The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1867-02-05
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Hon Justin S Mmlt chssmsu =
ihc committee o8 Says td means.
made So aha spooeh ID the h1aso 81
Thurs lar la b fats Us contraction
" the rarrre After declaring Lim-
f 81 fewer Ufa return - specie PAS.
meate which en- oulg he areal4iishe !
By 5 contraction oi tbe eaEueacs. aud
asserting il.at BE disastrous eaeCi need
in.LaH & tAe p alc end Secretary 81 the
IEe FE wei uiy exercise common
prudence; arguing ihe Importance 81
DaH G&aR oar taA and revenue systems
.upau q stable basis 60 stand for 4 series
% wears. suggesting that whale mo are
nos at peace TIE i.rs; sign q deegepi-
tUde wonid bring our enemies upon as,
and that our finances should be brought
IS soon a. p3ss.bio % iA4t condition
tAa. ai.l caahla SIS The bes, = ausimu q
foreign War declaring that tie neWta-
ble expenses ol tic government must &c
met, IS taat taxation, Is, tie best. IS
sure s. he heavy iul along time toeome.
bu that L Ulil Wery year ba seus.bly
diminished hy increased wealth and IN
crcssed population, 3lr Morrill, went
o. as follow. 70 show how tie ercat
volume 81 paper currency IN the eoun-
thy viii operate against il IN the simple
item Of yIsitors q the Paris exhibition,
this year, and bow our manufacturing
and industrial interests are retarded,
1t viii bc very moderate estimate
to calculate that seyeniy-Gye thousand
persons viii cross tie Atlantic from tile
United States. and the cost Wiil not be
less than $3.50 each, ii gold, or total
of SIP. 100000, which ia currency
would swallow up the entire production
Of All oar gold and silver mines for the
year to come. or, what is more likely,
It's equivalent ID United States bonds,
20 be disposed q as the exigencies Of
individuals may require
HoV many friends Of American IN
dustry can espouse the cause Of an end
less reign Of paper currency, Of which it
takes one dollar and thirty, forty, or
tiliy cents to buy a dollar IN specie is
to me incomprehensible. Iron ships
arc rapidly coming INTO use, but they
can be built abroad and employed for
.ona-hllf the price thoy cost here
VII any American build an iron ship
I,nnements for rent unless already
built, are no longer fayoritc Investment,
for men having capital, and no poor
man dares for a moment to indulge the
idea IF building house and a homo.
Although all Other circumstances, save
only our deprecated currency, indicate
disposition and warrants ia all parts
Of our country, North and South, East
and West, to start new industrial enter
prises yet few such are actually start
ed Men Will not invest expecting fye
years hence TO loose one-half Of the sum
invested
Some gentlemen think that the prem
iom Oh gold pad by the importers il
ample compensation for all the griefs Of
American manufacturers. Never was
there q greater fallacy When the
wants Of the government created both
a demand and war prices for goods
when ii was easier TO sell than it was e.
buy, before labor and raw materials
had advanced to the same ratio or that
beyond that Of gold, then manufactur-
ers We're reaping princely har,ests from
the rise Of raw materials and stocks on
hand. All that is changed. Now raw
material has been consumed and labor
has advanced, but prices of finished
manufactures have recadel and arc
still recedlng. Many mills have already
suspended, and others are working on
short time. Certainly to embark in
any new enterprise is deemed hazar-
dous Neither the great attractions 81
the West nor Of the South can over
come the dreaded longevity OF the race
Of 'grecnbaeks. The bare difference
IN the cost Of the permanent capital oi
English wooden manufacturing estab-
lishinent5 and American gives to the
English the mastery and ample diyi-
dends. Six years ago awollen mill that
cost 81 ,00Q, 900 in New York OF New Eng.
land could have been put up--so much
cheaper are raw materials and labor
for 100000 in England Permanent
investments there which yield three and
half per cent per amum are satisfac-
tory. Here seven per cent per annum
e the least that would tempt capital to
such enterprises, or that would any
where be voluntarily accepted. To-day
the prices Of bricks, iron, machinery
and labor have 50 largely increased
that such an establishment would have
COST nearly double what it would SIX
years ago OF $2,010,0O0. The interest
upon Tins sum would be $4,000 per
nnnum; but the interest OF the British
establishment 5000 at three and a
half per ceut. is no more than 81, 800.
Here IS Sl22,590 per annUm in favor 81
the British manufacturers, q sum suliic-
lent for very respectable dividends, Ger
talnly on capital OF $500, 600 Is it
amy wonder Jhat We have un extrao Idi-
nary influx Of British goods, or that all
Europe last year, was swept to furnish
American markets Prior TO the war
tie cost q the labor expended upon a
yaEd 81 cotton cloth l6AX6I) printing
was nine mills, but now ii is two cents
aud seven mills, on three times the
amount A printer IN Washington now
gets t@enty-ioUr dollars per week and
works but eight hours per day: where
he formerly received fourteen dollars
per week and w0rkhd ten hours per dav: