The New York herald., 1876-09-08
Mr.. ATKINSON ON REAL WEALTH.
The Condition Of Southern Industry Reviewed
by Mr.. NOrdhOff.
CURRENCY AND PRICES.
Discussion OF the Chinese Irnnni-
grafton Question.


excited much interest In the general session Mr.
Sanborn first presented report "fhe Cotton Indus
try Of Fail River" showing its rapid growth and the
social conditions of poverty and ignorance by which u
was accompanied Dr. Davis, OF Fall River, and Mr.
Derby Of Boston, debated tho question and spoke
iavoraby OF the present prospects OF the city Of Fall
River
ATKINsoNs ADDRESS
Mr. Atkinson, cotton manufacturer, delivered an
address. from which We take the following
The points which shall make shat all progress
IS destructive well constructive; that the term
capital Is UNIT applied actual
that nothing old IS very useful and that scarcely apy
thing useful be very old and in general shall
attempt to prove that II Is not the amount value Of
the capital which nation has accumulated that marks
It's progress Its prosperity, but rather the mode In
which IL is applied and tho way IN which It's results
consumed Subsistence depends vastly more right
direction being given capital than on its quantity or
amount In modern times production is always ample.
The means of subsistence have increased more rap
idly than population: Imperfect as the methods Of
distribution are, yet here is given OF the civil
lied world which larger population cannot be sup
ported to-day than ever before Production
before great in this nation in relation TO population
MS been in this last year OF depression and
The East gutted with goods aud wares; the West Is
full Of corn and meat The Middle States burdcned
with the abundance of coal and iron; tho South is
richer than over before in cotton and grain, and is
prospcr,np in spite of alleged miseovcrnment each
section has what tho other needs, and tho evil OF
day is q restricted distribution and consumption.
The dstrust which causes want and penury may bo
\
lies with those who maintain national lie tho
iu money OF the nation
have said that the material tools Of distribution
ample. The grain fields and pastures Of the West
far away distance from the mechanic OF the East,
but when distance is converted into cost aud cost again
into wages the faacy OF tho hue and ery for cheaper
transportation Is exposed Five hundred pounds of
meat grain constitute the full subsistence Of
adult year. and II costs to-day but 81 % to
move quarter Of ton or 500 pounds from Chicago to
Boston, less than one days wages of good mechanic
In low cost IL would be difficult to find evidence Of
lhn tv Of
So far rs tho people OF Massachusetts, cot bakers
bread IL costs thon moro TO move the bread from the
bakers oven to the mouth OF the consumer than IL
does to the -four from the wheat field 10 tho
oven The called cheap transportation ASSOCIATIONS
agement make q great point on the need OF cheap
bread, but heard that they proposed to take
charge OF the bakers carts.
PROFITABLE DESTRUCTION.
Our accumulation of substance during a century Is
but a trihe, ana II We are to regard wealth only
tho synonym OF wcbeng our true progress will be
found to consist great material accumulation on
which price can be put but rather in the constant
destruction of that which has cost years OF assiduous
labor to accumulate The evolution theory
applied this department OF science II IS elsewhere
Each structure machine tool fabric is but devel.
opInent that which preceded IT. great factory
can hardly bc completed before change Of method
Is called for in some part OF its operation.
will tako examples from my own occupation.
Had the census take entered certain cotton factory
In July, 1885, he would have found in department
eight machines used in sizing yarn, worth In the ag
vregate about $40 600 and eight men we'll employed in
Attending them high wages. In this census he
would listed much property and so much labor
well paid as evidence of wcath and prosperity Three
months later he would have found one machine, worth
s. 600, attended by one man and one boy do
ing, ing me s,zns ua%' on % pIIe Of T old copper and
Old iron in clubhouse, representing the
eight machines previously IN existence. This latter
census, considered by Itself, would have proved de-
crease wealth and decrease oil occupation yet the
change represents the most marked progress In the
cotton uacture of recent The new machine
OF but development Of the previous one but
II has had long lic In 1876 it again has been
largely converted into old copper and iron, and another
better aud cheaper form has taken it's place
Again, forty years since the work OF one operative
Tor Que hour in a cotton mill resulted in the prodnc
ou of three yards of sheeting To-day the work
Of one operative Tor Quo hour on the same premises
will produce ten yards OF the same aoric and the pro-
rress has made by tho accumulation OF capital
in the OF additional machinery but by tho utter
abandonment of the old and the substitution OF tho
new at less cost and OF less value.
