Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1849-12-28

ions
land at thirty millions, and population At Twenty
one millions, their foreign trade averages Sl| IS 1or
each individual $40 A. If their foreign trade
greater than ours in proportion to popualnnl
would be reduced from five hundred and twenty to three
hundred and twelve millions. II our foreign traae were
as great in proportion to population as hene wono
be sweed In amount from two hundred aud nineteen 10
three hundred and sXty-our millions.
A leading OF the existing difference Is 10 Dc
found in the fact, that Great Britain exports chiefly what
she has first brought to the form in which ii ready Tor
ultimate consumption; Is at the stage Of us iiguesl
value and her market is almost co-eXtensive win the
civilized world r.,
All history shows that where are the workshops OF the
world there must be the marts OF the world, and the
heart Of veal b. commerce, and power. II is as vain
to hope to make these marts by providing warehouses;
as would be to make crop by building barn;
". Whether we can have workshops to WORK up AT
least our own materials must depend upon the question:
whether we have obtain sufficient advantages to
Justify the pursuit of this kind OF industry.
The circumstances favorable to production in tins
country may be stated to be: lst Facility in procuring
raw materials. I'd. Abundance of fuel 3D.. Abundance
of food and other articles necessary Tor the sustenance
and housing Of the laborer 4th. The superior etcien
CIV OF the laborers in comparison with those OF other
countries
The circumstances supposed be unayorable to our
production may be thus Chased
LIST. Want OF capital.
ID. DEAFNESS OF our labor as compared with that OF
other countries.
3D. Insecurity by exposure to the influence OF violent
anu excessive pliGC ia ioi"lSii
and TO undue foreign competition.
Ist. Capital, which is but the accumulated savings oil
labor is believed to be abundant among ourselves Tor
any purpose to which it can be proftably applied 1t IS
divided than other countries and asSocia-
tons of capital are therefore common among us
than elsewhere twill be increased by the labor OF every
successive year, and Tor investments reasonably secure,
will flow in whenever required las has always here
tofore done from other countries where may exist in
great abundance The amount of capita required for
large production is not enormous The whole CAPT.
in establishment
port of iron works England and Wales In lS47 has
been estimated at less than one hundred millions OF dol.
lars; the annual production then being about one mil
lion two hundred thousand tons.
I'd The difference between the price OF labor here and
in Great Britain certainly great, and it is to be hopeG
and expected, will never be diminished by reduction
Of wages here The difference has been estimated at
an average of thry-hree per cent Probably the ave-
rage difference is much more than that In some
branches such the manufacture OF IRON it is certainly
much greater. This difference 49, in part compensated
bv the disadvantages under which the foreign nanutac
placed by the necessity III some branches t pro-
curing his material from great distance, or trans
porting heavy article OF production such from to-
distant market In addition, he is pressed by heavy
burden OF taxation. The greater efficiency OF our Ia
Dor 49, to some extent, an additional compensatory ee-
men This includes the greater capacity tor acquiring
skill the superior general intelligence, the higher nYen-
tive faculty the greater moral and physical energy both
OF action and endurance which our people possess IN
comparison with the foreign laborer Better fed, othed,
housed and educated conscious oil the ability TO lay up
some capital annually from his savings; encouraged to
invest that capital in the enterprise in which his abour
is engaged enjoying practically greater civil and poll
teal liberty looking forward to an indefinite fuule, In
which, through his good conduct and example, he
may expect each successive generation OF his descen-
dants be better clrcumsanced than its predecessors
be doubted that these advantages add greatly to
the efficiency OF the American laborer The precise ex-
tent which they go towards compromising the differ
ence the price OF labor is difficult TO define. The
efficiency OF our labor may be expected to increase with
the increase reward the aborer lu many OF the New
England factories the laborers are encouraged to invest
their surplus earnings IN the stock OF the company by
which they employed, and are thus Stimulated by
direct personal interest to the greatest eXeroD II may
be expected that this system will be introduced INTO
other branches in which it may be found practicable,
tending, does, powerfully to elevate the laborer
increase production, and practically instruct all men IN
iabour.
3D. Capital flows freely at home and abroad in every
productive channel in which can flow safely, and will
even incur great hazards if they be such the owner
may hope 10 NEE by the care and circumspecton OF
himself or others to whom he has contlded Its manage
meut But il he knows that skill, industry aud
my avail him, and that, addition to all the
contingencies OF rivalry and markets. he Is to be further
exposed to dangers arising from quite beyond ms
control counteraction, he will hold back The va
citations which have occurred in our policy have no
doubt deferred large amount OF capital from invest
ment in industrial pursuits. The encouragement OF
tered on day. and the faith OF which liked invest
ments have been made, which are exposed to les by
the withdrawal OF that encouragement on the neXt is
in substantial encouragement; and the insecurity
sutng from the repetition OF such acts mas teen Ge-
rious detrimental.
4th The fluctuations in the foreign markets have for
many years been such as TO denote an unhealthy
aud fevers state OF business They not in the
tural course of wholesome trade. They to be-
token change in existing arrangements, and the APP
preension OF such change also evnced In the efforts
now making in England 10 sustain the British manuisc-
urer by putting hazard other important branches OF
industry, The competition OF new establishments with
very large already in ex istence abroad, and IN
which the price of abois lower, is evidently not an
YNitp1 Hyad in fr1an
furnaces, &C. cannot be changed, and the work OF pro-
ducon will cease until the price shall have been re-
duced point very little above the cost OF Materials
labor and repairs OF course where the lower price Is
paid for labor there will be larger margin for reduc-
ton by the sacrifice OF part OF the proh and where
great accumulation is in hand OF the ava5 OF the busl-
Tor while to sell his commodity at less than the actual
cost if by that means he drive out his Nval, look
ing of course, to subsequent reimbursement lat leas
when he shall again have the control OF the markell
This known necessity Of the position OF foreign man
utactures OF tends to discourage new as we'll as
to defeat the successful operation OF existing investments
Of capital here in similar enterprises
To couneract the influence OF these uniavorabe cir
cumstances which, SO long as they continue, must
greatly retard our advancement, limit our foreign COM
merce, and prevent the due progress Of industry pro-
pose that the duties on the staple commodities whether
material manufactured artlces0 IN which foreign
nations compete with productions, be raised TO
point at which they will afford substantial and suttl-
cen encouragement to domestic industry, provide
nue. and ensure the permanence and stability OF the
system Experience has, | think, shown this to be a
wise just and efectual mode to promote new and revive
aneulshing branches OF industry, provided the selection
OF the objects be wisely made and limited to those pro-
auctions for which the country is naturally adapted.
We have BEEN perhaps, too long hesitatng and vacil
ating the threshold OF great career. The want OF
stability in the course OF legislation and other disturbing
causes have heretofore occasioned nconyenences The
short duration OF some OF the tariff acts; the great ex
pansion of the currency which occurred during their
operation the compromise act, Ia result OF what was
believed TO be political necessity which, whatever It's
effects existing establishments, undoubtedly dscour-
aged new adyenturers and finally, the unexpected re-
peal of the act OF l642lhese circumstances have GER
tainly been OF retardng character.
Yet is impossible observe that, at every tavo
rabe moment, vast movements in advance have been
made and that the ground thus gained has not been
lirey lost 1t is believed that every article, the mane
facture OF which has been established here has, after
that establishment continued gradually to diminish in
price, and that without corresponding reduction in the
wages OF labor, which, indeed could not be diminished
by reason OF an increased demand Tor it. Statements