The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-10-12
COMMERCIAL.
FROM our CsmmsreiaI Correspondent.

NKw YoRK, Oct l0-Wednesday, 4 p. m.
There many indications abroad that the new Con-
gress will be nsuted with propositions in the face OF the
growing repubcanism Of the world TO take retrograde
step and rempoe upon the labor OF free Americans nd
rect taxes for the benefit OF privileged capital The burden
OF capital upon labor becoming recognised of the
greatest evils Of civilization. The whole wealth OF the
country 10 admittedly the result OF labor As capital In
in amount the annual daughs upon labor. in the
shape oil interest," support the growing extravaganza OF
producing capitalists, falls with increasing weight
upon industry and wdens the difference between wealth
and poverty, destroying the middle classes Ills frequently
alleged by proectons that "the unexamped increase Of
wealth in England from the time Of Cromwell has result
ed from protective system These theorists have yet
learn that which has forced itself upon British statesmen
via that the protective system has not increased wealth
has only drawn from the hands Of its producers into
those Of the privileged few, where its ostentaous dis
play dazzes the understandings and exctes the envy Of
those here who seek afiuence by tho same MEANS
regardless OF the aboring millions whose condition
sinks as that Of the capitalists improves. The pro-
dgious powers Of compound interest well known,
and the capital Of civilized countries is always swell
ing under its operation. A considerable portion of the
interest derived from large fortunes is annually reinvest
cd in productive property; that Is, such takes from the
producer large portion of his earnings in the shape of
Take for instance such fortune that Of the
minister England, estimated at 49, 0O0 and put into
his pocket by protecv laws Of Congress IL 900 is
actively employed compound interest," II will double
every years. and In four decades will reach OOO
aborers for the benefit OF this nonproducer Against
this feary accu,nulave power, labor has protection
and when capital farther hedged round by special laws
exemptng it from the liability to which labor Is posed,
and also by tariff laws insuring profit when employed
in manufactures the expense of those who the
manufactures its accumnlatve power becomes irresistible
and the product Of myrads of hopeless abores is swept
into its Golfers with resistess certainty Every year this
national evil enhanced, and the power OF this capital
once more being exer,ed restoration of Of priv
ieges, viz. high tariffs
A short time since, rked upon article in the
September number Of the Wing Review which affected
crcise of my letters that had been reviewed by Mr.
Carey, in Philadelphia periodical. 1t would that
in very clear, the Review, following the sub
ec the October number alleges that the tariff oil 1916
did not come into operation until July l848. Now the
ar of 1916 passed in July of that year. and
menced operations December 1885, 1t practically took
effect as passed. because those goods which
charged with high duty by the law of 1872 went into
warehouse be released under the low tariff Of December
1916. Now in my letter to which reference is made
showed the consumption OF cotton in the United States
In 1918 than any years of the ope
ration of the tariff of 1872 This the figures which
ne invadaed show and avoid the inference the Amer
Review makes such statements as the following
"The whole business relative to the crop of 1878 was
closed July l848 the time when the tariff OF 1876
into direct and practical operation upon the business
,, the country" "The crop of the present years consump
the first came under the osatio" Of the tariff Of
1885," NC.
In making such statements, the Review must place
very low estimate upon the understanding of its readers
and cannot expect any seriously to reply Again, in
showing consumption of the United States for
ls49 states that the decrease is 10000 bales The uah
IS that the decrease taken from the ports l3 733 bales
liz. against l772 last year the increase, taken
" the western and southern factories from plantations is
Is 900 bales viz 10000 against 900 bales last year
being net increase for the Union Of FL 26I bales against
an increase 6l5 bales In 1884, under the tariff of 1872
,ver the previous year On such staements-which
nave been wul, for he had the figures before him-he
makes lugubrous about the retrogrsde
nent of OF course, where the data alto
xether the reasoning is not more accurate Quo
ing from Mr. Carey article the Review states that from
St2 to ls47, 'the consumption of cotton and woollen
doubled In 1919 1t became stationary" Again, that
cotton WOOL &c, surplus" and that producers.
icing able sell them, purchase other articles
already known that the cotton crop has been greater by
80 900 bales before, and the consumption
Il home and abroad has far exceeded IT, causing prices
oube between January and September Next cotton,
yoo is the great materially and these people have the
assurance TO aege that wool sis surplus" and that the
sfmers are anxious TO diminish production. Now we
nay take from official figures the receipts Of wool tide
water on the Hudson from the opening OF navigation TO the
lose OF September and also the prices in New York
hat date.
Rsceips Nav to September 30 and prices Of Dooi Nfp
York September 30
1886 lsf7. 1873 1919
oa nee N aca oA a Of A