In the census OF forty years snco the evidences OF
wealth would have been greater in The valuation OF the
machinery on which the three yards per hour were
produced than IL is now the valuation OF that
" nioh the ten yards ure made Nothing remains on
,ho premIscs of the old force or capita. except the
,undation In the forty years the old building water
wheel aud machinery have been destroyed new have
been substitutes; but at the very moment hundred
machincr, by tho invention of better methods
in mill, and works OF ali kinds. II
many wears exocp, In the foundations and tho com
nupty gains by the constant reduction OF the ratio
OF capital to production AS have said, nothing old
srcve character of inventions IN rendering useless
that which has been very costly aud Tor which high
rate of charge could DO made is one OF the most
marked points in our progress No greater evi-
dence OF destructive nature OF progress can be
found than by giving consideration to the stas-
tics OF alleged wealth.
The property discovered by the local assessors OF
tho year 1915 consisted In round hs-
Of
Rea estate H. Sll 600 900
personal es.asS No. .dicd acnc.;,. ~ saving.
banks. eOOO,OOO
Corporation tax assessed by the State. 1900 900
State 81, l6a, 900 900
Add bank 81, ,0O0. 0UO
Total 81 lo4, ,ooo 900
AN average Of about 81, $50 to each person.
IL is OF course, impossible to separate exactly the
actual capital from the property other kinds but
may approx imate thereto Our FIRST reduction from
the total amount bo the value OF land which is tho
git Of God to the race and Is not tho work OF man IL
s customary consider assessors valuations as two
thirds land and oneihrd Improvement but as this
rule will apply TO mills and works in ali cases. We
will assume that halt tho assessed value OF real
estate is upon buildings and works which tho hand
OF has created. and In this item we hnd value
Of capital $685. 900 600 Under our present system
the tax on personal property icved mostly on debts
the form OF mortgages and bonds but as the smaller
accumulatons OF furniture, mechanics tools and the
ike are all taxed, must allow Tor that Before
We deduct will be safe TO take one half the levy on
personal estate representing real capital 500 0O0 0oo
IL IS large estimate.
The savings bank tax represents debt with very
sm all exception We may assume the value OF build
ipgs owned not over ks 900, ,00o
The tax on bank shares must all be thrown out, but
ve NAV assume that considerable sportion OF the
:oraton tax represents s,cck and goods; say out OF
Ss4, ,00o 900, t72. 100000.
Total, 81. .0o0, ,ooo 900.
we must therefore, assume that tho entire capital,
thc entire substance the mills, works, railroads, dwell
ings warehouses, goods, furniture, material on hand
Tor iood and clothing OF the Commonwealth OF hassa-
rhusctts saved for future s less in value than
al 600 900 divided among 6So 900 people, or about
$500 per capita on the average
on the other hand, the annual production OF hassa-
ehusctts, by the census OF 1879, ccns's's Oh -.
of ms
,.,a =, n,oanc,s of Agriculture ...... Al 592 0@s
% 20 -. rr,oducts of f6sher,cs........ 1850, zoe
r., ..........s so32, 046 o7i
But in order that there may be no cav! or question
having made large correction Tor the possipe suo
ance AZ escapes the OF the tax gathcrer and
having estma ated tho capital oil the stale al maxi
,rrm I will reduce the estimate OF annual proauc'
.Isa,t one fth and thus reduce the sum TO n mini
49,. dcduciinn is ample for any nOssbls