The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-03-13
From our Commercial Correspondent

|peri,y of the. whole community:
(From our Commercial Correspondent
NKw YORK, March IL, 1851, p. IN.
The markets have been disturbed during week by sew
l l,iles-one stock market of some importance,
and one very large auction house. (Austens, Spice Co
INVOLVING another trough endor The paper
ems had Tor me and had therefore be-
ome an object of speculation by parties the benefit
Il which 10 the public usual In such cases. that
prudent merchants found market for it fair rates, and
he loss fell upon the individual This stoppage
was by of character, large as it was
neanes for the general state OF affairs, adds another
the numerous examples OF the danger of departing from
bne's particular line Of business. The Immediate cause
wa, addition to California losses, the soppage of num-
Der of mills New York, controlled by f. Hol-
hser ESQ, of Utica These Were engaged in the manu-
acue warp cloths, and Messrs Austens Spicer
lad advanced nearly esoOcOO paper those concerns
md supposed that the value OF their paper (Which, by
be way rated very low) depends upon the degree
which that paper may be projected by the parties for
hon it is issued. The parties connected with
banks and circulated that these had
opped consequence The fact illustrates the excellence
New York sysem Of securities. Two Of these banks
be Hoister and the Hamiton-had circulation toy ether
8l7,7l6 which covered by $751; .670 stocks in the
ands Of the State comptroller worth 10 per advance
cnsequety $l66 900 failure far the holders their
iculsioa goes, is out of the question. ..-.
The oppage of the mills in question gives rise to re-
srks in relation 10 the unsound system which
aauacturng is conducted and the inevitable failures
hch must occasionally take place. Men OF capital, who
OF the business than shc business knows of
ZEN, subscribe money and procure wotkmen, by whom
business is conducted, under the eye a master
mef skilfu workman but suit their individual in
ress pleasure, which may pr may be in accord
with the interests OF the Goods
Produced in wastein and costly manner In Eng
nd, for the most part, this is The master himself
skltu wotknan--he type of his class--and the men
employs work under his direction, which enables him
only obtain the regular number OF hours work but
occupy those hours to the best advantage He can
moment, dispense with the services of mt man
hen manufacturing works started here, (iron for
nce,) the Ignorant master imports. high wages pud
trs and other workmen from England. These, coming
pm under the eye OF Intelligent. master, find
not only have no master here but that they inds
nabe to the and if they idle away hall tho time
Ere Is remedy. The owners com pelled TO pay
Oh wages and submit to the waywardness OF the men,
cause their capital is invested In costly works. They
nnot get II out and cannot get other hands The result
such operations is very dear production for which these
ldcous managers expect the consumers pay. This
entirely wrong and grows OF the anti publ
ponie system, which destroys by overwhe ming
npetitlon the individual facturer and seeks
i to be sustained by the operation OF law sgainst
competition of foreign capital. A remark able in
nee Of the inutiliy Of high duties is presented in
case OF steel. Under the enormous duties which
e imposed by former tariffs to encourage tho pro-
ton OF that article, successful attempt vas TO
vent tariff manufacture OF American steel from
ecan iron is now conducted with the greatest success
Jersey ciy-l bellows 'he only In ths country Il q.
"n that the English iron is utterly unfit for sleei NJ anu
ufe but English steel is made from Swedes iron This
efesh s'eei IRON American iron 10 equal the best
20 steel for edge tools add every use where freanent
ng does not take place, Where the temper required
renewed It has not sufficient body receive many
e'' Is Ire Swedes iron, II is, however, for all ord
purposes, coming into extensive uye and, without nv
all, VIII supplant he foteiyn I brI /,
extensively IN The manufac tire OF circular saws-a
'o'"'o ~hch has also become extensive in the last
,as, uhaei me Judicious skill Of certain gentlemen
And IN Philadelphia, who are themse selves wof men,
ohdnct iheu own business which, like evcry other In
uA occupation In the country as been with
no' RON foreign competition, but from the wastefu
uon Of corporations whose pitnli, supplied from the
.ot NOSE wealthy persons who eiamcr for protection
american labor against foreign com petition, while
themselves are the most deadly enemies of in
oeht American labor. There is no description OF
,acuring pursuit in which The American work ma n
ms nook being his master, cannot excel the
ioe moment, however, thar such person be-
successful, the Argus eyes OF pisl seek to monopu
us business company is formed and the business
~ the hitherto successful Individual cannot be
w oa' or br'bcd into the employ of the psny, he
W ruined by the ovetw hsl,ning competition OF the
ham capital which will sickle expense to destroy
z "oes Ibis loss thus incurred, with THAT attending
inherent inconpetency, will be asorbed to want Of
~ ana Congress petitioned for law to compel the
sh people to pay the xpenses OF corporate on, pres
ms II always Incorporation, and the nation has .n.
immense losses Had no duties ever been PERM ed
would now have grown up vast manufa tories of all
p'ons IN inc hands OF skidl individuals. who so far
eNng iofelKn competition, would w. supplied the
WIN goods from the vast magazines of raw rails
The country contains. The manufactures. of ENGLAND
Up originally through this individual System Of ooer,
All bar master were the mos, q, n,b,s
ho'r Calling. Their practical Ingenuity was con.
alert for i'm provement in the daily routine Of th.t
which thsy understood better than any Of their men
are coniessedly moro ingesuity aud mechanical SIX III
ohued States than ia any other county, New
mes Tor tightening and improving labor being
H 'pW manifestation, however, ior The conduct of
,o'ots own business bot 10 facilitate that Of other.
''er heard of corporation invsniina anysh.sgl Yet
'a' OF corporate capital pysvents individuals from
manufacturing business in which rheit gsnas
p'omoe dirccty their own welfare A corporation
"n with expensive machinery, aud works ad.
'oning all individual operators, and n,onopo
=" business, ltsempoyees pursue their routine.
Mn ages snd sleep in security. After some time a
wv started by another COMPANY This contains
pVVenene collected from the recruits Of ind ivsin.l
r na' u nodcrsel, the old mih md get. its bu..
.# ~, atconc-fD immediH,cy gets ur cry the, tho
ow that they shall be compelled TO STOP pnrs
wv are compelled 10 pay Tie diHefsseA tetS cen Lilo
s -. ~ n old machinery aud ths new mills OF their
-io' hundreds Of iod vidnsis ruined by the Old