Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1850-01-17

I'd. DEAFNESS of our labor as CON-
pared with that of other countries.
Sd. Insecurity by exposure TO the in
huence ofviolent and excessive fuctua.
tions of price in foreign markets, and
TO undue foreign competition.
lst. Capital, which is bnt the accu-
mulated savings Of labor, is believed to
be abundant among ourselves for any
purpose to which il can be proftably
applied. 1t is more divided than in
some other countries, and associations
of capitol are therefore more common
among US than elsewhere. 1t will be
increased by the labor Of every success.
i've year, and fer investments reason
ably secure, il will flow in whenever re.
quired (as it has always heretofore
done) from other countries, where il
may exist in greater abundance. The
amount of capitol required for a large
production is not enormous. The whole
capitol, for instance, employed in the
establishment and support Of iron.
works in England and Wales in ls47,
has been estimated at less than one
hundred millions of dollors; the annual
production then being about one mil.
lion two hundred thousand tens.
Cd. The difference between the price
of labor here and in Great Britain is
certainly great, and, it is 10 be hoped
and expected, will never be diminished
by reduction of wages here. The
d Inference has been estimated at an'av.
erage of thir,y-,hree per cent. Prob
ably The average difference is much
more than that. In some branches,
such as the manufacture of iron, it is
certainly much greater. This differ
ence is in part compensated by the dis.
advantages under which the foreign
manufacturer is placed by the necessity
in some branches of procuring his raw
material from grea, distance, or trans.
porting a heavy article Of production
(such as iron) TO a distant market. In
addition he is pressed by heavy bur.
then of taxation. The greater efficien-
cy of our labor is to some extent an ad.
ditional compensatory element. This
includes the greater capacity for acqui-
ring skill, the superior general in,elli.
gence, the higher inventive faculty, the
greater moral and physical energy, both
of action and endurance, which our
people possess in comp arison with tho
foreign laborer. Better fed, clothed,
housed, and educated--conscious of the
ability to lay up some capital annually
from his avings--encouraged to invest
that capital in the enterprise in which
his labor is engaged--enjoying pracli.
cally greater civil and political liberty,
looking forward 10 an indefinite future
in which, through his own good con.
duct and example, he may expect each
successive generation of his descen.
dants TO be better circumstanced than
lis predecessors, it cannot be doubted
that these advantages add greatly 10
the efficiency of the American laborer.
The precise extent to which they 90 to-
wards compensating the difference in
the price of labor, is difficult 10 define.
The efficiency Of our labor may be ex-
pected 10 increase with the increase of
reward TO the laborer. In many of the
New England factories, the iaborers
are encouraged to invest their surplus
earnings in the stock Of the company
by which they arc employed, and are
thus stimulated, by direct personal in.
terest, to The greatest exertion. II may
be expected that this system will be in.
troduced into other branches in which
it may be found practicable, tending.
as it does, so powerfully TO elevate the
laborer, increase production, and prac-
tically instruct all men in the great truth
of the essential harmony Of capital and
labor.
Sd. Capital flows freely at home and
abroad in every productive channel in
which il can flow safely, and will even
incur great hazards, if they be such as
lis owner may hope to meet by the care
and circumspection of himselfor others
10. whom he has confided its manage.
ment. But if he knows that skill, in.
dustry, and economy cannot avail him,
and that, in addition to all the contin.
gencies Of rivalry and markets, he is
TO be further exposed TO dangers arising
from causes quite beyond his control or
counteraction, he will hold back. The
vacilations which have occurred in our
policy have no doubt deferred a large
amount Of capital from investment in
industrial pursuits. The encourage.
menl offered on one day, and on the
faith of which fixed investments have
been made, which are exposed to loss
by the wilhdral of that encouragement
ON the next, is in fact substantial dis.
couragemen,. And the insecurity re.
sulling from the repetition of such acts
has been seriously detrimental.
4,h. The fluctuations in the foreign
markets have for many years been such
as seem TO denote an unhealthy and fe.
verish state of business. They are no,
! in the natural course of wholesome