The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-14

CHAMELEON. Ind, June l. 1865.
The Cotton Mlis at The West and South--Are they
Profitable?
Your money articles give us daily assurances Of
the abundance of capital In your city for all iegi
mate investments that hold out anything like Ger
tain promise Of even moderate profits In your
editorials are frequent limitations that You have. on
the seaboard, surplus Of men Of energy and skill,
who have the confidence of men Of capital, yet can
not find regular and profitable employment ut home.
Your merchants seem to be too abundant; your CON-
meree yields but moderate returns: and there, az all
over the country the dividends existing railroads
offer no encouragement for the construction of more
Allow me, then, TO call the attention Of such Of
yoar readers as have more money and energy than
can be employed at home, to the certain and large
profits that now do attend. and. under good manage
ment, must always attend, the combination Of the
surplus labor, surplus COAL and surplus cotton ia
this valley. New York is now almost as near To the
coal beds Of the lower Ohio AZ Boston was but
q few years ago to the waterfalls of New
England; and New York can AZ easily manage
cotton mills here as Boston can manage cotton mills
there The power and surplus labor are here un-
limited. There, both are costly and unreliable we
have the material and the market close at hand
There, both are remote.
When the Cannelton cotton min was building,
some of the New England manufacturers took special
pains to advise everybody interested in our move
ments that we had not the ability to put up and ope
rate first class cotton mill that we could not fill
it with reliable help - that we must of necessity,
buy cotton in New Orleans and sell the goods in
the seaboard cities and therefore could make no
saving in the transit Of material or produce. They
very nearly accomplished the object they had in
view. The reliance placed on their opinions and
predictions seriously embarrassed the operations of
their infant rival here and nearly stranged II in the
cradle.
Our community, however, arc now beginning to
understand the true facts in the matter. Bat two
first class cotton mills have been put up in the
West-one here and the other at Lebanon,
Tennessee The operations Of each show o
cost Of manufacture below the average cost
In New England Of an equivalent CLOTH Each
has obtained its material from the nearest point
OF its growth, and at an immense saving Of cost.
Each has sold its product near home Ut an immense
saving Of transit expenses; and each has found
great abundance Of suitable labor in its immediate
neighborhood Unfortunately, the mill at Lebanon
was burnt down last yenr yet not until its operations
had fully demonstrated the prOpriety OF taking the
loom and the spindle nearer to the cotton. The
only first class mill in the Southern States is at
Granitevile, s. G. In that, the leading facts are
the same as here. Mr.. Gregg, its founder knew too
much about the business to be frightened from his
purpose, while his stockholders fortunately had full
confidence in his Judgment. From Mr.. Gregg's last
report it appears that the net earnings of that mill
were
In 1907 ................ ..+-,.... per cent.
In 1853 ............ H."
In 1864. .......-....... over II !" @
and that the company have reason to anticipate
larger dividends in future. Before the Lebanon mill
was burnt it earning from 20 to % per cent net.
The earnings Of the CnnneltOn cotton MILL since
it has been in full operation have not been made pub
lie, but it is understood that they satisfactory to
the stockholders.
have not the leisure to go into the details Of the
nodus 0perdnd, but state this proposition with the
utmost confidence that were the men Of business
and capital in New York now to occupy the coal
fields Of Indiana and Illinois, bordering the Ohio, in
our free States, the waterfalls Of the Tennessee,
in the slave States and go forward in the mannfac-
ture of cotton with the energy that the Boston
men Of business and capital used in building up
Lowell, Lawrence, and Manchester, the accession OF
wealth to New York, to the country, and TO those
directly interested in the operation, would be such
rs has never yet been witnessed. In quarter Of
century We should have as complete a monopoly Of
the products Of cotton now have Of the cotton
itself.
We shall, assuredy monopoze this branch
manufacture. The question is simply one oil time
We have the cheapest material, the cheapest fuel,
the cheapest food the least cost Of transit and the
ghtest direct and indirect taxes Of any locality
earth. We must, therefore, manufacture the cheap
est goods.