The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-14

- ~ooS security as can be issued by any government
D the world Despite long continued yno',s ~
foreign capitalists destined to yield large pront no
distant day bond Of the United states YES, wo,.n
English consols which will yield IN interest the same
cannot be doubted that capitalists in England and
upon tho continent willing TO take bonds Of the
United for the proceeds OF all shipments Of com
al price which will yield six per cent interest and
much readily when the bonds can be got at rate,
rs now, Yielding nearly ,,I nine per cent INT, - ,. A..
count in Europe is that as the foreign purchasers can
obtain them at the low they not dspossdto give
risen In price account Of the special demand for
TO pay customs duteA to the amount Of two millions
weekly, they purchase bonds, intrinsicaly worth
gold par In London and pay US gold at forty per
cent premium. II the merchants and manufacturers
srs To- SVd sy aus on
Of forty per cent In our currency and then take tnc
bonds at par Or, they sell their goods at our high
rates In currency, they take bonds at par snd one
thousand dollars in these bonds are worth moro to
hold in London than &2oo os the equivalent at par In
sterling
Al present these circumstances offer the largest profit
made the shipment OF foreign goods to this coun
high prices for their goods seriously njure manuac
turing industry, weaken their rivals and obtain
fsEes thus offered 70 foreign capitalists are as fully
csrimeut to their benefit. Troy imper our produc
1--WE power our ability pay taxes and IN fact our whole
tnuously damage domestic industry BY substituting
tbe products Of their own by deprving our aoorers Of
employment while obtaining in our markets the means or
employing their own, besides realizing large profits FOR
Che onterprsng individuals who; engage in the business
proved by me ress expressed belief in Europe enter
tned fully in this country that the quantity OF goods
TO reach from Europe this Is TO be greater
than ever known. Intelligence by every arrival nom
abroad conHrmsthis anticipation.
wnAr SPECULATION IN GOLD has COST THE COUNTRY.
In tho midst of without precedent In its import
and magnitude We were In an exceptional position
DEMANDING Immediate and special legislation and public
Wa aFcin md
exceptional and not normal situation. The specula
ton In gold which has cost the country nearly, If not
altogether thousand millions Of money, we failed
20 mp the bud Let not this new movement at our
expense be allowed to gain like strength, and do us like
This subject is thus dwet upon, and might with ad-
vantage be distinctly set FORTH because IL bears
with special significance upon .ne future any o. inc
upon the increase OF national wealth and power
II is the policy Of European governments TO keep
OF the world England holds million Of her people In
pauperism constituting reservoir of cheap aborers
from which she may recruit the ranks OF labor as they
become thinned by overwork III feeding and bad lodging
-Four millions more in position to be thrown on the
parish the kindness Of their countrymen or ON the
charity Of distant patons upon Of bad harvests
or commercial revusion. Would be polite or humane
Would il be- economeslly wiser Would il add to our
national strength Can any man who UNDERSTANDS the
true interest Of the country wish II?
We cannot wisely blend the European system OF indus
try with own They can no more mingle than oil
aud water. The producing. classes here have risen
that they cannot be forced back Our policy is not to
legslate people down It is rather to gaard our mar
kets aud prevent TO them but such terms
nure our working people nor lesson our produc
tive powers. .
nsh limited quantity Of goods ut less than
half the amount OF our prices. II they could
rates il would not DO good policy to take Them because
would be far less difficult To pay for what would supply
our entire consumption furnished at homo by our own
labor than for onefourth imported from abroad 1t s
easier purchase eight hundred or even thousand
millions Of home productions than to pay for three hun
dred millions worth brought from Europe and STA
It groat temptatonto In professional life,
living upon annues and salaries TO supply their wants
from cheaper markets. but they have their advantage too
In living wnere all labor and all compeusa-
ted up6n higher SCALE The system Of labor and com
hey belong and It should not be thrown into confusion
for the nef Of few. The agricultural manufacturing
and mechanical classcs must DO kept up wo keep pace
with civilization Of day. but especially II wo
aspire TO lead II consumption OF food and clothing
and other nccessaes Of life Is main'ancd At tho present
standard Of comfort and convenience fourfts at least
must be the products OF our own skill and labor
FLEA FOR THE MANUFACTURERS.
We ore, then, under the necessity as civilized peo
pie OF maintaining vast system OF manufacturing indus
Try. We cannot do this If half fourth, OF our
population patronze foreign labor instead Of their
We have such advantages for manufacturing from tho
sptncs Of people for Improvement tn. production
oil the necessaries higher comforts and uxuries OF life
s sa nS 1' Of our psopo for full HS
for seryshlns that Europe can send US ss., We
Is needed even though we have nothing to export that
y wanted abroad Our manufacturers have already fur
nshed ample evidence TO warrant S our v hs
respond and when they do we shall be more able 10 i'm
port than are at present
Il has often been alleged that our manufacturers are
making undue gains the expense OF other classes Of
society This belief only be entertained by those
who have not had sufficient opportunities OF observing
the progress OF manufacturing industry among tho
people who have carried IL Lowell and Lawrence,
and many other manufacturing towns, exhibit striking
evidences Of wealth But divide that wealth among ali
who engaged in 1t and II Will be found 10 yield sum
for each Interested not much IL any larger than
would result from such division among equal num-
Der OF Western farm The people OF Now England
know that there is strength and success In combining
their labor and their money FOR great purposes. The
capital invested in those great establishments vast
,s the saving OF than hall century Of industry.
They have found that a. their wealth grows by manuac
turing their real estate keeps pace by the market which
Is Afforded to their farmers
wxrsRS PROGRESS WEALTH
And although the people OF Massachusetts, have TO
bring from the West all their breadstu- their improved
land Is according the OF 1850 worth on the
average aty-seven dollars per acre, the
perior soil OF New York. 20 wealth, wherever the whole
rodntive mower bas been cyeloped Will be found 10 he
divided fairly between the of the land and the
workers the manufactures This distribution of wealth
Is moving westward II has already raverscd Ncw York,
New jersey and Pennsylvania, aud has made large pro-
gress In Ohio aud not little IN Indiana, Illinois aud
Missouri Let not this westward progress Of scicnce,
civilization and abundance be disturbed and obsruetcd
by tho wachu efforts OF merchants aud capitalists who
wed for their own benefit the bones and muscles Of
Il NAV seem that the wealth OF the Eastern manufac.
turcrs greater Than II s from the large sum of tho
product valued for the Market but must not be for
gotten that from this IL to be taken the cost Of the
wool the cotton, irOn, steel, leather, and vast
number of other articles OF raw mlteral all OF VIII ch
they have purchase together with nj least barrel
OF rour yearly for every hand engaged manufacturer
rus SMALL PROFILE.
Il very certain that the whole clear profit OF the
manufacturers would not pay two per cent upon the
amount thus invested in the United Siatos during the
an years We have before all the results OF
cess but the OF losses would b. fearful 10
template On the whole, the manufacturers have done
Ear for their country than their business has done
for them. More clear profit has been made In
Che United States by foreign manufacturers than
By The productive power OF the coun-
Try has been marvellously developed; but a very
large proportion of tho persons who been engaged
IN ih either lost their whole estate In their efforts
after success have their lives In establish.
fng ~ industry which only be anne profitable 70 their
rpuntry and those who succeeded them n the history
Of manufacturers written with view TO exhibit