Weekly national intelligencer., 1848-01-22
THE MANUFACTURING INTEREST,


The President, in his laudation Of the Tariff Of
IS43 attributes it all the prosperity of the coun-
try, and asserts in so many words that our manu-
factures also in prosperous condition"
He thus attributes to the tariff the high prices
for our produce caused by the famine of the last
year in Europe whilst the fact which he states
in regard 10 our manufactures is wholly untrue.
They are not IN prosperous condition. me cot
ton manufacture Is more depressed than any other
interest IN The United States. Fhe profits of the
Lowell companies for the first half of the year
lS47 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 gauged by public opinion as exh-
bited in the prices of manufacturing stocks. These
have been gradually but regularly declining for the
last eighteen months, during which the depreciation
may be estimated at full twenty per cent They
are now the species Of property most difficult TO
SELL 1t may fairly be stated that interest in the
best and newest concerns cannot be sold without A
loss Of at leasttwenty per cent.
1t is true that, during the last year, good many
spindes have been put in motion, but this has been
the result of undertakings previously commenced,
and of contracts which could not be rescinded.
The President and Mr.. Walker attribute all the
prosperity of the country TO the tariff Of 1896
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 nerfered very
materially with our own productions.
The cotton manufacture has been peculiarly de-
pressed the year past in England, where many mills
have stopped 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 inevitable,
Tn ic ono or Tho wise conspnupncps of free trade
TO make US common partakers in the distresses
of other countries, it is of the especial OBJ
iects of the protective system to guard Us against
them. When any branch Of manufacture is pros
porous, and paying good profit in England, pro-
tectiye 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 de-
preston, il seems about doing, as il did in 1872
and we shall find that interest in this country in
volved in the ruin. In fact this state of things
appears TO be rapidly approaching, and there is little
doubt that before many months we shall see the
iron interest in the same state Of depression which
the cotton manufacture now presents.
Ii is true the price Of labor is yet very high,
under the prosperity of the last few years. Labor
is always the last interest TO be Affected but it can
not escape. Already we see symptoms not TO be
mistaken of a change. Capital will not long be
content to be the only sufferer. Labor must share
with IT It's proportion oil hard times.
The present Administration has committed four
egregious blunders 1t was so emulous of military
glory that il rushed into war without counting the
cost or the consequences. Ii reduced the revenue
some FIVE millions of dollars after this war had
commenced, instead OF. increasing il as it ought
to have done. Ii made war upon the labor and
capital of the country, by stimulating the import of
foreign labor in the shape of foreign fabrcs in the
effort to break down the protective system. And,
finally it undertook to establish an exclusive specie
currency in the Treasury at the same moment that
it was commencing the issue Of its own paper by
untold millions in the form Of loans and Treasury
notes-a combination of legislation filled with all
the elements Of financial ruin.
sort of miracle, the mysterious potato ROT,
combined with a short crop of breadstuffs in Eu-
rope, postponed the natural operation Of these causes
Tor year. But we are now approaching The be-
ginning of The end. The gold so Unexpectedly
brought to us year ago is leaving us by every
packet Our merchants are bleeding at the rate Of
one 70 two per cent. month. Trade stagnates,
prices are falling, failures impending. Our Sub
treasury begins TO present contrast to the entrance
to the cave Of the sick lion. The flight Of our
eagles is all outward there no returning tracks.
Nuda Cestigia refrOrSam. What shall we see be-
fore the end of another year of war! One thing,
opine, an Administration retiring from Office amid
mingled shouts Of curses and delight which will
wake the echoes Of all our hills from the Atlantic
to the Rocky Mountains.
BosToS, JtsU,AY IL, 1913.