The examiner. [volume] (Louisville, Ky.) 1847-1849, 1847-06-26
isS"iry iass the Cause whirh have Resar
tsrdei shs Accssnalasioa sf Wealth a.
1ucrcase or PepalssIsa In The sssthern
ssase-. ~ CarsllsiAn.
CHAPTER III.

| have based the foregoing reasoning upoI
facts and supEoSilions which all must ADM
TO be- correct and legitimate; but, TO gy,
the subject more practical bearing. | wi
call 10 my aid the yoluminous statistical re
port of the Secretary Of the Treasury, re
Gently published by order Of Congress.
is known TO the reading public that Mr.
Walker, during the past year, addressed cir
culars to all the principal Agricultural
Commercial, and Manufacturing men of thu
country, in which he p!opounds to them nu
meE0us questions connected with their Sew
eral occupai oas. HIS object was to Obtain
from them such information in relation to
| 'iie profits OF capital in the different branch
es OF industry, as would enable Congress to
apporl.on the tariff laws with an enIghten
ed regard to the interests Of all. 1t is no
part OF my purpose at present to express
any opinion upon the merits OF the design
or the execution OF the work; or TO draw
any inference from it in reference to the
Tariff Policy. | NAV, however, make US,
Of facts in illustration of my subject, which
were collected Ar totally different end.
Mr.. Walker issued two series OF questions,
marked Nos. and p each series embrac-
NJ quite number OF inquiries with which
| have nothing to do at present. The fourth
n the first circular, inquiries Of the manuiac
iurel, what is the amount OF his capital in
vested in grounds and buildings, wa,er-powei
and machinery. The fifth inquiries the aver.
age amount of materials, and cash for the
purchase Of materials and payment Of wa
ges, necessary to be kept constantly on hand
The twelfth ingunes the number Of men,
women, and children employed and the
average wages Of each class.
To these questions, Mr. Samuel Bachelol
Il presume director or agent) replies, thai
The York Cotton Manufacturing Company
at Saco, in Maine, has capital, in grounds,
buildings, and machinery, amounting to 6ve
hundred and fifty thousand dollars, $3.50,
J0OD Their business capital, invested in
materials and the payment Of wages, is four
hund,e1 and fifty thousand dollars, (s450,-
)00) the whole is therefore one million Of
dollars, (S1, OO0,OOO) But have reason
TO think this sum is overstated, in this way:
The amount set down as the business capt.
Jal probably embraces the whole sum EN-.
ployed in that way during year But it is
not necessary to have on hand the cash 10
purchase materials and pay wages for the
current year in advance, since these changes
can be met. by the income OF the establish
.nent, which | presume comes in almost dali
ly, or al short intervals. The only amount
Of business capital necessary would be thai
sum which would keep the machinery in
motion until the completion Of fabric and
its sale. see confirmation Of this view Of
the matter in case which will introduce
presently. However, in this case, let the
capital, fixed and floating, be set down as
above. at million. The number Of men
employed is 2o0-the number Of women
from go to 1900: Let us put down the
number of women at the low average Of |
900. The whole number employed will bt
twelve hundred men and women. Here
then, in a free State, one million Of dollar,
invested in the manufacture Of cotton, en-
ploys twelve hundred adult persons. In q
slave State, if slave labor be used, the cap
ltal of company doing equal business, and
employing an equal amount Of labor with
tha! at Saco, must exceed it by the whole
value Of twelve hundred slaves. That mum
Der Of slaves, at present prices. would be
| worth little short Of million. They would
| at any rate command 500 each, or 8S4o,
lOO for the whole. This sum, added to the
other necessary capital, would make the in
ves,ment in am establishment like that Al
Saco, but employing slave labor. one mil
lion eight hundred and forty thousand dol
lars, Il ,S4O,O00.) 1t is true that the EN-
ploycr Of slave labor would be exempt from
the payment Of wages, though not from the
charge Of maintaining his slaves; and. in
view of the cons. deration above adverted to-
that there could exist no necessity for keep
| ing in hand the whole business capital spsn
n year, l think little sba:ansnt need b
made on that score-at any rate not more
Than forty thousand dollan, which woulf