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| o'-'SN "otHs OePeAClng OF IudLuiaCtuIeS. AL
these would be cquslly effected by the reduction
OF duties. There are also many handlcraft en-
poyments--the making OF boots, shoes, hats. &c.
that are not earned on by capitalists. and all
| of which would be psos.rated by the abandon.
ment of the system. The true policy of every
country is 10 give employment to its people, and
thus enables country TO support taxation, and
to meet reverses if any should occur.


The honorable gentleman resorted TO the Census
Tables, work full Of errors and defects, to provo
that the profits of manufactures are enormously
great. But there is much better authority to re-
" upon, by which II can be shown that the
profits yielded by manufactures have not been,
from the commencement OF the business IN this
country, SIX per cent. on the capital employed.
These profits, instead of being now thirty or forty
per cent, as the Senator supposed. are not, IN
any instance within my knowledge, more than
twelve per cent. Some statements have been pub.
lished inthe newspapers that have led 20 erroneous
conclusions on this subject. Some companies,
with large capitals, have lost so largely that they
have reduced their capital one half. In cases
where the capital million Of dollars, 1t has
been reduced to half million, and the dividend
OF profits was made on the reduced capital not on
the whole capital originally put IN. So, if tho
dividend is twelve per cent. nomlnaliy, 1t Is, IN
fact, at six per cent. on the whole capital. Many
have saved little from destruction and have aban.
doned the business, selling out their buildings
and machinery at half what they cost. The pur-
chasers, availing themselves of this advantage,
and of the increased demand for goods are max
ing, iii some instance, far profits Some com.
panies had laid in large stocks OF cotton reduced
prices, and made a profit on the goods when
prices rose but this gain is the result Of specu-
latiou, and not OF the business OF manufacturing.
The business is now undoubtedly improving
The rate Of interest is lower and persons are seek.
mo investments, and It IS not improbable that
there will he rise IN cotton goods, as there has
been II stocks and IN other objects Of investment.
But, as a general rule, no one branch Of business
can long be more profitable than another for cap
italists will find it out and engage IN IT. 1t can
not be kept hidden. II one branch of business
yields. for time, more profit than another, capl
tai will seek it. The capital invested in woolen
manufactures has not yielded an average OF three
per cent.


An argument has been advanced in favor of
relying on England for manufactures, from ths
immense amount of her manufacturing products.
The value of all tho goods made in England in
1871 was one hundred and seventy three millions
OF pounds sterling, of which cotton goods were





ton what were the exports What proportion
was consumed in Great Britain, and what export
ed There were consumed at home one hundred
and twenty six millions sterling, and the whole
amount oi exports were forty millions
Now, sir does not every one see that Great Brit
ain manufactures three times as much for herself
as she exports OF her cotton goods she con-
sumes twenty ght millions at home, and exports
twenty three Ii her whole exports of manufac-
lures are so nconsdcrablc III proportion to the
whole amount, what effect would the destruction
of our home manufactures have on the aggregate
manufacture of England Ten millions of dol
lars worth of cotton goods, which VIC would con-
sumo, would be two millions sterling, and this
would not DC four per cent. on her cotton manu-
facture. The addition to the amount OF her busI-
ness would be scarcely perccphble, and 1t would
not increase her ability TO consume and pay for
our products She exports only the surplus that
she does not want for herself and her main object
is home consumption. BY reducing our duties,
therefore, the amount Of her consumption of our
cotton and other products would not be increased,
and we should give her an opportunity, with but
little loss and little additional labor, to break down
our manufactures.


| will proceed to another objection to the policy
of the act of lS42-its unequal and unjust opera
ton on the different sections OF the country The
Senator said it was so unjust and injurious to the
South that it rendered the Union a burden and an
oppression to them. 1t can only operate inju-
riousy on the South by increasing the price OF
what they buy, or diminishing the price of what
thew sell. Both, said Mr.. McDUFFrE Now,
Sir not single article, since the Tariff OF l642
WAS passed, has been enhanced in price. There
is the fact, whatever was the cause. will go to
facts also to show that, since the act passed, the
price of cotton has risen, IN some instances oI5
per cent. on the lowest grade. There was an ad-
vance Of three cents on ordinary cotton, and on
fair an advance Of two cents, and on good ana
fine an advance Of one and half cents am
told that manufacturers Of cotton IN Massachu.
sctts are buying at an advance OF fifty per cent.
on the prices they bought at two years ago.
Cotton goods are, therefore, expected to rise some
what IN price,


Tobacco has also risen some four or five per
cent. Now these facts cannot be controverted.
The prices of the productions Of the Senator's
part of the country have risen, and they have
bought their supplies lower. They have sold at
high prices, and bought at low prices. That is
certainly what they would wish to do. How can
they say, therefore, that the Tariff disastrous to
them? He may say that, if the Tariff had not
been passed. the cotton would have risen higher
and the supplies been bought lower; but how?


The gentleman says, if you will import ten mil
lions of cotton goods it will raise prices. But 1t
will not operate both ways If cotton rises, ne
will have to pay more for the manufactured artl-
Gle. Bu. the gentleman says all such laws affect
the South more injuriously than any other part of
the country. He says they arc the producing and
the exporting States 1t may be admitted that
thew are the producing States but they are not
the exporting States. The Tariff is, he says, a
system that will strike down all our staples; and
is as injurious to them as if the duty were lsvleo
on the cotton before il went out Of the country.
The duty must be paid, ne says, oy MN VINO ltn 20