Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-10-05

the average profits of manufacturing in this
country have never exceeded. for any number
of successive years, a reasonable rate of com
pensatiOn. or such as does not exceed the or
binary rate of profit derived from investments
in trade or enterprises of any other descrip-
ton. Sometimes, owing TO particular cir
cumstances and contingencies. they may have
risen to twelve per cent, and in extraordinary
cases even fifteen or twenty per cent. When
a broken-down establishment is bought under
the hammer. the purchaser getting the prop
erty for. say $4,000, which cost 100000.
may well estimate his profits at thirty per
cent, though, if he had bought at cost, he
might not have realized more than six per
cent: but. upon an average, suppose that
the profits of manufacturing in this country
have never exceeded the ordinary rate of
profit in trade.
Mr.. CoIIAMER. If YOU deduct their losses
they have not made anything.
Mr.. BELL. Instead of being robbers and
plundcrers, the manufacturers have then. in
fact, been robbed and plnndered by the Gov
ernment 10y its frequent changes Of policy; but
| shall not dwell on that now. The question /
should like the honorable Senator from Vir-
ginia to answer me is whether, according to
the laws which regulate trade. business enter
prises of all kinds, production, and prices, it
is possible that the capital invested in any
one industrial employment would ever bring
more. in any long term of years, than fair
average amount of profit, when compared
with inveetments in other employments; and
for the reason that whenever the profits in
any business rise above that rate other cap
italists embark in similar enterprises until the
profits are brought down to the ordinary
standard English capital would find it, way
quickly 10 this country if any rate Of profit
exceeding ten pr cent, or even less than that
rat rnpld hsal Leaked n astfh m -
that II would be permanent. To b. sure
capital invested in slaves and the rich lands
! of the Southwest is supposed TO yield a
! greater rate OF profit than have stated; but
then il is subject 20 great contingencies, great
| chances. For few years the seasons ar,
/ favorable. the yield Of cotton large. the price
/ high; but with the rise of tn. price of cotton
| the prices of slaves and lands risr. and thee
come years of overflow. droughts, destruction
| by insects. cpidemicS. low prices, ard Il elm
| ing values; so that, taking il as Is whole. | Il,
not consider the profits of planting above IL
ordinary standard of profits on Investment
In other industrial pursuits. care not wha
employments you adduce TO show the con
trary They all find the level of the averag
| profits Of business. unless, indeed. ID be CAPT
| tai invested In other agricultural pursuits
| the products Of which often fnd no payinl
market II Is the certainty with which oh
cotton planter eau cash his products, at
remunerative price. that gives the advantag
over other agricultural pursuits
IL the views have presented on the ques
ton as 10 what has been the average profit o
capital invested In manufacturing be we
founded. there can be no truth Ia the eharg
that the effect Of the protective policy is I
benefit the rich. the capitalist, at the expens
OF the consumer
1t Is said that the effect Of protectis