The daily union., 1846-06-26
S7O2D


In manufactures other than cotton
and WOOllen Sl0,23l79
Boots andshoes sII799IIO
And it is not only IN the much greater aggregate
amount of other manufactures and other products Of
mechanical labor but in the much higher protection
which is furnished TO other articles that injustice is
done in the public mind to a particular section
Of country, and particular branches Of manufactures
need but advert to the duties by the tariff Of lS42
on sugar iron, SALT coal hats, boots and shoes &c,
to sustain what | have said and this should be
taken in connexon with the fact that, although the
duty certain class Of the manufacture of cotton
IA apparently high, that or any other duty would be
nearly, il not entirely imperative, we manufac-
ture our coarse cottons as cheaplyas in any other
part of the world, and most successfully compete
in foreign markets with Great Britain herself
II is undoubtedly true that the thousand and one
form of mechanical labor are this day more depend
ant upon the continuance of the protective policy
than the cotton and woollen mills, and any other
section Of the country is at least much Interest," ted
as New England.
2 The next point to which wish to call the at
tenton Of the committee is that the capitalists Of the
country who have embarked IN manufacturing have
not been, as class benefited by the protective poll
cy, by being induced thereby TO embark their ca p-
aI in that business; and that the profits have not
only not been as large as those stated in the
ary's report, but have not been equal to the lowest
legal rate Of interest in the country.
am aware that tina statement will strike some
persons with surprise, but will be only those who
are ignorant Of the subject. All who have been
conversant with the manufactures of cotton and wool
in New England, from the year 1916 to the present
time, will testify 10 the correctness Of what say,
and that this statement 10 far within the truth.
There have been occasional periods OF prosperity
when considerable profits have been realized as du-
ring the last two years; but with these exceptions
-" - u IL
Of disaster. 1t is well known that the State which
| represent in part is very extensively engaged in
the manufacture of cotton and woollen goods and
my own district embraces more than three-fourths
of the cotton and woolen manufacture of Connecti-
cut, ] am conversant to considerable extent with
the results which have attended the individuals and
associations embarklng in these branches Of busi-
ness, and state with the most entire confidence that
from the year 1916 to the present time these
branches of business have not yielded an annual
average profit Of three per cent the capital invest
ed.
have, however, been unwilling to rely upon nv
own testimony on this subject, but have obtained
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 man.
ufacture of New England than any man now living
one who when boy worked in the first mill,
erected by Samuel Slater the father of the cotton
manufacture IN this country, at 81 cents per week,
and has continued in the manufacturing business to
the present time mean Smith Wilkinson, of Pom
fret, in the State Of Connectcut-a man not only of
proverbia honesty and intelligence but Of the most
precise accuracy. He gives in this communication
the history Of thrty-seven cotton factories within
his own knowledge in the county Of Windham, the
one OF the two counties IN my district most largely
engaged in the manufacture Of cotton. OF these the
owners of sixteen have not failed, and of them Mr.
Wilkinson says they "were men of wealth. and ab-
ity, and experience, who could live whether the
business paid profit of per cent, of 5 per cent,
or 2, or even per cent, and managed their bus-
ness so snug and independently to hold on their
course" And will add, that Mr.. Wilkinson him
self Is one OF the most prominent of this number.
But Of the other twenty-one establishments which
he describes in detail the history is one Of disaster
and ruin to those embarked in the business. All of
them failed once and some two, three, and even four
times, and the property passed into other hands
There would be occasionally years of prosperity; bu,
IN part by the competition Of those wishing to share
the profits, of which exaggerated accounts had been
glvenin part by the unstable legislation of the gov
ernment and in part from the fact that the business
was new one and experience proved a hard teacher
and the constant introduction Of new machinery
from these and similar causes the years of prosper-
ty were succeeded by years of loss and conseauen,
failures.
have IN my hand similar account from gen.
tleman well acquainted with the factories in the other
county in my district, (Mr. Roger Huntington, J
showing even greater losses than those stated above
With regard to most Of these | am we'll acquainted
with their history and can testify to the correctness
of the statements of Mr. Huntington. He estimates
the average annual profit of these establishments,
from their commencement TO the present time, at
not exceeding per cent and am persuaded that the
estimate is quite sufficiently high. In my own town,
where there is million and half least of goods of
various kinds annually manufactured, there is not,
with one exception, a single establishment which
has not failed once, sunk their entire capital and
passed into other hands, and in some instances re-
peaed failures Theexception il that oftwo persons
who hire mill belonging to others. Some years
since, the Hon. Mr.. Whipple, ofProvidence, Rhode
Island, made similar inquiries in relation TO the cot
ton manufactures Of that State, and the result Of his
inquiries was, that the average annual profit had not
exceeded per cent on the capital. | state, then.
with entire confidence that the estimate of per
cent as the average annual profit Of the cotton and
woollen manufactures Of New England or of the
country, from the year 1916 to this time, is a very
high estimate, and, as verify believe, more than
double what.it should be.
1.-THE inquiry is made why men should embark
in Improbable business, the answer is very OBJ
vious, that they supposed it would prove profitable.
An occasional prosperous year induced numbers to
rush into the business, and the result is a disap-
pointment Of their high raised expectations.
But is il asked why protection is desired by the
manufacturers, when the result Of It's having been
given has beer as | have atatedi II il no, ds.;,od