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each other, independently of foreign aid, much the produce of her food producers and free of the contingencies and fluctua- as of her artisans, her agricultural resourtions of the foreign market.

ces must be measured by the value of her But the process does not stop here. The manufactured exports, less her imports of handicraftsman is able to produce more

food and raw material.

Let us suppose than is necessary both for himself and the for instance, that England and America farmer. Over-production reduces the price, export equal values of home-manufactured and the farmer is the gainer.

articles. Then, if America produces the But, if there is an over-production of raw material, food, and machinery, which food, in the hope of a foreign market, the made these articles; while England, a mere handicraftsman gains, and the farmer is the workshop, imports the food and raw maloser,

terial for hers; America reaps three profThe foreign market for grain stimulates its where England reaps one.

America the over-production of grain; and being reaps the profit-1st, on the raw material unsteady, always inflicts more mischief -2d, on the food sold to operatives and than good upon the producer. And, manufacturers—3d, on the manufacture

The foreign market for manufactures itself, and the machinery employed in it. stimulates the over-production of manufac- England, importing food and raw matetures, reduces their price, and is in that rial, reaps only one profit, viz., that on the sense gainful to the farmer ; while, at the manufacture and machinery. same time, it is not subject to one half or The unexampled increase of wealth in one third the extent of fluctuation suffered England, from the time of Cromwell down by the market for food.

to the time when American manufactures Strange as it may appear at first view, | began to compete with hers in the markets we make bold to insist, that no country of the world, is doubtless to be attributed was ever made wealthy by a foreign de to the policy pursued by England, of semand for breadstuffs while we equally curing all the profits to herself, excepting, insist that a foreign market for manufac- of course, that upon the raw material of tured goods, creating a home market for cotton fabrics, which she was never able the farmer, has been the great source of to command. riches time out of mind.

Thus, the navigation laws secured to Let us consider it. The raw material her the profits of transportation, and creexported, pays a certain profit. The same ated a wealthy merchant marine, besides material manufactured and exported, pays enriching the growers of English forestthe same profit, and an addilional one for trees. being manufactured. A pound of cot The corn-laws raised the value of lands, ton worth ten cents, pays perhaps 1 cent and enriched the aristocracy. The proprofit; worked into a piece of cloth valued tection on every species of chemical and at $1, it pays 10 cents profit. Other things mechanical manufacture created a powerbeing equal, the more a substance is ful and wealthy manufacturing interest. wrought up, the more is gained by its ex These several branches of protection portation. It is therefore a much better were part of a grand system of protection, plan to have the raw material worked up and the one supported the other. as much as possible at home, in order that It was the policy of England first, to all the profil that can be got out of it may cultivate her waste lands, and to carry agribe got at home.

culture to the highest possible pitch. This It is a very common error with the shal was the work of the aristocracy. To enlow free-trade economist, in whose ears the rich the aristocracy, it was necessary to word free tingles with a deceitful talis- provide a home market for their surplus, manic power, to suppose that a country the foreign market for grain yielding little must export the staff of life, in body and or no profit, because of the excessive costs unchanged, in order to be considered a of production. food-exporting country.

Her next step was to make herself the It has been long noticed, we believe in grand manufactory of the world; and the first instance by Mr. Carey, that as the one of the first consequences of her doing home manufactures of a country are as so was the enrichment of the land owners,

who found at their doors a constant and tion of which trebled from 1842 to 1847. In free market for the sale of their surplus 1849, men are unemployed, and the consumpproducts; they thus, indirectly, became

tion of fuel is stationary. producers of food for all parts of the world, doubled. In 1849 it has become stationary.

