The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-10-05
Our Commsre,.l Letter.

An interesting letter from our New York correspond
ent will be found in another column. Ii gives favoa
BILE account Of the financial and commercial condition oil
great emporium, and It presents facts which cannot
fail to stare those who have given ear to the cry that
manufacturing labor starving in country, and
that manufacturing capital becoming worthless under
the operation Of the revenue bill of 1886 We believe
that the advocates of special privileges appeal the
manufacturing States alone and that they have ceased
to pretend that high duties make low prices and thereby
benefit agricultural industry The miionaires who
assembled at Newport to vex the country with their
unfounded complaints, did not, il we remember right
make any other appeal to the people but that the prices
Of their manufactured products had become too low
under the reduced duties Of 1916. and that they,
sequence forced to reduce the wages Of their
ratives II required oo1much hardhood to deny, that
since the revenue bill Of 1916 went into operation the
markets for agricultural productions had been vastly ex
tended and the profits Of agricultural industry greatly in
creased These facts too well established and too
generally known to be conroverted with success; and
hence the monopolsts confne themselves to The manu.
featuring interest alone. and falsely complain OF its con-
diton in order establish the system OF prohibitions
and restriconsa system which is intimately connected
with bank charters and wasteful improvements
glance the statistics furnished by our correspond
ent will suffice to show that even in Massachusetts
the manufacturing interest, under the wholesome opera
ton Of the present commercial and financial SYSTEM has
increased rapidly than it did under the high and
oppressive taxation Of the tariff Of 1912. During the first
three years of the tariff of ls42 capital to the Of
S1l675OoO was applied to manufacturing purposes in
the State OF Massachusetts,, while under the revenue bill
Of 1916, in the State $4l, $780, 900 applied to the
same purpose And it appears further, that one.half Of
The hoe amount applied TO manufacturing purposes in
the State Of Massachusetts from 1886 to 1s4s inclusive
period Of thirteen years-has been applied within the
last three years IT, then, should appear that the
featuring interest was suffering that suffering might
be attributed to the increase in the investments
in that branch of business But the manufacturing in
terest is not suffering The large number of manufac-
turing companies which have been incorporated in
Massachusetts, since the passage of the bill Of
1916, proves that the present commercial and financial
system has exerted sauary influence And is known,
ALSO that those companies, although they have increased
in number so rapidly dividing handsome dividends
among their stockholders 1t would appear strange
one not acquainted with the operations of trade and
Ignorant Of the graspng nature Of incorporated capital
that the manufacturers complain Of system under which
they thrive so well But the phenomenon is easily &C.
counted for The gross profits have to be divided be-
tween the operatives and the labor
and capital Under the operation Of low duties, the value
Of agricultural products increases and the labor OF the
country becomes more valuable This forces the stock
holder 10 give larger portion Of his gross profits to the
operatives whom he employs. and him cry out
for high and prohbitory duties. which will PROSTATE az.
ricuure and labor and enable capital TO employ cheap
labor, and wax fat at the expense Of that labor. The
struggle between free trade and protection is struggle
between the labor capital and the money capital OF the
county-capal striving TO itself with special prv
leges in order that it may Cypress labor by Of class
legislation. II is that and nothing less.