The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1847-07-31
POLITICAL l..
From the Newark n. u Eagl

u wing 10 oil AtioSt iioiii VIC
speech Of the Mayor of Lowell, ad.
dressed TO the President of the United
States. Lowell is the headquarters Of
American manufactures.
"Mr. President, have the honor to
introduce to, and again welcome you
among a happy, contented, and pros
porous population, who will give you
that frank and cordial reception which
is due to your exalted position as an
eminent citizen Off sister State, and as
the President of this great republic"
We could fill columns with such evil
dences, all proving universal prosperi-
ty. Wherever the President, during
his tour, stopped sufficiently long to be
congratulated by the citizens, addresses
of a similar character were universally
made. Not a single branch ~ofindustry
was excepted. In manufacturing, agri-
cultural, and commercial districts, al
most the same expressions were made
regarding the astonishing and unprece-
dented well-being and happiness of the
people. The iron, woollen, and cotton
manufacturing districts are busily en-
ployed, and the different establishments
declaring large dividends. And yet
these were the branches which were
to be particularly affected by the tariff
OF 1916. The Daily Commercial Jour-
nal of Pittsburg (whig) has recently
| given full accounts of business done in
numbers of the iron establishments Of
that city, sho wing an uncommon state
of activity and prosperity.
Tie Evening Post informs US that
the evenue received in the port Of
New York alone, for the present year,
will be more than a million of dollars
more than that of last year.
The credit of the national govern.
ment, Notwithstanding the immense
drain upon the tres sury caused by the
Mexican war, was never better. The
Journal of Commerce states that the u
nited States loan of SlS,OOO,OoO was
taken 10th April, 1847, at about IA per
cent. premium. This premium has
since advanced, according to the daily
reports in the papers, to 7 5-4 per cent;
so that at this rate the exchange brok.
ers will gain $1,96o,ooo by this opera.
ton. Compare this with the fact, that
but recently, under a wing administra-
ton, a small United States loan was
hawked all over Europe without OBJ
tanning one dollar. American capital.
lists kept aloof from it, and foreign
capitalists laughed at the audacity Of the
administration in offering it.
In Newark we hear not a word of
complaint. The numerous manufac.u-
ring establishments appear DusiIy EN-
ployed, and we understand those of
Patterson are equally SO. The best
feature in all this favorable state of af-
fairs is its healthiness, its stability
Speculation cannot be named in con-
%nexion with it, and every business firm
is using its whole capital in its legiti.
mate business. None is invested in
shadowy cities, water lots, and moon
shine emporiums.
If the administration is not the cause
Of this beautiful state Of things, as the
the wing press asserts, it has certainly
not prevented it. If the measures of
the democratic p~arty--such as the tar
Tiff of 1916, the independent treasury,
and others, have not assisted in produc-
Ing this universal prosperity, they un-
doubtedly have not checked it. But
how measures of such Importance to
the business of all, especially our manu-
featuring and commercial classes, can
exist without exercising an influence
either for good or for evil, we cannot
imagine. Before they became laws,
every wing press and wing orator pro-
phesied that they would produce wide.
spread bankruptcy and ruin. That
they have not done so, is apparent to
all. They either, then, have. been pro.
ductive Of good, and the administration
and democratic party should receive all
| Al. Sr,;,a. - - thax, h,yo 49, .-l