“From 1842 to '47, the consumption of iron and the protection, extended to navigation

“From 1842 to '47, the consumption of cotand manufactures, became indirectly a ton and woolen cloth was doubled. In 1849 it protection to agriculture.

has become stationary. Now, however, under the regime of “In 1846 and 1847, there was universal acPeel and Cobden, England has abandoned tivity. In 1849, there prevails a 'masterly inher protective system, and on the follow activity,' because houses and ships, and roads,

and mines, and mills and furnaces, have ceased ing principles, of which we do not mean,

to be profitable. Capital, food, cotton, wool, at present, to dispute the policy as far as

cloth, sugar, shoes, paper, and all other comregards herself. Having three objects to modities needed for the convenience and comaccomplish, the cheapening of raw mate fort of men, are surplus, and the universal dorial, the cheapening of transportation, and sire is to diminish production to the level of the cheapening of food-the cheapening of consumption, while tens of thousands of labormanufactures having been carried to the

ers can purchase neither food nor clothing. lowest possible degree, by the effects of The war against labour and capital,' agreea

bly to the doctrine of the Union, has ceased, competition--it was proposed to subject the

but with each successive day labour and capihome producers of food to a foreign com tal become less productive." petition, in order to bring food to bear some just ratio, in price, to manufactures. A great deal of the private and commerIt was proposed, also, to subject transpor cial distress of the present season has tation to a foreign competition, in order been attributed to pestilence, and it is very farther to lower the prices of manufactures certain that the business of the cities and in foreign markets; and, as a part of the towns has been immensely disturbed by same system, tariffs were to be lowered on

that cause.

No species of property feels the raw material of industry, to enable the lighter fluctuations of the general inmanufacturers to work with a smaller out

terest more keenly than periodical works. lay of capital

From our own observation, we can say, This entire system, constructed not for with confidence, that there has not been a the benefit of England or Great Britain, time since 1827 when persons of moderate so much as to sustain the interests of the

means, indulging in moderate degrees of manufacturing classes, now deemed, by luxury, were more straitened or alarmthemselves, to be the leading interest, and ed for their incomes, or more disposed to therefore entitled to subordinate the others, be economical than during the past season. cannot be subjected to criticism in its de Popular magazines have, in general, as an tails, but only in its principle; that principle article of almost pure luxury, been an exbeing to support one interest by the cellent and true index of popular feeling sacrifice of all others. It is diametrically in regard to private expenditure, as they opposed to the grand protective system of have, perhaps, never suffered more than Great Britain, of which the design was, to during the last four months. Other inmake the plough, the loom, and the anvil, terests have been affected in the same neighbors and equal partners in the great way. Of works of art, fewer than ever firm of the national enterprise.

have been disposed of at reasonable prices, To return, after these desultory remarks, Paintings, an article of pure luxury, can to the argument in the “Plough, Loom, be hardly said to have sold at all. and Anvil.”

The lithographic print establishments in

New York, whose business is a very good “ In 1842, we imported little, and were una index of the amount of pocket-money and ble to pay the interest on our foreign debt.

feeling of pecuniary ability among the " In 1846 and 47, we imported largely, and poorer classes of the community, both in paid off much of the principal of our debts. " In 1849, we import about the same amount

city and country, are at present making per head, and run largely in debt.

but few sales, and those moderate ; nor do “ In 1846, the demand for labor was great,

they look forward to any immediate imand men consumed largely of coal, the produc- 1 provement of the business—that is to say,

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time, when he is intrusted with thirty-six | perceiving that Edward Chesley had behundred pounds.”

come much interested, while Seymour was “That's a good deal, sure enough,” said yawning, cunningly drew forth his watch. the gambler, vacantly.

“Half-past ten,” he said. "Perhaps Seymour might play with “So late ?" replied Seymour. “Don't you,” Reginald continued, after a pause. you think it's bed-time, Ñed ?” “I don't think he is principled against Yes,” responded his friend, “as soon cards."

as the game is up." “No. I had a game with him myself, The game finished, Seymour exchanged the other day; he won a trifle, too." his boots for a pair of slippers, and was

"It is very well for Seymour to win,” about to start for the chamber. observed Reginald, in a dry tone; “for I "Are you not thirsty, gentlemen?" obdon't think he has a great deal to lose. served Jordan. “Here, boy,” he added, Te may play without danger ; but Ned addressing the negro in attendance, Chesley ought to be careful.”

