The republic. [volume] (Washington [D.C.]) 1849-1853, 1850-05-20

following business. like statement in his money
port of Saturday
"Hon. Alfred Kelley, President Of the Cleveland,
Columbus, and Cincinnati Railroad, who went tc
England early in April, has succeeded in purchas-
ing 5000 tons Of rails sufficient to iron that road
The iron will be sent forward at once, via Quebec
favorable terms. Mr. Kelley has also negotiated at
good price the bonds of his company TO an amount
sufficient to pay for the above iron"
Were this an isolated case, it might pass without
comment; but when consider that these hve
thousand tons of British rails but part OF the
five hundred thousand recently procured, already
purchased about to be contracted for we bespeak
for the subject thoughtful attention.
At this moment, while our chief staples Tor ex-
port are bringing good prices--cotton an unusually
high one-and our country is in full possession Of
all the elements of prosperity, we are rushing
swiftly, madly into debt to Europe. NATIONAL
stocks, State stock railroad bonds and other forms
of indebtedness, weekly sent across the Allan
tic in reams, to purchase the products OF British and
continental industry. In the full enjoyment OF
peace, health, plenteous harvests, and all that
should make a nation thrifty and independents
wise, frugal, and far seeing public economy alone
excepted-we running In debt at the rate Of
not less than fifty millions per annum. AT least
one third Of our iron works are now closed, and
most of the residue working feebly and obviously
while we are buying iron Of Great Britain by the
five thousand tons at dash, andgiving our notes
for it, Foreign silks come in upon us by the twenty
millions worth, but own infant silk factories
fast dying out. British cotton and woollen
fabrics arc flooding the land in unparalleled pro-
fusion, while American factories are shutting up
or beginning 10 work short time. The Union tells
the people that this Stacking work is nothing but
trick Of the manufacturers TO drive Congress into
an increase of the tariff!
All these fabrics that we are 80 giddily running
in debt for might easily be made here without d.
minishing in the least the efficiency of our undis
turbed employments. With a tariff that would set
every factory, forge, and foundry in full operation
there would be not less, but more, agricultural pro-
faas xbar. is
started would be added market for fruits, vcge-
tables dairy products, &C., and would set hands at
work to supply them The land now meagerly en-
ploying ten men in wheat growing would prohta-
bly, occupy one hundred in gardening. With a
tariff which would ensure the production on our
own soil Of the fifty millions worth OF products that
this year running in debt for, we should pro-
duoe all beside that we now shall. The labor now
crouches and crowds in cities and villages, or
rambles idly and wishfully our broad lands IN
quest of work game, that would set all the wheels
and trip hammers going that are now r9stng UNI
used. Moral evil crowds on the heels OF physical
want and uncertainty Of subsistence. II Great
Britain would make our iron and cloth for nothing,
il would be unwisc to accept the offer A nation
needs to do as well as 70 receive, and the varied
education of its physical is essential to the full de-
velopment of its intellectual and moral powers.
How long can this running in debt go on? Sup
pose foreign creditors would never want the
principal we owe them, is there not some limits to
our national ability to pay interest How are we
ever to pay twenty thirty millions OF interest
per annum, If we cannot now pay for what we are
annually consuming?
We Law no blame on the buyers of iron and cloth,
individual corporate the laws of trade tell them
to "buy in the cheapest Market" and no company
will justify its officers in paying fifty dollars per
ton for American rails when British can be had for
forty So long as our ports are open, the British
will rule the market But we are, nevertheless,
confident that it would be far better for the rail-
roads themselves if the tariff were made strictly
protective The difference in the cost OF iron would
hardly be felt, while the difference in transporta-
ton and travel could hardly fail to be. One facto-
ry or foundry at work in this country makes more
business for our railroads than ten such In Europe,
though their products were all consumed here.
Bear witness, Massachusetts and Virginia!
The time must conceive dc not say when-that
the fabric of what now seems prosperity must tum-
BILE into ruin. II is not built rock but on a
treacherous quicksand, which any moment may
set afioat A tumble in cotton, panic in stocks, a
political commotion in England, general convul-
sion on the continent, run on the banks OF thelSa-
cramento which shall compel them to stop dis
gorging-any Of these, dozen other casualties,
may bring the whole dollhouse about our business
mems ears. And good many who see this, and
mean to step out just in season, Will md themselves
4 moment too late.
Perhaps the following facts will be recognised
having applicability to the subject discussed
in the foregoing:l
WEsrERN PENNSYLVANIA IRoN BUsINEss.-The
Pittsburg american states that of the one hundred
and twenty iUe furnacesthat is, those recent
ly in blast, capable, from location and resources
for stock, of again blowing-situated in the coun-
ties of Mercer, Venango, Clarion, Armstrong, In
diana, Cambria, Westmoreland, and Fayette,
which comprise the iron regions OF Western Penn
syvania, but ifty-nine are now in blast, producing
a 200 tons per annum. The whole number OF fur
naccs make, when in operation, 81 600. This shows
nett loss in the industrial products OF the country
OF 81, 900 tons annually. That this cannot be at
tributcd TO there being demand, is shown by the
fact that in the years when the production is great
est the prices higher. In this view, then, the
actual loss may be stated in money thus:
"a 900 tons, at an average OF $50 per
ton. ...................... $2,S24,ooO
a 200 tons, at its prcsentaverage, $22
per ton. ACKNOWLEDGEMENTS. i,VSo,4Vo
We have AN amount of loss to these
counties OIL. ACKNOWLEDGEMENTS. xi,oSo,oo'
Sad as this picture is still sadder is in pros
pect. OF these fifty nine furnaces stated 10 be in OPP
Grafton, the american tells that about two thirds
making their last blast, and that in the year 1851
but twenty of them, probably not so many, viii be
at work. II is useless in view OF such things, for
the oracles of free trade 10 tell that Pennsyva-
MIA has her interests sufficiently protected by the
present tariff II is easy when such pictures as the
above presented, for Locofocos to cry out thai
the Wings are cndcavoring TO get up another pan
ic but il is not easy to make the people OF Penn
sylvania believe they prosperous when desola
ton stalks rampant in their midst.
LOUISVILLE, KENrucKy.-Tbe friends Of Louis
Vile never had more 20 rejoice her pros
perity than at the present time. She has been ad
,vancing for several years with constantly accelc
rating pace, but her prospects have never been al
fair ms they now. Business Of all kinds is re
markably brisk, our manufacturers are constantly
engaged, and population Is receiving accession
beyond all precedent
In 1870 the population of Louisville, according Il
the census of that year, under twenty one thou
sand. Now il is at least fifty thousand. We sc,
no to suppose that this ratio OF increase vii
fall of On the contrary, shall not be surprised
IL the annual increase in population shall here
after be over fifteen per cent, the average increase
of the last ten years. The manufacturing interests
of our city are Increasing and extending very rap
idly, and Louisville will probably at no distant pc
Rod rank high for tho extent and value Of her man
ufactures among the cities of the West. The man
uacturers of Louisville fast rendering her indie
pendent OF the manufacturers Of other Cities in thu
East and in the West. More than this, the vas
market Of the southwestern States is beginning Z
receive supplies from this city, and as Louisville
enjoys unsurpassed facilities and advantages fo
the command of that most extensive and valuable
market, we predict that she will soon compete sue
cessfullv for aecendcncy in IT,