The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-06-18


Third d Chestnut streets.
The Cotton Panic . False Ciamor.
The owners OF the concentrated capital Of the country
have the means their power OF producing great noise
and clamor without much real injury to themselves
Thus, during the war waged by the Bank OF the United
States against Andrew jackson, representing the in
erests and liberties OF the American people, became
part of the tactics of the friends OF the bank to convince
the world that the people suffering great distress
from the opposition Of General jackson 10 its recharter
And hence the ''screws" were applied Every unfortu-
nate wight who happened to be in debt to that institution
was made TO feel its power For the purpose OF pro-
ducing tremendous camor in the country il could FORE
20 for season the pleasure Of accumuaiing profits and
hence il curtaed its accommodations. and oppressed
those who were so unfortunate be in its power and
in this policy was followed by the whole brood of State
banks in alliance with it. The consequences was. pro-
dgous hue and cry throughout the whole country pro-
ceedng from the victims and mnions Of the bank, which
the friends OF the institution alleged conclusive EVIL
dence OF the general distress and suffering which perva
ded the country. The country generally. however,
prosperous and continued to progress in the accumua
ton Of the elements Of wealth and power rapidly
ever.
Just SO il is with the present panc got up by the
spinning which they do without much real in
jury to themselves and their machinery for the
ufacture OF panic busily at work. Hence. the poor
operatives have been discharged and driven hoNe, and
their organs of the press set work 10 convince the
people that the whole country is suffering for the want of
more taxation upon the people, and monopoly to
the manufacturers, in the shape of duties upon cotton
fabrics Yet never all history, has this country
q Ali
very moment in the midst Of all this fancal and fictitious
suffering and distress.
This is a great fact against the manufacturers, and
shows how false, heartless, and mercenary is their
clamor for additional bounes. the shape Of additional
duties imposed upon the consumption Of the people.
But there are others still potent and overwhelming
against them They allege that the tariff of 1s46 has
let in flood of foreign fabrics upon them which has
for prices less than the actual cost Of producing them
This assertion, confidently made by the press in the
interest OF the manufacturers, has induced TO look
into the tables OF in order to ascertain for
selves whether or not it is point Of fact And
find is not true So far from being true, it is just the
reverse The imports OF cotton fabrics during the last
commercial year are greater, in proportion 10 the
population of the country, than they during the
amount in value OF cotton fabrics of all descriptions i'm
ported during the year ending June 80, ls44, 3d.,
e4I 4e2 whole amount imported during the year ending
June 80 1885, .2s2 These two years were under
the tariff OF ls42 which the manufacturers wish to have
restored On the other hand the whole amount in value
Of cotton fabrics imported during the year ending June
80 ls4s is SI5,754 s6l-exceeding the impodatons OF
The two years above mentioned under the tariff Of ls42
in nj
Of the population and wealth OF the country Thus is
not true that our markets have been gu,ted by foreign
fabrics and our manufactures driven from them. II is
mere fiction of the manufacturers invented to deceive and
mislead the people.
i A few days since, in order TO show the unfounded
character OF the representations Of distress put aoat by
the northern manufacturers, cited the fact that new
factories were rising up in the South and that in that
section Of the Union, those engaged in the cotton
fac,ure were doing good business The intelligence
received by the last arrival from Europe exhibits the
state OF things in the manufacturing districts oil England
Now with these evidences Of the prosperity Of the cot
ton manufacturing interest in every district and country
in the world, except New England, before our eyes, we
respectfully inquire how 1t happens that the mammoth
corporations Of Lowell, and other manufacturing towns
Of New England. should be in such state oil suffering
and DISTRESS Inc answer II oDvious' hh untrue ua'
they are 1t is shallow and miserable device, invented
to enable them TO get increase of duties, IN order that
their profits may be swollen to amount which no Other
business hope TO attain. II is gross attempt to
impose upon the people and upon Congress- and, instead
Of being rewarded by increase OF duties II should be
met with reduction. We have no doubt a much larger
revenue could be derived from cotton fabrics imported
into the country by reduction Of duty than is now de-
rived from them. Thus would the people obtain more
cloth for the same money. and the treasury would de-
rive more revenue. Certainly, IL the manufacturer
would expect favor from Congress- they should come be-
fore that body with the TRUTH instead Of lie, in heiI
mouths We advise them to reflect that "houesy is the
best policy" and that they will gain nothing by shallow
and transparent attempts to impose upon the intelligence
\ OF the country.
4 erhs Southern Press"