Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-07-31
NOTE.
The noriinn of Mr. RockWell's speech relerIeu

! NOTE
The portion of Mr.. Rockwelps speech reterfeu
10 is as follows: ,,,ho
~. The next point 10 which wish 10 cali . .ns
attention Of The committee is, that Inc caPi'di's'
Of The country who have embarked in manulac-
turing have no. BEEN as class, benefited by Inc
protective policy, by being induced thereby 10 en-
bark their capital in that business; and that inc
profits have not onl? no; been as large as ihose
stated in the Secreary's report, but have no! peen
equal 10 the lowest legal rate OF interest III INC
country.
81 am aware that this statement VIII STRIKE
some persons with surprise, but II VIII ne oniy
those who are ignorant OF the subject. AL VINO
have been conversant with the manufactures oi
cotton and wool in New England, from the year
1916 10 the present time, will testify 10 The cor
RICHNESS OF what say and that this statement IS
far within The truth. There have been occa'
sional periods Of prosperity, WHEN considerable
profits have been realized, as during the las TWO
wears; but with these exceptions, The history oi
lirs. mills has been in The main one OF disaster
[, is well known that the Stale which represent
in part is very extensively engaged IN the manu-
acture OF cotton and woollen goods, ana my own
district embraces more than lhree-fourhs oil Inc
cotton and wuoen manufacture OF Connecticut.
| am conversant, 10 considerable extern, WIN
The results which have attended the individuals
and associations embarked in these branches Of
business and state, with the most entire comb
dence that from the year 1916 10 the present time,
these branches OF business have not yielded an
annual average profit of three per cent On The
apita invested.
81 have, however, been unwilling to rely upon
my own testimony on This subject, but have OBJ
tanned that OF others whose information was more
accurate and precise than my own. hold IN my
hand a long communication from the man who
knows more OF the early history and progress OF
The cotton manufacture Of New England than any
man now !iving-onc who when boy worked in
the first mill erected BIZ Samuel Slater, The father
of the cotton manufacture in this country, al Six
ty-seyen cents per week, and has continued in The
manufacturing business 10 the present time:
mean Smith Wilkinson Of PomfTet in the Stale
OF Connecticut-a man not only OF pFoyerbial no.
nesiy and intelligence, but OF the most precise &C
curacy. He gives in this communication the
history OF thirty seven cotton factories within his
own knowledge 10 the county of WiDdham, The
one Of the two counties in my district most large
" engaged in The manufacture Of COTTON. OF
these The owners d! sixteen have not failed, and
of them Mr.. Wilkinson says they "wcre men Of
wealth and ability and experience, who could
live whether The business pad profit OF six per
cent Of five per cent or Two, or even one per c.,
and managed their business 50 snug and ince-
pendcny as 10 hold on their course" And will
, add that Mr. Wilkinson himself Is one oil The most
prominent Of this number. But OF the other 81
establishments, which he describes in detail, the
history is one OF disaster and ruin 10 those en-
barked in the business All of them tailed once
and some TWO, three, and even four times, and The
propeny passed into o.her hands. There wonld
be occasional years of prosperity, but, in part by
The competition Of those wishing 10 share The pro-
fits, OF which exaggerated accounts had been CIV
en-in part h. the unstable legislation OF the Go.
vernment, and in part from the lacl that the bill.
siness was a new one and experience proved a
hard leacher-and Inc constant introduction d!
new machinery-irom these ana similar causes
the years Of prosperity were succeeded by years
oi loss and consequent failures
II have in my hand similar account from a
gentleman well acquainted with the factories in
the other county IN my district, MIR. Roger Hunt
ingion,j showing even greater losses than those
stated above. With regard 10 most ofthese am
we'll acquainted with their history, and can les,-
| ly 10 the correctness of The statements OF Mr..
| Huntington. He estimates the average annual
profit Of these establishments, from their COM
mencement 10 The present time as not exceeding
three per cent, and am persuaded that The est-
mate is quite sufficiently high. In my own loWn,
where there is million and . half al least Of
goods OF various kinds annually manufactured.
there is not, with one exception single eslab-
ishmert which has not failed once sunk their
entire capital and passed into other hands, and
| in some instances repeated failures. The excep-
ton is that OF two persons who hire mill be-
longing 10 others Some years since, The Hon.
Mr. Whippe, Of Providence, Rhode Island,
made similar inquiries III relation 10 the cotton
manufactures of that State, and The result Of his
inquiries was, that The average annual profit had
moi exceeded three per cent on the capital. state,
then, with entire confidence, that the estimate OF
six per cent as The average annual profit of The
cotton and woolen manufactures oil New Eng
land, or Of the country, from the year 1916 10
this lime, is very high estimate, and, as veri
ly believe, more than double what ii should he.
81 appeal for the correctness OF this 10 my hon
orabe friends, the Representatives Of Rhode
Island, whether they agree with mel
"Thcy both assen. 10 what say. | will also
ask my friend from Massachusetts, (Mr. Hudson
who resides in manufacturing district under
stand him 10 bear The same testimony.
MIR. Abbott, of Massachusetts. | have no
doubt Of The correctness OF the statement
"And without knowing any thing in relation
To The iron business OF the country, ask my hon.
orable friend from Pennsylvania MIR. Brodhcad)
whether the same facts do not exist in relation 10
The profits Of the iron manufacture OF Pcnnsyya
mia +? lie assens 10 what say.
al have thus called my witnesses nj random.-
Their means OF information are The best possible,
and they are in the highest degree COMPETENT and
crediIable.
I'll The inquiry is made why men should en-
bark in SO Improbable business, the answer is
very obvious, that they supposed il would prove
profitable. An occasional prosperous year indu-
ccd numbers 10 rush into The business and the re.
suit is disappointment of their hish-raised ex-
peclaions."