which the
manufacture OF tobacco furnishes conclusive ptoar-
W hal has caused the immense increase in the number
ol tobacco acorlesl What but the snpposed nr6ts do
rived upon the capital invested those establishments hy
those previously engaged III ii We have cotton Cc
tory here, which derives from the protective system as
large benefits as similar institutions at the Nnrtbsn
have they III ltlehm nd, Petersburg Lcaksvlle &c.
Are these cotton factories yielding exorhaut div idends
10 ho sloc nholdcfsl So far from it, some of lbe, ,,o
ma9iue. weuld be glad get the halfuf rer cent IN
on their Investment II IL were otherW Il, iO
or even 10 per cent flowed into Their cuiltrs-instead
4
we should have dozen, mlnglmg their cheerful music
with the r1ar OF NateTallsl IT, .hen we ulean 8,
scaaly a fe"a'd itoh THIS species OF industry it, the
south, who can believe they reap rich harye, in
The North In the description of business2 No one
can credit the absurd sioy, who does mean to say
that there ban and curse upon the Southern peope-
or that, being either sadly defective in judgment or I'M
conquerahy ndoloHi they are incapable Of lurnnu Ia
account the advantages with which Providence has bes
std Them.
We do n5t deny that few Of the Northern manulac-
tories have, within few months past paid very LARGE
dividends 10 the Stockholders But the very fact thai
only few OF them have yielded such dividends while
the massot them have paid My fair remuneraIing profits
like every other doscp OF business shows conclusive
y that these few exceptions general rule and that
there must be peculiar circumstances which render this
SOC and is unfair 10 co them, therefore, as necessary re-
sdis Of e system to which is ascrbed, for the purpose
of inducing the people to believe that system Of rob
berry and plumber of The many for the benefit OF The few
For example II is stated that the factories in the town
OF Saco, Nalne,) made last January a semiannua div
ldend OF per cent and again per cent in july and
had besides, reserved fund of Sl7 900. The fact is
adnllie but when the choie truth is stated in connec.
ton with 1t, tw be that the conclusion dcduc ed
from II by the anti Tar les. utterly lalIacious We
are told by the kennebec Journal, for example, that
'HoSc factories had made dieidcnd before for tiro
HedlS aud that they had hand eighteen months since
A3UO,o0t worth o manufactured goods the cotton for
which was b0usM When at lis iocoSi price. The sale
shce ol 60 ds at prices corresponding with the rise OF
HE raw material had yielded them the amount Of profit
but nevertheless, The goods themselves soil for a
hey ce@. less The gard than MCy brought in 1911. be
tcre The present iaiD r0s enacted" 1t appears then
thai the 20 per cent divided by these factories for the
year ending in July last, in truth the dividend not
Of but o. three years, and consequently that il is lit
tie more than PEI ccnti
Z There other explanations such as this: When
the manufacturing. like every other interest, WAS de
pressed By that series of "oXpermenls in which our
wise rulers thought proper to engage for the purpose
fsal, aiL effn Al lin, =
they crushed by their disagreement, many establish
mens were sold by their bankrupt owners for one half
third and fourth of the sum originally embarked
in them. When, under the Wig tariff of 1872 new
snrlng was given 10 this To every other species of
productive Industry, and the spindle. the loom, and the
vrge, So long inactive, again put into notion the
profits were OF course upon the and not upon tie
old capital aud grew, not ont of the system to which "
Is ascrlbed but out Of the facilities to seec, ;o, %
Individual necessity giyea by the .arcloc,s ~ ~ ;,
VINO, having paF"tZsG that system compelled the ORR
3na o"refs of these establishments to sell them at So
at reduction ot their cost, and had our legislation
been stable Of their true Waite. IT, by way OF luslra
non, the cotton factory lynehbury were 10 morrow
sud "r one-uurh OF lis original Gust aud TO be released
al me same time, from all preeXistng iueumbrances
lis Gvdend9, which would perhaps be under 6 pcr cent
upon tho old capital, would once swell to TO- Is or
~ upon he new
Inc fact, therefore, that in few cases, there have
Oeen large dividends made by manufacturing osiabsh-
neh's, when thus accounted for yields no support TO
'he argument Of the opponents Of the laui system.
! Tact IS. 1hcory.--In 1871. the duty upon cotton
goods vas 20 per cent? and then piece Of "A shir,i,-
cost, on an average 81 II. In 1914. when. rs 81
eos say, the duty is lU0 per cent. the -. mol II
quantity aud quality, sells Tor s. making \ diiler
ence IN favor oil the u IL cents or 3o ner
cent, inns Is only one If class of tcts as numerous
as 'e acles prO'ec,ed by the tariff which sh rvs The
'aSS OF the t'cory, that duty lax levied up5n lie
tonSpher Who, then. ii is asked does pay The dnty2
ASK -e English laborer, whose wages are rednc a.
~" the English manufacturer. whose high praf;s are
9"n'nished-by The creation of II compettpr and rival
here upon soil. They viii tell You who pays
me duty. Their gfoans and cainors Whenever dniy
has been Imposed or raised. nderd have ng since told
{oni but y9Grears are too closely sealed BY prejudice 10