The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-04-30

substitution of agricultural for manufacturing Ia.
bor and that il has been done In the thfee Pas'
wears TO the extent Of hundreds OF nilnons Oh ooi
lars, giving us right to expect an uame''Ss -.
r,ass az N u, nroducts for sale; whereas, large
decrease has taken place in all except pork anu
beef both Of which are now TO iaii; -,
With regard 10 ASHES we nave iue s s' 800
the amount transported in three years having been
as folows: 80 ,o,o Is5o
BARRELS 63,s57 55.44o 4O,o2i
We have here precisely the same state OF things
that existed in we mao In9n ',h, se
mills and furnaces in order that labor niigh' DC
omneIled TO seek agriculture; and yet, win an an
crease Of population in the four years equal 10 al
most three fourths of the tchole population oil the pros
porous kingdom OF Belgium, SO lar from asrcui
lure becoming more productive OF commodities TO
be exchanged with other nations, II was becoming
daily lees SO. We now produce less cotton, less TO-
bacco, less sugar less food less WOOL and less asnes
tban we did three years since. How widely dllier.
ent was the case in the four years OF the tari1 Of
ls42, ending with lS46'7. Our power to export
grew the n from year to year, and now II dimhishes
with each succeeding year rendering ie;v ana
from hour to hour the difficulty OF paying ior Tue
cloth and iron we import; and yet the avoweo op-
iect of the present system was that OF increasing
The AGRICULTURAL produce with which TO pay Tor
cloth and IRON How long we can continue In the
course of selling iess and buying more, without
bankruptcy, time will speedily determine.
To estimate at loo, 0Oo,O the amount OIL oapitai
ment of labor employed in the creation OF cotton
and woollen mills, furnaces and rolling mills, ma.
chine shops the opening of mines, the building oil
houses for workmen, is to put it at q very low
figure indeed. The quantity SO employed increased
from year to year. and the last year must certainly
have exceeded thirty millions OF dollars Next, to
provide stock for those mills and furnaces and to
pay the wages ofthe men employed in them, must
have kept in employment an equal amount.
With the passage of the act Of 1916 the tendency
To the building Of mills and furnaces, and the open
ing of mines diminished. AS it gradually came
into activity, that tendency ceased TO exist. BY
degrecs the old mlls and furnaces are being closed
and with each such operation capital becomes les
and less productive, and the I" abundance OF mo
ney'' increases; and this is regarded, by many
shallow pretenders to a knowledge OF politica
economy, as one of the evidences Of increased
prosperity"
The necessary consequence of this state OF thin g
ia, that vast sums remain in bank at the credit O.
depositors drawing interest, and to be loaned
out to spectators in lots and lands, railroad and
and canal shares, to aid in raising prccs, by which
The fetv may profit, while the many must ultimately
be ruined.
The following table of the movement of the banks
in the city Of New York will illustrate the course
of operation that always follows the closing up o
the usual modes of employing capital, and pre-
rade