The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-11-10

profit derived for three years from the
ufactures induced the capitalists rush into the business
without bounds and without foresight, as is always the
with Yankee enterprise and the result which
every thinking intelligent should have been aware
ot-hss taken place. The produce is beyond The con-
sumption; and il either lies hand uDproducye Is
sold for expectation by the manufacturers al less than the
actual cost to them This OF course must be runous to
business of this kind and have unavorable effect on
trade in general. In losing business, money must be
borrowed; and borrowing extensively makes money
scarce, and interest high.
We lately discovered accidentally among some papers
couple OF paragraphs copied from book, (probably
volume OF De Tocquevle) in regard to the effect of the
protective system in France, which to apply to us
somewh hat apty at this time. The first is follows
''Owns to the stimulus afforded in first instance by
the Prohibtse system and the high profits that
while realized by those engaged in the trade much cap
ts has been attracted TO IT, and large supply goods
,0duesd thar h 81 markets Of F,qsss quite overloaded
but the Raians and South Ameicans cA buy French
eottons when hsy can get those of England for less
half the price,"
This is the with u.s. By the same temptation we
have been induced to increase the number of factories
spndes, looms, &c. such an extent that the produce
is far beyond the consumption. We are therefore com
PEELED TO export the surplus, which is much beyond
the deasnd that goods must be sold for less than the
cost The English can underse "The South Amer
leans Gas said aboye) will not buy cotons. when they
car get those Of England at much less pce"-that is
un!sss ours are reduced below the cost
The second paragraph is yet more dscouragng:
But while the prohibition of the importation Of foreign
cotton fabrics imposes burden Of several millions upon
iacturers. II was beneficial to them during the period
when the coons they produced not efficient sup
ply the home demands but that they do this and thai
reaction has taken place, the manufacturers involved
in difficulties. from which there is hardly prospect of
their sver ssonpf~g."
So il is with Us. We more than supply the home de-
and, and cannot successfully compete with the English
in foreign sales Our manufacturers are thus certainly
involved in serious difficulties" and what is worse
there Is hardly any prospect OF their escaping from
them" II tariff were 10 be enacted amounting to ac
tual prohibition STILL apprehend there would be for
mldabe surplus OF production II not, and if, by total
prohibition, manufacturing should be resusctated for
moment. that circumstance, and the undue importance
given to such tariff would cause such increase of fac
tories that the business would become short time as
ruinous as ever 1.-The prohibition would impose bur
den of several millions upon the people of the United
States, without being of any permanent advantage the
manufactures &c. ALSO if prohbitive tariff had been
imposed several years ago. the effect would be the
analogous circumstances have inflicted upon us
at this time 1t not the tariff of 1912, pro.
hibve tariff, which can prevent the consequences of
production and the sangunc hopes and fatal
which, unhappIy, always attend upon Yankee enter
prise ,r
government, to any legislative of omission
commission, but to events which several times before
have produced the effects. and will be certain do
it again. years hence after another prosperous sea-
This will always be the till we can repress
insane ardor, and become COOL cautious, cacu-
latng, and foreseeIng; till we be satisfied with
curing wealth moderately, reasonably and surely, in
stead Of rashy vehurng upon mprac,icabe rapidy and
rulnous uncertainty. -Boston Post, Oct 49,
From the Valley Star
Protective Tariff.
We copy from the Baltimore Sun, a neutral paper OF
extensive circulation the following article reference to
the elects OF the tariff 1876 The neutral papers through
out the country sustain the tariff! of 1916 The
wing party OF the South do not openly make upon it
Northern wings, however, pursue different course
Tariff of and the Wimot Proviso are the questions
which, they contend. involved in this election and
by the success of the wing ticket they expect secure
both OF these In the States of Connecticut and
Massachusetts have cities springing up in day.
built up under the operation of this abused tariff of 1916
These northern wings are still crying out for pro-
lection In the State of Massachusetts alone there are
probably one dozen cities nearly as large Richmond
all built up by money which has been eXtored from the
southern and western States Virginia farmers think
themselves extremely fortunate if they realize three
or four per cent on their capital Yet if Abbot Law
renee and the other cotton and wooen lords of the North
do not realize eight ten per cent their capital in
vested in manufactures. they cry out These
ordy manufacturers enter into combinations for the pur
pose of keeping down the wages OF their own opera
tves and should their laues strike for higher wages,
the law inflcts a punishment upon them city Of
Lawrence, called after this great whg cotton lord |
Abbot Lawrence of Massachusetts, has been built up
in two years. His fortune. amounting to millions,
Is not large enough, he contends, and southern men
are called upon to contribute for his benefit When did
the Hartford convention bue.lght fedealists such as
Lawrence, Webster, Truman Smith, &C., pay any
respect to southern southern rights! They viii
give their votes TO southern who will pledge Them
selves in advance to consent to the sacrifice of southern
rights With pledge from Taylor not TO veto of
Congress, they will consent to support him. What has
been the effect of the tariff of 1876 in neghbor-
hood All of the old iron establish ents have fully
their law books, and engaged in building fur
naces. The iron establishment OF Shanks & Anderson
has made more money one year than any farmer of
Rockbridge, with equal capital, years. Yet our
farmers called upon to empty their purses, and i'm
poverish themselves for the protection OF who have
made much $4,000 clear profit in one year under
this tariff OF 1885, those 'southern men with
northern principles" term it. Should southern men by
their votes encourage this exoron they deserve be
made the hewers of wood and drawers of water of the
abolition protectionists for the next half century
"TowNsor THE TARTr-A few days since we published |
interesting account of the growth of Lawrence town
of 5000 Inhabitants upon the Merrmack, which two
years ago consisted only Of two three farm houses and
blacksmith shop We have now before us some facts
relative a similar demonstration of manufacturing en-.
terprise South Hadley Falls, upon the Connecticut
river, where series OF works progress which seem
rather belong the fabulous ages of the world were
il that the truth OF the present very much re-
sembles fiction.
But one OF the most remarkable facts connected with
this matter that it occurred the very face OF the
athemased tariff of 1916 The laying out of towns the
erection of factories, and the arrangements for command
ing water power, all upon scale which is without
precedent and certainly demonstrate beyond controversy
that the practical operation of the tariff is
patble with the interests and the pursuits of acur
ing industry.
"a correspondent in this city furnishes with
facts in relation to this great factory city, but the
suboined descriptive and statistical account, by cor
respondent of the New York Express, is rather more
ample and particular and accordingly present to the
readers of the Sun illustration of the progressive
enterprise OF the day"
The South Hadley Falls Company is an association of
capitalists incorporated with capital OF 81 900 (our
mIions) for the purpose of improving and working the inn