The republic. [volume] (Washington [D.C.]) 1849-1853, 1850-08-23

4 writer in the Boston Daily advertiser, en-
dorsed by its editor as ga gentleman of practical
skill, of sound Judgment, and thoroughly ac-
quainted with The subject of which he treats"
who has recently visited the cotton-growing
States, endeayors to show that they cannot sue
cessfully compete with New England in the
cotton manufacture. So lar as he is right,
it tends to demonstrate the necessity Of protec-
ton to the South, which, in this particular, is
now where New England was twenty years ago
But there is one of his statements, in respect 10
the disadvantages of the South, which, with
no pretension to practical skill, we think our
selves able to controyert. 1t is and he ranks
it first among the disadvantages, that "there is
a want of capital necessary to carry on me-
chanical enterprises" He says: '"I'hcre are
already sufficient number of pursuits for the
employment of that which they have, yielding
sure and profitable return; with which they
are well acquainted and III which they have
confidence, without undertaking business that
is to them unknown and uncertain"
What is capital? In the sense in which this
writer probably employs it, and in which it is
an individual to invest means in new UNDER
taking, it means dispoeable cash, OF the imme-
diae representative of cash. Even in refer
ence to an Individual this is usually incorrect
for no man voluntarily keeps his capital unpro-
ductive, except the miser, and he. is Justly
counted as insane. 1t means, in reference to the
individual no more than commodities havingex-
changeable value and capable Of being converted
into money, for the purpose Of again converting
the money into such articles as are requisite for
the machinery of the new employment
When we look to community in gross, it
is more important to make the proper distinc-
ton. The national debt of England amounts
to four thousand millions of dollars. There are
within the British islands two hundred and
fifty thousand persons holding certificates that
they are the owners of different portions of this
Indebtedness. To each one of them it sub
serves the purposes Of capital, for it produces
him a regular income, and lie can at any mo
ment exchange it for an ascertainable sum of
money. which fluctuates very slightly, and
with that money purchase whatever else his
interest may dictate. So surely and readily
may this be done, that the national debt might
be regarded as partaking in large degree of the
character of currency. Each of the individual
holders may be considered as 4 capitalist pro
taHto. But when we regard the people in the
aggregate no one can fail to see that the Brit
sh national debt is not capital, but the ghost Of
departed capital-of capital that has vanished
in gunpowder smoke, and the smoke of the fires
that gunpowder kindled-the representative of
labor that has been spent in the work of de
struction, of the misery which its misapplica-
ton has inflicted II is plainly seen, that in
stead of supporting labor, it entails load Of
taxation, that takes from the earnings of labor
and condemns the laborer TO toll for consider
able portion Of his time, not for his own sup
port and improvement. but in penance for past
disagreement.
Let us see what is the capital required
for the cotton manufacture at the South.
In the first place, land TO erect factories up
on, and mill-streams TO drive their wheels. No
man doubts but these exist, in only too great
abundance; that there is too much land unoc-
cuped and worthless, for the want of these fac
tories, too many water courses running to waste
and turned TO no profit, that ought TO be doing
work for man. So far as these are concerned.
they could be supplied absolutely without cost,
and thus we get a large instalment of what
this writer includes under the name Of capital
We learn from Montgomery's Cotton Manu-
acture Of England and the United States, that
IN Lowell, ten years ago, mill -power was es-
timated at 1854 throstle spindles, with the ne
ccssary machinery for preparing the cotton and
manufacturing the yarn into cloth, and was
sold for four dollars per spindle, equal to sl4 1886
for single mill-power, including about four
acres Of land. We know not what may be the
present price, but it is easy to see that. when
we come TO estimate for the millions Of spindles
that the South ought to have running, this item
would swell into an apparently frightfu amount.
and yet that it would cost the South literally
nothing.
The next item is stone. timber, lime, brick.
SC, for the construction Of factories The
same authority to which we last referred in
forms us, that according to the statement of ex-
pcrienced machine makers, at the period his
book was published, the cost Of buildings and
gcarings was estimated at about eight dollars
per spindle Here is another item, twice as
large as the former, and which when set down
IN dollars and cents appears twice as formidable;
but everybody can see that the materials for
building abound 'and that the South would lose
nothing by giving them to any body of men who
would put them together, so that it had the OPP
portunity Of feeding them while engaged in the
process. The land would be worth more after
all these materials were removed than it is at
the present moment. Whether the above esti-
mates are strictly accurate or not is Of little con
sequence They servo the purpose Of iluslra-
ton, and are the best at present within our
reach. We have no reason TO doubt their ac-
curacy at the time they were made, but ten
years may have made changes which ought
perhaps to modify them.
The next thing that is wanted is machinery.
large element in the cost Of this is iron, of
which the South has abundance. But let us
suppose that il has All 10 be fabricated AT The