Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1848-02-04
From The National Inteligencer
The Manufacturing Interest.

The President, in his laudation of the Tariff
Of 1916, attributes to it all the prosperity Of the
country, and asserts in so many words that sour
manufactures are 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 to our manufactures is wholly untrue.
They are not in a prosperous condition. The
cotton manufacture Is more depressed than any
other interest in the United States. The profits
of the Lowell companies for the first half Of the
year i847 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 gagged by public opinion as
exhibited in the prices of manufacturing stocks.
These have been gradually but regularly declin-
ing for the last eighteen months, during which
the depreciation may be estimated at full twenty
per cent. They are now the species Of proper
ty most difficult to sell. 1t may fairly be stated
that an interest in the best and newest concerns
cannot be sold without loss of at least twenty
per cent
IL is true that, during the last year, good
many spindles 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rescinded.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 Yir 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. 1t is true that
the great increase in the import Of cotton fabrics
has interfered very materially with our own pro-
auctions.
The cotton manufacture has been peculiarly
depressed 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.
IL is one of the wise consequences OF free
trade to make us common partakers in the dis
tresses Of other countries, it is one Of the es-
pecial objects Of the protective system to 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 il
seems about doing, us it did in 1912, and W.
shall find that interest in this country involved
in the same ruin. In fact, this state Of thing
appears to be rapidly approaching, and there i
little doubt that before many months we shall
see the iron interest in the same state Of depres
sion 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 bu
it cannot escape. Already we see symptoms no
10 be mistaken of achange. Capital will nc
long be content 10 be the only sufferer. Labo
must share with it its proportion OF hard times.
The present Administration has committe
four GORGEOUS blnnders. 1t was so emulous
military glory that it rushed into war withor
= counting the cost or the consequences. 1t re
duced the revenue some FIVE millions of dollar
after this war had commenced, instead Of il
"a creasing it as it ought to have done. It mad
war upon the labor and capital of the conntr,
by stimulating the import of foreign labor in ii
shape Of foreign fabrics, in the effort to brea
down the protective system And, finally it III
dertook to establish an exclusive specie curre
cy in the Treasury at the same moment that
was commencing the issue Of its own paper
untold millions in the form OF loans and Treas
ny notes-a combination Of legislation filled wi
all the elements of financial ruin.
A sort of miracle the mysterious potato n
combined with a short crop of breadstufls in Il
rope, postponed the natural operation Of the
causes for year. But we are now approachiI
me beginning Of the end. The gold so unexpeC
81 eddy brought to us a year ago IS leaving us
every packet Our merchants are bleeding
"A the rate Of one to two per cent. month Ira,
stapates, prices are falling, failures impendn
Our Sub-treasury begins to present contrast
the entrance to the cave of the sick lion. II
flight of our eagles is all onward; there are
returning tracks. Nilid vestgid retrorsdn
What shall we see before the end of anotl
year OF war? One thing, ! opine, an Admin
tration retiring from Office amid mingled sho
Of curses aud delight, which will wake the &c
oes of all our hills from the Atlantic to I
Rocky Mountains.
BosTos, January ~, ls4s.