The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1846-05-22


which should be deducted abou; three
iour,hs per cent. for the risk OF fire, lcay-
lna the actual nett earnings not over ten
and half per cent. per annun' ms Is
something more than the same establish
ments will average since they have been
IN opera,ion; and these are undoubtedly |
the most successful concerns IN the couh'
try, far above the average. Another IN
porlani fact the greatest profits have been
made by those mills making goods lor tor
eign markets, on which, Of course, The Ia
riff has no bearing. About one third Of
this profit has been in the advance OF the
raw material during the year, the most
successful establishments having LAID IA
their entire stocks before the advance,
quail to about two cents the pound.
There is also abundant evidence that the
cotton manufacture has been iayurahiy at.
iec,ed in an equal or greater degree IN
Great Britain and that their spinuers have
realized greater profits on their capital
than any Of our establishments whatever.
What bugbear is this clamar about enor-
nous profits, special legislation Tor class
es, and for the rich, when analysed.
So Ear as there is any tangible argument
IN The report, 1t IS the argument OF the
forty bale theory, that taflti Of duties up.
on imports is IN fact n tax upon exports.
For instance, d" the true question IS ~hclh-
er the farmer and planter shall, 10 great
extent, supply our people with cheap man.
ulactures purchased abroad with their agri
cultural products, or whether this eN-
change shall be forbidden BIS high Gu,Ics
on such manufactures, and their supply
thrown as monopoly, at large prices, by
high tariffs, INTO the hands Of our own man.
ufaclurcrs." This is precisely the language
used by Mr.. VI Duiie IN notification times.
He follows him IN saying that We demand
specie from all thes world to an extent
which they cannot supply; oil the same
time, with singular Inconsistency, he advo
Gates The Sub Treasury, on the ground that
II will facilitate larger supply Of Anert-
can gold coin, and thus give greater sccu-
rty to all the business Of the country. u
is singular that the Secretary should have
adopted this exploded forty. bale theory al
time whe. tho South is 80 decidedly re.
pudlatng II and that he should use this
argument 10 order to carry Northern votes,
whilst the theory, as eNpoundcd by Mr.
McDufiie, attributed the peculiar prosper.
" of the North to tho very system Of pro.
lection, only TO be accounted Tor on The
ground Of ITS beng robbery committed
on the South.
The Secretary complains that the man.
ufncturers have not generally answered la,
circulars. Is tina, surprising We know
J tina, some answers were prepared, which
were kept back on the ground that Il wa,
; due 10 a proper sclf.respecL Mr.. Walker
tad gwen public notice that his mnd wa,
} made ." e reduction OF the tariff nccot
ding to scale established IN his own mind
HIS object. therefore, was not to COLLIER in
formation in order 10 form an opinion, bu
3 apparently 10 find evidence agujasg IL,
. manufacturers. fhey thought, besides
. tina, the proper tribunal for such an nyes
lignuon Is a committee Of Congress. i,
, such a committee they Will readily exhibt
= everything connected with the subject.
j, would occupy too much space to no
tee all the curlosItlcs Of this Report. Tn,
a Secretary lsultcrly opposed 10 couutcryalI
Ing restrictions, as lneiiicacl0us-d.li era.
! 10 this from the high authority of Genera
jackson, and IN opposition 70 TIC lystmon,
a Of Mr.. llusklsSou, who justified himself to
G his rclaXatlans Of the navigation laws Of
!. this ground solely. H. quotes the rcpea
y Of the duty on cotton in Great Britain as
voluntary concession, when the fuci i no
y torlous that Il vas only owing TO the rep
resolutions Of the Manchester Chambe
IA Of Commerce, that the Americans wet
! supplantlng them IN foreign markets &
r hoayy goods, and that the small duty ,
, p. ! Id. the hundred weight operated t
:. that extent as bounty to their rival,
!, What was the British duty on cotton be
y fore the establishment, Of our tariff Fror
:. 500 10 1874, 25s. Cd. the cwt. weight
y or ~ cents the pound. From 1918 T.
r 1919, IS Cd. the hundred weight, of near
il ~ cents The pound
q lie greatly over estimates the value ad
= ded 10 the cotton crop by manufacture h
r. which is nearly double the fact. lie re
J. commends, 10 case of war, a reduction q
,s dulles in order to increase the revenue
n Mr.. GaIIatln, when Secretary during til
4 war OF 1912, recommended that the dutie
y should be doubled, which advice was ador
If ted. Ia fact, Mr.. Walker seems to be nc
'. ting under the spirit Of contraricly to cy,
.e rytbIng tried aud established.
e We pass by his proposition Of carryin
1 on the whole trade Of Canada through ia
il United States his drawback Of one ha
,e the duties where American exports won,
W be taken III exchange " his population c
:. eight hundred millions disabled from pnr
n chasing our products, by our high dutic
d, on all they would sell in exchange; tn
,r unle'lerod power of agriculture 10 brea
D. down all restrictions !" his inflated cul
v rency repeating the operation of the Ia
h rf, &c.
ID In all honesty and sobriety we feel boun
n to say, that such number Of unwarranta