Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-01-13
IApo rtant Iron Movement - sugar
and woo1-the Late Financial <e'
vuIsion In the United States--speech
of Kx.SenatOr Cooper.

and wOOI-tbe Lafe Espancfat he.
vuIsfon I'm the United States--speech
of Ex-senator Cooper.
A meetiag of the leading iron masters Of
PENNSYLVANIA was held in Philadelphia on the
Sd isst for the purpose of consulting upon
the condition of the iron interest in this coun-
Cry, and taking all proper measures for pro-
tecting and promoting it. Ex-senator Coop
zR was present, and made speech which
contains variety of interesting matter and
much valuable statiscal Information in regard
to the manufactures of iron in this and other
countries.
Mr.. COOPER attributes the financial and
commercial revulsion in this country, IN 1857,
and preceding disasters of similar character,
to an adverse balance of trade. which il was
necessary to equalize by the expectation OF
specie. That large adverse balance of trade
frequently occurring would be sufficient TO
produce such disasters no one, he says. will
be hardy enough to deny. Such balance
against this country now exist and has
excisted for a number Of years. This
adverse balance of trade accommodating
from year to year at an average rate OF
$30,000,000 per year. must be made
good hy the expectation ofspecie. Nothing
else will satisfy our foreign creditors. The
consequence Of shipping specie in such guam
titles ID that the country is drained of the
precious metals, the basis for safe banking is
narrowed, and the ability of the banks to af
ford accommodation is not only contracted
but as a measure of selfdefence they are
compelled TO reduce their circulation Then
follows great stringency in the money market
which is succeeded by mercantile failures,
general distress amongst debtors, and extend
ed bankruptcy and ruin.
Besides the inequality between our imports
and exports which has to be equalized by the
shipment of specie, there is the interest on
our foreign debt estimated by some as high
az $500 900, which has to be annually paid
thus swelling the balance against us, and in
volving the necessity of further draft on
the specie resources of the country. This
immense debt has been, for the most part,
created by our importation annually of mil
lions upon millions of dollars worth of ar
ticles that could be produced at home, and
would be, if the home production of such ar
ticlcs were adequately encouraged.
Under these circumstances the golden trea-
sures of California are swallowed up in the
unsatisfed deficit, and the drain goes on In
stead of becoming richer, we are annually
bscomiRg pOoer, and unless something be
done by which the trade between this and
foreign countries can be equalZed, we must
intent ourselves with sitting down at the
f.et of our rivals in perpetual commercial
servislde.
But how is this large balance against us to
be equalized! By increasing our exports
and diminishing our imports. But how can
that be accomplished, Can we successfully
curb the spirit of extravaganza which possesses
our people7 Can luxury be induced TO forego
any of its enjoymentsf Can our people be
persuaded to abandon their expensive houses
furniture, equipages, and costly living
generally, and return to the simpler and less
ostentatious habits of our fathers7 1t were
in vain TO expect it. Nothing short Of some
great public calamity will produce a refOrma-
ton of the extravaganza which forms one of
the most marked characteristics of the country
and age. In Mr.. CooPERs judgment,this spirit
of extravaganza and the taste men make to
grow rich, constitute one of the most danger
GUS signs of the times ia which we live.
But. while we cannot cure the evil of ex-
travagance, we may still find means to obyi-
ate the most heavy consequences of the ad-
verse balance of trade which has been the
occasion of most of our commercial disas-
trs These means lie in producing at home
such an amount OF articles, now imported
from abroad. as will relieve the country from
the adverse balance. There are a few articles
OF the growth and manufacture of our own
country so important in their character and
90 large as to the quantity in which they may
be produced, as to be capable offar more than
equalizing our exports and imports under
proper system of encouragement and proIec
ton, namely:
IRON, SUGAR, WOOL
In relation to these articles, Mr.. COOPER
furnishes the following interesting statistics:
"In 1854 there was imported into the United
States from foreign countries in the shape of
bars. pigs. sheet and hoop iron, chains cables.
nails and nail rods, hinges, wire, anchors, an
wills scrap iron, cutlery, screws, Nc, &c,
so. 1874 tons OF this amount 2s2, sos tons
consisted of railroad bars, 5000 tons hoop
and sheet iron, 10000 Of chain cables, nail
rods, &C. The residue WAS of miscellaneous
kinds. The value Of this iron and the fabrics
into which it had been converted amounted
To the sum Of S3l Sl7 .5G4. The amount of
iron produced in the United States during
the same year amounted probably to about
800 900 tons: the amount produced in 1855
being st down by very intelligent and
velI-informed iron-master at fully 100000
tons. The value Of the pigs, hairs and cast
ings exported in 1854 was SS60,4Sl. The
amount OF manufactured articles exported
was 80. 449 1863 There were consumed in the
United States of iron and iron fabrics. during
fne wear 1864. over l 300 900 tons. The
olantiIy of sugar imported in 1854 was 425,-
9I7.72O pounds, valued at Sl3.TO4,5lO. The
amount exported to foreign countries was
o20l9. $50 pounds. of the value of S2097 $40.
The domestic production of the same year
was 449 1874 pounds. besides 8. l0O.l 10 gallons
of molasses. The amount Of wool grown in
the United States in 1854 was 20200, ITO
pounds, valued at S2,S22 lS5. The value
of wooden goods imported and which consis-
ted OF cloihs,cassimeres. worsted goods.
blankets. shawls, hosiery. &c. was
1899 g6.T3I. From this statement il
will be seen that if but one-half Of these
articles which were the growth and
manufacture OF foreign counties were pro-
duced at home, We would not be driven To
the necessity of an exhausting drain ofspecie
20 pay the difference OF exchange. nor sub
jected to the periodical disasters which have
prostrated our industry. stopped our furnaces
and factories, aud brought distress and ruin
into the homes of thousands Of the industri-
Gus laboring men Of the country"
In regard to the practicability of producing
nj home these articles 10 the extent necessary
80 prevent these misfortunes, Mr.. COOPER
sayr: