The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-25
OF DEPOsITEs:

The increase OF deposltes from l6il TO lS45, in
the Massachusetts banks, was about 80 per cent
and in the bank al Lowell, about &c per cent In
the Bank for Savings, New York. the increase in
depostes was about 40 per cent. and in the Bowery
Savings, New York, 1876 per cent The persons il
New York who use these institutions are almos
entirely Of the poorer classes In the Bank for Sa
Wings for example, there are 34,674 depositors anc
the average amount TO the credit Of each account is
$3.50 60. They are composed OF mechanics, labo
rers, and domesties. The wages of these persons
have not been at all increased by the tariff. One.
third of the number Of depositors last year e
males, such as nurses, sempstresses, and cooks
This clasI Of persons receive from 50 to 81 per
month wages, and these rates have not varied for
the last thirty years. If these statistics prove any
thing, it is that the capitalists of New York, not.
wiIhstandng the injury their property has sustained
from the effects Of the tariff, have paid good
wages To the laboring classes the manufacturing
companies at the East have done. The true cause
Of the increase Of deposites in the Savings banks,
IN New York, is to be found in the growing popu-
larty Of these Institutions and in the fact that the
working classes are becoming, through the influence
Of temperance societies, more moral, prudent, and
saving.
If Mr.. Lawrence had published statement show
ing how the capital Of Massachus had increased
under the present tariff, il would have been a more
interesting paper and also explained why IL is thai
the Boston capitalists able To buy up all the rail.
roads in the country.
In the conclusion Of Mr.. Lawrence's letter, he
says: 81 have only tdnhsk Of those VINO are now
the actors on our great political stage not to expert
ment upon the prosperity and destinies Of a happy
and contented people"
That is TO say, the laws Of free-trade the immuta.
bic laws Of Providence, are an experiment" whilst
the wing tariff is an established principle, making
"a happy and contented people !" Mr.. Lawrence
has good reason to feel perfectly well himself, and
he is surprised that any one else should complain
Of being sick. As for the country's being in pros
porous state in consequence OF the tariff, and that thu
people are satisfied with il, as mercantile man, de
ny the fact have visited this spring all the principa
Atlantic cities. In New Orleans, found the dry
goods business very depressed; dealers complain
ed that American goods were so high they could
barely sell them at profit The same was the cas-
| at Mobile and Charleston; at Baltimore, Philadel
phia and New York. The general complaints are
| the duness Of trade, and that the manufacturer
are making all the money. At Boston, | found q
different state Of things; every man appeared to b.
growing rich at the expense Of other portions o
the community. ! mentioned 10 a merchant there
an agent for several large factones-the fact, tina
| public opinion in New York had undergone grea
change on the subject of the tariff within a few
months past. His reply was, THE truth is, yot
| New Workers know that we Boston folks have beer
doing the best business that was ever done in tn,
world; you envy our prosperity, and that is thu
reason you advocate a repeal Of the tariff" IA,
could not perceive the injustice Of law that confer
red benefits that we're not generally dispensed, bu
A MERCHANT.