The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-18


The large consumption of goods in England last year
directly large expenditure for the
loymen of labor Official returns show the amount ex-
pended upon railways in 1857 to have been 1000,
employing $4,000 persons, who with their dependents
composed population of 2SOOOO persons, taken neces-
sary usual empoyments and engaged at high wages
upon public works. The government spent tloooo,ooo
in Ireland and the number the pay rolls in October,
IS6 ia 000 and increased to 734OO in March
These represented population of 3OOO,OOO souls, ia
ken from the production of food, and provided with
the of consuming it when not producingh inns,
added to the short crop and increased consumption In
England required outlay of LIB DOC, 600 Tor foreign
corn, which was imported in grain and -four to the ex-
tent of s6,OOO,OO0 bushels. The great demand for labor
caused its price rse well as that OF all articles con-
by the aboers The export OF money to
procure these supplies made it become very valuable and
short supplies of materials, caused well by short
crops the freghs that created by the
transportation of corn raised their prices the manuac
turer an enormous The position in which man.
placed by dear labor dear bread dear
material and dear money may be illustrated in the article
of cotton, as follows;
consumption, lbs. sos, 10000 439,277,97O
Waste in spinning, lsoz per lb 65A34,6s7 4s046,000
Nett weight yarn spun, lbs 0aa s25,sls s9lasI ,72o
Exported
Yarn, lbs lsesol,4sa lle42a,aA
yarn, lbs al7,esse7 a7eesSOee lels6s6g7 slsol,s 1851
Weight home consumption l55ssO,al4 7osae.s69
The greatest decline is in the quantity consumed in
England High food and high goods may partly have in
uenced this result but nasmuch tea coffee, sugar,
wine, spirits, and tobacco consumed extent
greater than ever the falling off be ascribed to
other than Of means the part OF
and this supposed in the fact that railway calls
pressed heavily upon all classes shopkeepers were
PEELED take capital from their business to pay up, and
the decline is but dhinuton in shop stocks, more par
cuary that the exports have increased The price of
averaged for lS45 AID per h. for 1885, 3D. for
ls47 6ad. The following shows the comparative value of
the material, and the goods made from 1t
Value declared Total value Cost of Excess value
s., sS"ss7 4gss lSos scns
lsis sass7ooo ssocooo $4,000 issss4 aoassss
While therefore, the cost ss66045 more the goods
produced from worth Ella O33 less in lS47 than
in 1915 This could by means have been prosperous
year for spnners
The remedy this of affairs began in March The
government the of planting approached, recog-
missed the necessity of dchargng the hands employed on
works in Ireland in order that they might return to the
production of at least their own food. Accordingly,
twenty per cent per month was struck from the pay.
rolls, until, the close Of June, the government
penditures had ceased, and the public works
abandoned for farm labor This labor rewarded
with fair result and food becoming more abundant
in the fall, importaons less, and the price fell,
the money pressure became and deal
failed. Food thus rapidly fell in price, while its mpor-
aton less The increasing and high price of
caused both railways and discharge
hands by the thousands, and labor became very cheap.
The stoppuge of mills the pressure, and accounts
price of the material Thus three great elements of
returning prosperity attained. The next step
money and this reached the in October
London being the of the commercial world through
the operations of credit makes tributary the of all
other cities Thus its large houses have branches and
agents in all large Cities and these branches generally
| Joy monopoizng credit Hence, when in October
uey in London "a per cent, and in New York and
other cities per cents the credits of the London houses
throughout the world put in motion to obtain
and remit it to London. AS have every packet
from New York carried its quota and each succeeding
packet found the paper of branch houses selling higher
rates in New York. Their paper generally commands
preference and they obtained money here, elsewhere,
when other parties could The result was that from
every quarter OF the globe gold poured into London Each
succeeding week found the bullion in the bank vault rising
and tho rate of discount falling From less than fS 900
October the specie fl2 January Is and the
interest fell from "a per Al per cent; WHILE
| in the same time, money all the word-n New
York from to "a percent. As money became thus
| abundant IN England, element added the
means OF the manufacturers Cotton cheap
| before known; food falling, and money more
plenty and cheap Under these circumstances they gradual
y re-empoyed the hands reduced wages and
fore in condition make cheaper goods than almost
before these cheap goods being rapidly exported
AS have seen in the above table, the imports of duabe
goods into New York alone is s. $50 than for the
time last year For the month of January the exports
of domestic produce from Now York 81, 182 $50,
against 552 last Yeax These items make DIFF
ference Of O0O against New York alone the first
six weeks OF l8&8 compared with lS7. BY this
by this activity of manufacturing exports from England