New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-04-05
TIE PROFITS OF MANUFACTURING G..

As a rule, we do not care to expose the de-
lusons continually promulgated by Free
Traders with respect to the profits realized
by manufacturers in this country. Believing
that the well-being of our country, and of every
part of it, would be promoted by the home
production of the Metals, Wares, and Fabrics
we now so largely import, we arc anxious that
more and more capital, capacity, and labor,
should be attracted to and employed in such
production. If, then, any one will persuade
the capitalists of this City, or any other
American mart, that they could more proitably
invest their Millions in Manufacturing than in
Real Estate, Commerce, Banks, or Railroads,
he will be doing a good work, which we
would by no means hinder.
Why are they not thus persuadedf Why
have we not to-day as much New-York as
New England capital invested in Manufac-
tures7 We are nearer to Coal, to Ores, ana
70 Food. than Boston is; we have cheaper
raw materials; we have millions of utterly
unused water-power within three hours ride
New England buys her Cotton Wool, &c,
mainly here, and sends her goods to our com
mission merchants for sale; whatever adj
vantage Protection or Consumption proiiers
her is equally open to our citizens, who GER
tainIy are not incapable of buying spinning
iennies and setting them in motion; then
why is it that New-YOrk and her suburbs
manufacture so little when compared with
the production of Massachusetts, or of Penn
sylvania9
Our answer is, Our capitalists do MT believe
what their Free Trade journals and orators
tell them; for, if they did, they would make
haste to share the large profits which those
oracles proclaim. Can you imagine reason
why they should not
Mr. Finkenburg, candid, intelligent Rep
rcsentative in Congress of the lower part Of
st. Louis and its vicinity, recently made a
speech in the House whereof the profits of
New England factories was the burden. BY
carefully selecting his facts, both as to time
and place, he had no difficulty in making out
a case But if any one had asked him, Mr.. f,
"did our Tariff or other laws ever profler an in
"citement to manufacturer ew-England which
"was not equally open to every other section
"of our cOuntry2 :" he must have answered Ill
the negative. Nay; there is not another dis
trict in the Union where Iron can be made so
cheap to-day as in his own, where much more
il made than is consumed, though not 1.-THE
of what should be. In SO far as Protection
practically favOrs this or that locality, we re-
gard Mr.. Finkclnburgs and that next south OF
his as the two most favored districts in
America. And, as to the production
of Fabrics, the South can make those
whereof Cotton is tho staple, the West
those composed mainly of Wool, to far
greater advantage than NewEngland can.
The coarse, plain Drillings, Sheetings Shirt
ings, Tickings, &C., which may be made at ten
per cent. profit per annum at Lowell or Law
renee, will afford twenty per cent. If made
with like machinery and economy in Georgia
or the Carolinas. Are we not, then, justified
in asking, why don't you, who say that our
"producers of Metals, Wares, and Fabrics,
"make too large profits, just take hold and
"beneft consumers by putting in for share
"of those profits, by doubling our country's
"annual product of those manufactures ."
And now few words in calculation OF
Mr.. F.'s statistics:
There are in New England many factories
that have been once, if not twice or thrice,
closed out by bankruptcy. company puts
in a million dollars, erects factory, stocks
it, runs it few years, and fails. The factory
and trimmings are sold out by the sheriff for
100000 new company is fOrmedj new
capital put in; the new concern starts on
capital of 100000, but with property that
really cost Sl,50O,OOO; and, after year of
unusual good fortune, declares dividend of
twenty-five per cent Every one hears OF that;
how many think of the losses and sacrifices
through which it was attainedi Who talks
of the negbbOring concern that has MT made
q cent this year3
The ChicOpee, Middlesex and Salisbury are
notable examples of NewEngland companies
that underwent this process of sacrificing most
of their original capital, or, rather, recognizing
the fact that it had been sunk in the prose.
cution Of their business, so late as 1858.
But fluctuations in prosperity and in value
have not yet closed. Let us instance a few of
the companies quoted by Mr.. +. as illustrations
OF the excessive profits of manufacturing:
Price Of Stock given By Actual Price,
Couprpies. Mr. Finkelnturg. March 26th.
Mrrrimac Sl,7O0 $1,000
Mildlcsex . 400 40
Pacific. 2,H0 1,S00
Salisbury . $50 100
We purpose to present some further facts
bearing on this theme. We believe 1t il
calculated in England, where interest rules far
tower than with us. that capital invested in
Manufactures ought to pay an average of ten
per cent. That tho actual profits of manu-