The southern press., 1852-03-18
Southern Commerce, Manufactures and In
ternal improvements.

ternal improvements.
Our readers must have seen that we have moi
ascribed SO much utility or Importance to the
extension CT Southern trade and manufactures,
as many Of our contemporaries have done. Nor
have we urged the construction of Internal i'm
provements either by public or private capital,
or credit. The reason is, not that We underrate
their value, but that, as we think, they are gen.
orally over rated and particularly in speculative
periods like the present We, believe that, ex-
except in seasons Of embarrassment and when
general dependency exists, the tendency is too
great OF capital and enterprise towards com.
merce, manufactures and internal Improvements.
We think that they are generally overdone; to
the loss of individual and public skill, labor and
wealth. Weare aware that in thus discouraging
movement commonly popular and prevalent
we incur the imputation of fogyism, Of igno-
rance, of illiberality, and of being behind the
age generally. We admit we are behind this
age in many things, and we intend to keep be.
hind il, good ways.
We are convinced that commerce is, in the ag-
gregate and average, an Improbable pursuit
that il does not refund and reward the capital,
skill and labor engaged in it--and that in almost
any series of years there is a net balance
against it in the account of profit and loss-a
balance which is paid by agriculture out of its
own profits, which find their way into commerce
from the tendency among young farmers, or the
sons of farmers, TO resort TO commerce and 10
cities with the expectation Of making money fast
er, and ofenjoying the luxures Of cities and their
supposed exemption from labor Hence, although
we admit the utility and necessity of commerce,
we consider 1t an expense in itself to the com
munity, as government is, but unlike government
an expense to those engaged in it, and hence,
since there is morbid tendency to embark in
it, that tendency should be repressed rather than
stimulated. The same thing is true of manu-
features. Accordingly in all countries where
commerce and manufactures predominant, and
particularly in the classes engaged in them, the
great mass are poor and dependant, theactua
capital invested or owned belongs TO the very
few, the distribution of property is very unequal,
and the aggregate or average of wealth is below
that Of the agricultural countries or classes OF
similar race or civilization. Internal improve.
ments are the more immediate offspring ofcom-
merce and manufactures, and hence, when adap
ted 10 the wants and means Of community ar.
among the benefits conferred by these two pur-
suits-when extended beyond, are among their
evils. And accordingly partaking of the specu
lalye and exaggerated character of both, Inter
nal improvements are almost invariably in ex.
cess-as the low rate Of dividends or income on
turnpikes, canals and even on railroads too we'll
attest For we hold that the income " hich such
works afford Is the true standard Of their utility.
IL money invested in roads or canals will not
pay tho usual interest on money, the work is not
worth the money. IL is true, such works in
crease the value Of other property in their neigh
borhood,-but not more than other investments
Of capital. For every useful improvement, whe.
ther Of farm, ship or n loom, increases the
value Of other adjacent property. And the true
criterion Of any proposed investment continues.
iherefore.to be the income II affords as compared
with other investments Of the same neighbor.
hood
Now there may be such exceptions as that o
road or a canal will afford such peculiar benefits
or obviate such peculiar evils, as TO justify it,
construction on the same principles on which VIC
build State house, or support government
not for It's incouI but for its necessity But such
cases are so raS as 10 be clearly exceptional -
The general rule therefore, is, that internal i'm.
prOvsments are TO be regarded merely as among
the modes Of investing capital, and ought to be
limited BY the income they will probably afford
Hence they are not the proper work Of State OF
federal governments; for government is bad
calculator, and very bad economist, and in al
lie financial operations is continually perverted
by political, party and sectional interests Hence
although almost every State in the Union ha.
embarked in thcso works, every one, without
perhaps, single one, has lost largely b,
them-Nev York not excepted And the totn
OF the internal improvements in the United
States, federal State and corporate, does not nov
probably pay one per cent net on their cost. an.
would not sell for ten per cent. Of Il. Tn,
coantry cannot have lost less than Eve hund,ot
millions Of dollars already by the exeesse. I,
which the policy has been carried, and at hi
moment we arc in the midst OF greater excesss
than have ever before been committed, or eve
dreamed. We are informed that The sinel
State Of Ohio is now in debt about eighty mi
lions Of dollars for railroads alone, undertake
by corporations. The public debt Of the Stat
10 about twenty millions more, contracted 70
her canal system, which does not yield third O
the revenue required TO pay the interest. lie
debt for these works alone, amounts 10 sbou
one-hfth OF all her property. And the YER
construction OF such works with credit pro
duces such sudden abundance of. none
as TO multiply debts Of every description to a
indefinite and incalculable extent
The large production Of gold in Californi