The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-02-08
From the National InteIligcnccr.
THE MANUFACTURING -INTERE

THE MANUFACTURING INTEREST
The President, in his laudation of the Tar
if Of 1916, attributes to it all the prosperity Of
| the country, and asserts in so many words that
''our manufactures arc also in prosperous
! condition"
lie thus attributes to the tariff the high pri-
ccs for cur produce causes by the Eumne of the
last year in Europe, whilst the fact which he
states in regard to our manufactures is wholly
untrue. They are not in prosperous condition.
The cotton manufacture is more depressed than
any other interest in the United States The
profits Of theIowell companies for the first half
of the year 1917 were less than four per cent.
and for the last half still less several Of them
making no dividend whatever.
The actual state of this branch of business is
pretty accurately guaged by public opinion as
exhibited in the prices Of manufacturing stocks.
These have been gradually but regularly de-
clinine for the last eighteen months, during
which the depreciation may be estimated at
full 20 per cent. They are now the species OF
property most difficult to sell. Il may fairly
be stated that al interest in the best and new
est concerns cannot be sold without loss Of
at least 20 per cent
1t is true that during the last year n good
many spindles have been put in motion, but
this has been the result Of undertaking preyi-
ously commenced, and Of contracts which could
not be rcscindcd.
The President and Mr.. Walker attribute all
the prosperity of the country TO the tariff of
1916. Let them, then, place the depression
Of this interest to the same cause. Ii is true
that the great increase in the import Of cotton
fabrics has intcrierred very materially with
our own productions.
The cotton manufacture has been peculiarly
depressed the year past in England, where
many mills have stopped their work entirely.
We have not yet come to that, and perhaps
may not under reduced prices OF cotton and
, the reduction Of wages which IS becoming in
eyitable.
1t is one of the wise consequences Of free
! trade TO make Us common partakers in the dis
tresses Of other countries as it is one Of the es
pecial objects Of the protective system so guard
us against them When any branch Of manu-
facture is prosperous and paying good profit
in England, protective tariff is imperative
with US. as In the iron trade for the last few
years. But let that branch of manufacture in
England share in the general depression, as 1t
seems about doing, rs it did in 1912, and we
shall find that interest in this country involved
in the same ruin. In fact, this state of things
! appears to be rapidly approaching, and there
is little doubt that before many months NO
shall see the iron interest in the same state oil
depression which the cotton manufacture now
presents
1t is true the price of labor is yet very high,
under the prosperity Of the last few years. La
Dor is always the last interest to be affected;
but it cannot escape. Already we see symp-
toms not to be mistaken OF a change. Capital
will not long be content TO be the only sufferer.
Labor must share with it its proportion Of hard
times.
The present administration has committed
four GORGEOUS blundcrs 1t was 50 enulous OF
military glory that it rushed into war without
counting the cost or tic consequences. II re-