The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1851-03-06

eI] say ne was, II must etrlke every one
that in the last two instances, at least, he
pursued his business on borrowed capital.
Further, in reply to the gentlemen from
Allegheny. sir, will venture the assertion
without fear oil successful contradiction, tha
In the iron manufacturing business there are
more instances in which men, having little
or no capital, have made fortunes, han there
are men having capital, and who failed. 1t,
therefore, follows that all capital when prop.
erly and pruden,ly directed, win give FIJI,
per eentdge.
MIR. Speaker, ask again to refer 10 the
Fair Chance iron works and Spring Hill fur
mace, in our county The first owned and
conducted by the gentleman 10 whom !
have alluded, MIR. F. Hughes elephant. The
latter has made two fortunes for its owners
1t is true that the gentleman who last owned
the Spring Hill furnace failed for large a.
mount, but this was not owing TO want to
want of success with that establishment,
but to the fact that he was perhaps too sue
cessful. He commenced there with very
small capital, and in short time he was
able 10 pay for the whole establishment
Like some others, who have been engaged
in the iron business, he became inf hated
with his success, and attempted 10 iun two
oher furnaces, at distant, inconvenient and
expensive points while he lived in an extrav
agant style, and, as was TO be expected, he
spent all he had accumulated in the days OF
his prudence and economy, and failed. Blu;
he TO this hour, (alihough belonging 10 the
school Of politi cs which claims the tariff as
its own ofsprng) does not dare to attribute
his failure to the tariff OF '46. No, sir, the
cry for ar increased tariff does not come
from Fayette county. Sit. Mr.. Andrew Stew.
art attempted, at public meeting in that
county, recently, TO mount his old hobby,
and to renew the cry for a tariff TO produce
{. effect abroad but, conscious that al home
tho public opinion and experience were
against him, with bis usual cunning, he en-
deavored to unite it with the fugitive slave
question but in this he failed.
Sir, as have said, there is no cry coming
up from my county; the disease is TO be
found in another region, and the hue and
cry comes up from the Clarion and Arm.
strong districts. Sir, lei us look, for mo-
mont, al tho coalition of tho -iran-b -bnsine q Sc
of that district.
The Kiltanning rolling mill, at Kittanning,
conducted by Mr.. James T.. Brown, was
established since the tariff of 1916 went into
operation. 1t has the capacity of throwing
off four thousand toni OF iron per annum, g.
is now in full blast. The monthly balance
sheet presented 10 the owners, exhibits the
affairs of the concern as being in very
ilourishing condition. And his excellency,
William F. Johnston, has considerable in
vestment in this establishment, and receives,
therefore, handsome per centage. Strange,
that with all his wisdom, his shrewdness and
cunncg--and his friends aud hum for all
these-ihat lie should invest his money in
al iron establishn ent, and that too not be-
lore but after the passage of this ruinous tar
if of 1916. The Pine Creek, alias "Skinall
furnace" which obtained its "aias" from
the reputation of its owrer, was erected a
few years ago by this same Mr.. James E.
Brown, of KiItanning gentleman celebra
ted for his close dealing and great business
habits. He is man of capital, his furnace
is in full operation, and no Inns been hea,d
to declare that pig metal could be made a;
it for thirteen dollars per ton. The Ore Hill,
alias "Look- -out-in.tims" furnace, is now
owned b. the Messrs M'Cutcheon, Of Pitts.
burg, men of capital. This furnace is in
blast, and large stock is now on hand. The
Mahoning, alias Hungry Hook" furnace, is
owned by A. s. ]. Caldwell, men Of capital.
The furnace is in full Hast. and doing a
profitable business The stock on hand now
will make one thousand Two hundred tons OF
pig metal, and they have refused fifty thou
sand dollars for the establishment. The Red
Bank, alias "Pinch GUT furnace, is the prop
erty oil Messrs. Reynolds s. Richey, wLo are
men of capital. This furnace is now in
blast, and about two years ago they declared
dividend of twenty thousand dollars each.
And the Buffalo furnace, with two stacks is
located OH Buffalo creek. 1t is owned by
Peter Graft & Co., gentlemen of capital, and
is now in blait, 4, and although they have
been obliged to haul most of their materials
from distance of eight miles, yet they
heye declared that they have cleared ten
thousand dollars per annum. There are
other instances, but | presume it is unnece s.
sary 10 enumerate any more of them. Sir,
! ss.ow that these men, as well as others, cry
ont against the taiiff of 1s46, but their OBJ.
ject is apparent. II is to enable them 10
make greater profits, for men are seldom
| satisfied with their profits, lei them be wha
they may. While state these instances,
wish to show that capital, if properly inves
ted, and the business is economically con
Quoted, will yield good per coinage on tn
investment, whether we have the so called
protective tariff or not Sir, il is those only
who commence business without capital
who have no foundation upon which to bast
their operations, that need the bounty an(
protection of the government. Igrant yo'
that they cannot compete either with the for
eign OF domestic manufacturer who is pos
sessed of capital. And whyl Because the.
have not the requisite means, the resource
to carry on business in fact, their opera
, | tions rest nm a sandy foundation and whe