Washington telegraph., 1848-03-22
From The National Iaieiiigeacer.
THE MANUFACTURING INTEREST.

The President, in hs laudalion Of the
fsrlli ol lst6, attributes TO Il all the pros.
perily olthe country, aud asserts in so many
words that "anr manufacturers are also IN a
prosperous condition,
lilo thus attributes 10 the tariff, the high
prices taf our produce caused by the famine
oI The las year in Europe, whilst the iael
which he ,lalfs ia regard TO our manuae.
lures is wholly untrue. They arc not in a
prosperous condition. The co,ioa maaa,
faeiars IS mora depressed hia aag Other
ia'eresi IA The Uaii6d Silics, The profits
OF. The Lowell companies Tor tho iirsi hail
ol the year 1917, were less than innr per
cent, aud ior the lasi hall still less. several
Of them making 10 dividend Whatever.
The aelmI state Of lhs branch ol husi.
nass is pretty accurately gauged by public
opinion rs exhibited in The prices ol mann.
'aeluring stocks. Thcss have been ga1.
mIly bal regularly declining ior the lasi
eighteen months. during when the drpfa.
citation may be estimated at full twenty per
cent, They are anw the species oi prop.
eay most difficult Ia sell. Il may iairIy h.
stated that an interest in lhe best aud
newest concerns cannot be said without a
los ui al least twenty per cont.
II is true that, during The las year, a
gppd many spinIes have heen pnt in motion,
bal this has been the result OF undertakings
previously commenced, and ut contracts
which could moi ha rcscinjcd.
The President aud Nlf. Walker attribute
all the prosperity oi the country to the laiIlI
olsia. L. them Place the depression
ol lhis interest To lhe sama cause. II Is
lms that lhe great increase in The import
ct en,ou ihbfss has iniehtrad veY mate.
rally wilh our own productions.
The cotton manufacture has been prea.
larry depressed the year past in England,
where many mill, have stopped work en-.
,ifely. We have not set come to that, anl
perhaps may not. under reduced prices ul
COTTON AM the reduction Of Wages which Is
becoming iEeEilahie.
II is one Of the wise consequences Of free
lrade 10 make u, common pafiakefs in ths
d|slrpsses of other countries, as il Is one uI
the especial ahIeclsol lie protective system
10 guard us against them. When ans
branch OF mauuiaclura is prosperous, and
paying good profit in England. protective
tariff Imperative with us, as in the iron
trade iir the last few years. But let lha,
branch OF manuilclurr ia England share in
The general depression, as Il seems uhou,
dning, as Il did ia 1872, and we shall lind
that inierssiin Ibis county involved in the
same fuin, In fact, this state of things
appears to be rapidly approaching. and
there is liiilc doubt that Leorc many month.
we shall see the iron interest in the sans
Stale o, depression which The cotton manu-.
iaclure aoW presents.
Il is true lhc pice Of labor Is yet very
high, unirr The prosperity Of the laA lew
years Labor is always the last interest
10 %, affected; but il cannot escape. A.
ready wc see symptoms, not To be mistaken
oi chang. Capital will nll long be-
cun,rnt 10 h' be only sufferer Labor must
share with It iis proportion oi hard times.
The present administration ha. commit.
tel ionr cgrgiuIs biun lers. Il was 81
emuluus 81 military glory that il rushed inlu
u war without counting the cost or the
consequences It reduced the revenue
some i've millions Of dollars. alter tai. war
had commenced, instead Of increasing il rs
il uugb, 10 have done. Il made war upon
the labor anl capital OF the country by
stimulating The import Of loreign labor ia
the shape OF foreign fabrics, in the effort Io
break down the protective system. And
finally. il undertook To establish an cXclu-
sige specie currency in the Treasury. at
the same mimrnl that il was commencing
thr issue Of i's own paper by untold millions
IN the iOrm Of loans and Treasury notes
u combination Of legislation filed with all
The elements OF financial ruin.
4 sort OF miracle, the mysterious potato
rot. combined with short crop of bread
siud. in Europe, postponed the natural
operation Of these causes fora year. Bat
we are now approaching tho beginning OF
the md. The gold so Unexpectedly brought
to us a year ago, is leaving Us by every
plrkoL Our merchants are bleeding a.
lhr rate of one TO two per cent month.
Trade s'agnaies, prices are falling, failures
impending. Our Sub. Treasury begins to
present contrast to the entrance to the
cave ot the sick lion. The flight Of our
eagles IL all outward; there are no returning
tracks. What shall wc sec before the end
olanolheryea ofwarl 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.
Iynyontt,pr, n d,nit koI;ov, a ,,.,rJ