'can't you get us a pitcher of fresh water "Certainly," replied the guest, rising, from the spring?" but I see that it has cleared off-I'll be “I don't think I shall wait for it,” said liged to you to have my horse brought.” Seymour. “You'll be up to bed right Within ten minutes Gilbert Jordan was away, Ned, will you not ?? his way to Shenkins', chuckling at the “ Yes.” ught of how neatly he had pumped As soon as Seymour's steps were heard late entertainer. About nightfall he on the passage staircase, Jordan proposed ched the tavern, and found there the to Chesley to take a little game while they ty of two, which he was so desirous of waited. The young man's assent was ting

promptly given. One game led to andward Chesley was a good-hearted other. Wine was brought forth, and at a h, but thoughtless, and a little too time when Seymour was calmly slumbere to the wine-cup. His father, aware ing in the room above, the youth whom * infirmity, was unwilling to send him he had been charged to watch over had the money, unless in the company of madly commenced to draw upon the sa

steady, reliable person. Reginald cred 'fund of which he was the bearer. o fancy to go; Seymour, also, would Hours swept by, the victim became more y have preferred remaining by the and more fascinated, and at the end, havf Matilda, but he felt that as his ing been stripped of the last of the thirtyad already done so much in the six hundred pound notes, staggered to , it was incumbent on himself not bed, dizzy, stupefied, and almost unconse any opportunity of rendering a scious.

In the morning, neither of the friends our played occasionally, rather in awoke until summoned by the servant, ice with custom, and to occupy a nouncing that breakfast was ready. The hour, than from any love of gam- scene then may be imagined. Agitated

beyond measure by the information which tavern, therefore, he sat down Edward's halting tongue stammered forth, 'bert Jordan, as a mere affair of Seymour's first impulse was to rush below Young Chesley stood and looked and seek Jordan. The successful gambler

had been gone several hours. ? you take a hand, Mr. Chesley ?” The two young men rode back sorrowful in.

enough. When they reached Anderport, "ok his head.

Seymour stopped, as if to enter his lodg. ind better,” observed Seymour : ings. Edward said, play for small stakes, so there “Don't leave me, Laurence; I dare not risk.”

meet my father alone.” answered Ned, but the word Seymour hesitated, and replied, “Ride

been INI,for he yielded and on slowly, then, and I will overtake you." fy at the table.

Edward, for a mile or two, was quite urse of an hour or two, Jordan absorbed in thought, but after that looked

they do not look forward to an abundance, less anthracite has been mined this year of pocket-money in the country for the than will prove sufficient for a full demand, coming winter.

a considerable rise in that article


be Many persons are surprised at the pres- expected. ent moment, by the good price of cotton; Nothing can rescue the iron manufacthose prices are to be attributed to sev turers from their present deplorable condieral causes, which we will enumerate. tion but an adequate protection. It is First, the very large investments of cap- not generally understood how small profital in New England, made during the its the English producers of iron are conlast five or six years, in manufactories, tented with ; the owners of furnaces, there, compel the employment of those manu- being generally either gentlemen of large factories, even at unremunerative prices; estates, or very rich companies, they are while, at the same time, it is not to able to export the iron which they probe forgotten, that the entire continent, and duce, sometimes for successive years, at the people of foreign countries, must con. prices which pay only the expense of protinue, as heretofore, to purchase clothes. duction : depending upon the home mar

So much for the natural and ordinary ket for a steady demand, they trifle with causes of the rise in the price of cotton. the foreign market, and are able to exist If we now add, what is notorious, that the without it. supply of lowlands cotton is unusually We have gone farther than we intendsmall, a great part of the crop having fail- ed at the commencement into the discused or been destroyed, an additional two sion. Our first design was merely to set per cent. may be added from that cause. forth the arguments of the “Plough, Loom,

Lastly, we have the cheapness of trans and Anvil," but we have added many of portation. Merchandise can be conveyed

Want of space prevents our enacross the ocean, at present, for prices tering more at large upon the great and which make navigation the least profitable absorbing question of the cotton trade and investment of capital.

manufacture. It is our intention to return Other causes might be added of consid to the subject at the earliest opportunity. erable importance, such as the existence A scurrilous attack has been made upand probability of an increased foreign de- on us, because of our previous article. As mand; but those enumerated are sufficient it is with arguments, and not with pasto account for the present prices.

sions, that we have to do, it is unnecessary With the opening of the manufactories, to take any farther notice of that attack, the price of iron may be expected to although it seems to bave been written by advance in some small degree; and as we the same commercial writer whose opinlearn, from good authority, that vastly I ions we have been controverting.

our own.

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