The New York herald., 1850-06-13

but rrpaymg an obilgauon, as Webster had lent
him money before he became Of age
Mr.. Cooke pleaded powerfully in behalf of his
client, Mr.. Deaield, but his speech and statements
are too long for insertion at length. He said, the
aristes at the theatre, he would venture to say, if
they were all polled, there would not be a voice
regarding Mr. Delafield, except that of pity that
young and liberal gentleman should have reduced
mmselt 10 bankruptcy by speculation In which
they chiefly benefited. Mr.. Delaheld, by the
death of his uncle, in 1924, became entitled 10
ElOO,OOO. He went to Oxford, and afterwards en-
tered into partnership in the brewery OF Connie,
Delafied, q Co. That in November, l3io.
In lsi5 MIR. Delaheld attained his majority He
had then fortune of .eIO0,OO0; in short, he was
man very likely 10 be looked after" by many in
this metropolis
The Commssoner-You mean he was a man
Mr.. Cooke-Precsely. NV phrase was mild !;
your honor's is expressive. The bankrupt himself
iold how he was seduced into this unfortunate
speculation, and how gradually he became involved
inextrcably and hopelessly. Unfortunately for
himself, he had great passion for music ; he was
young and rich; the splendid decorations of the
theatre and the magic power of the great vocalists
filled his imagination and blinded his judgment,
and, alas, he had no sober minded friend TO wean
him from the dangers OF speculation and the con-
sequences Of rashness. The snare was artfully
laid: he tell into il, and instead of maintaining
high position in society, 10 which his fortuae and
education entitled him, he was now bankrupt,
humble petitioner to the court for a certificate to
say that thougha ruined man, he was not a dis
honest man. Unfortunate incidents occurred.
Jenny Lind was at Her Majesiy's theatre. and
even the powers of Mario and Grisi could not
couneract the effects of her astonishing per-
formance. 1t was all very well to say why did Mr..
pelatield act SO; why did he engage IN these
speculaions They might AS well ask why had
not boy Wood the wisdom of old age 7 Why had
not young man of twenty-one the sagacty which
experience aore could confer The court would
see that there was not single accommodation bill,
not dishonest act, not an untrue representation
nothing which might not have been committed by
a most honest, most honorable, but, he admitted,
by most unwise man. IL was said he ought not
TO have persevered. Well, but having entered into
those engagements with the ostcs for three years,
from 1877 10 1850, the liabilities would have re-
NAMED, though he shut the theatre after the first
month The whole machinery was elaborated
before he undertook its guidance. He had neither
a hand nor head to control it, but was whirled
round with il, without the power OF cessation. lie
went 10 the expense Of bringing out the Hugue-
nots" and the :. Prophetic" an expense Of eli,O00
for both, and others reaping the fruits of
the capital which he had invested
The Commissioner-Iy whom is the theatre now
carried on
Mr. Cooke-By the Theatrical Fund Committee
His client was determined, if he ever had the
means. TO pay his debts in full he had done
thing dishonest or dshonorabe: he stood before
the court poor, an snwse, and an unfortunate
man yet still with an untarnished character. But
the regret which his client felt at the loss OF his
fortune the humiliation which he experienced at
the position in which he now found himself; the
ruin of his property, and the blasting of his pecu-
mary prospects, would be as nothing compared
with the misery he would endure il the court, by
its sentence, implied that his acts had been unwor-
thy OF a man OF honor and gentleman.
AT The conclusion Of the learned counsel's able
speech, there was a murInur of applause, and the
bankrupt seemed deeply affected.
In reply TO questions from the court, il was 81 ited
that Mr.. Delaiied drew from the firm of Combe
and Delaield, e26,0OO in cash, and that he go; a
bond from the firm, PAYABLE in seven years for the
remainder, c12,000, which bond the Royal Ex-
change Assurance Association gave him csc 800
for. charging him els, 900 for the accommodation {:
that The loss occasioned by the .oPeratic company
from Brussels, was occasioned 10y the voc ilsts
being nearly all seized with colds when they came
here. Judgment deferred
The Manufacturers OF the United states.
From the London Globe. May 2s.l
The cotton mills at Lowell-the American Man
chester-are stopping; the price Of the raw mate
nal being, as the manufacturers say, too high TO
save profit on the sale of their finished goods.
The English factories are yet at work, though
they pay something more for their raw material.
Further, the Americans, as is well known, levy
mpoit duties varying from 20 TO % per cent on all
cotton manufactures imported Ito which we must
add from to 10 per cent for freight and other
cherges;) and, as notwithstanding these duties,
large Quantities of English cotton goods are con-
sumed in all the States, they ought, by the theory
OF protection, to command proportionate addition
TO their prices. Yet, when partial failure Of the
annual crop OF cotton presses nearly equally upon
them and their competitors throughout the world
but rather more lightly upon them than upon others
they are the first to proclaim that the margin Of
profit is exhausted that loss has been substituted
for gain, and that they must stop their machinery
and turn their work people into the streets.
This is not time 10 let such incidents pass with
out notice in England. And we observe that our
able cotemporay, the Economist in noticing. has
omitedto draw from them an important, and a. IL
seems TO us, an obvious inference.
We have no means Of comparing, very precisely,
the prptIfs of "A Lancashire with fhpse a. Ma
chusetis manufacturer. The former has a con-
stant advantage in a lower rate Of interest. Ii he
uses his own capital, he is the less tempted, when
trade ~ depressed, 10 turn II To other purposes and
If he uses that Of Others, he has smaller deduc-
ton To make on this account from his total in
comings. lie has the same advantage over the
continental manufacturer; but there, Il arises, not
NJ IN America, from the stronger demand for capi.
tai In new country and among rapidly grow
ing population, but from the comparative insecu-
rty Of all investments Labor is also Compare
lively dear in America, as well as capital. On the
other hand, the Americans obtain the raw mate
rial at somewhat lower price: and, as their Gus
toners are close at hand, they have but few sub.
seqneni charges TO bear.
The least objectionable test Of the comparative
productive powers Of any two countries in this
respect is found in their relative footing in foreign
markets. in China, for instance, we meet on equal
terms; and We find that American shippers, who
might obtain what they want in Manchester, do
send out cotton goods from the native looms
~ the same prices, as ours Ii is the same in the
brazilian market. But the success Of the Amer.
cans, as thus shown, is very limited. The total
value Of the cotton goods they exported in the
year ending Both June, ISIS. was sj,fI ,0oD, or
about 81 10000 sterling: while they imported
from abroad, in the same period (alrnost wholly
from England), for home consumption, cotton Ia
brics to the value Of ST.t2l,OO, or about
c3,5OO,S0 sterling. II is only in the production
of that description Of goods into the market value
Of which the cost of labor. Of skill and Of capital,
enter most sparingly-in other words, OF such fab
rics as may be classcd nearest to the raw mate
rial-that the American manufacturers can compete
with us. These, when required for voyage TO
China. a. well as when wanted for con sumption in
the States, may b. had there about as cheaply as
they can be brought from England.
But this advantage. resting wholly on the price
Of the raw macra ~, OF course, very seriously af-
ccted by failure of the cotton crop such failure
is Of comparatively small importance 10 manufsc-
who increasing ten-fold the value Of every
pound Of cotton they take in hand. To double the
price 81 the raw material is, to them, only 10 in
crease the cost Of the finished fabric by onetcnih
and the check 10 consumption, and 10 demand,