The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-04-10

ever being able TO pay They were no better ,h.n 40
many swndiinE shops. and their willingness 10 lend e.
uusso ieoussnd. from safe business speculation and
run Inc whole business OF the country was done on
Credit and when the banks called in their loans the Dor
| hau nohins TO pay WITH and obliged to fail
s Gnu ne BANKS themselves moi having specie in their
sAus 10 pay ther notes when presented. had TO
pend ana The consequence that debtor and creditor
banker and merchant all went down together. such
was me result OF the credit system OF that period From
1880 1886 the namber OF BANKS increased 1885, and the
amount OF loans upwards OF $257 900 600. while The
specie IN the vaults 10 pay with only $1,000, 59i
10 II strange that this increase oil
by the banks followed by crash that nearly ruined
The country This stale OF things continued until 1870
the banks having again increased in number iss-when
they closed Their doors and suspended payments They
were compelled to in 1872 since which time then
have been doing quite safe business II you will ex
anime the foregoing table, you will find that there il no
similarity IN the conditions OF the banking institutions Of
the country Tor the two periods From 1912 to 1850 the
banking capital has decreased and the loans have only
increased about 900, and there has been also
heavy increase ~ The specie and deposes all OF which
show much healthier condition of their business
How then, this new crisis be brongh about cannot
see and feel very sure that those who so anxousy wish
LOT ~ 10 bring the present tariff laws into bad odor
WIN be greatly disappointed Another complaint ag ans
the tah OF 1916 is that causes all the specie OF the
counry to be carried abroad and that none is brought in
rms arises, 10 SAID from the balance of trade being
against u.s. and hard money is shipped abroad pay
Indebtedness. This may sound very well on paper 10
those who have taught themselves 10 believe it TO be
Iue but the facts Of the prove it to be untrue
More specie rom abroad has come into the county
under the tariff oil 1915 thin under that of isi9 as the
following will show:
Import Of the Uaed States from, Isi3 10 1850
isgto isi6 535, 99s 7as
iot7 10 1880 Al, 76l .5i5
Specie like everything that is bought and sold. is an
article OF merchandise, and flows the greatest quantity
towards that point where there the most demand for
1t, IN spite OF high low duties The Quantity of hard
money. either brought into the country or taken out OF
IT. Is therefore regulated by the supply and demand
The cry OF 'pauper labor" is another fruitful theme
OF complaint, and il is alleged that the tariff OF 1916 allows
to come too freely into competition with the labor OF our
own country On thus account asked by the high
tariff men to close ports and shut out the cheap goods
OF England II the fabrics OF that country are any
cheaper than similar goods made here arises more from
the ski and experience of her manufacturers than the
low price OF wages. AS general thing, the factory
wages OF England are about as high in this country,
and IN some branches OF trade they are higher Good
workmen there always command employment at remu-
neratng prices and, in order that there may not be
surplus OF operatives, associations have been formed
different parts OF the country Tor the purpose of shipping
the spare hands 10 the United States These societies
have their correspondents here. who when they know Of
new factory being put up, offer 10 supply il with hands,
who are sent from England for this purpose AT this
time wages rather lower this country than usual
on account of the sopage OF several mills for the want
OF means to carry them and In OF the mills of
Rhode Island the hands have struck for higher wages
Our operatives work more hours than those of England
and tend more looms. Below give the wages of few
occupations, in Lancashire Eng land on the authority OF
the Manchester Chamber of Commerce, and the Hon
Daniel Webster, when Secretary of State, in 1872: