No. 85.] 469 



try, and not by the temporary stimulus of speculative movements, the 

 futility of which has been ascertained by dear-bought experience. 

 The extraordinary success with which this country has pursued the 

 manufacture of cotton and woolen goods, leaves no room to doubt 

 that an equal degree of attention applied to the culture and manufac- 

 ture of silks, will be attended with similar results in the perfection of 

 the fabric, and in its reputation as an article adapted as well to our 

 foreign trade as for home consumption. 



As to the manufacture of cotton and woolen goods, I am inclined 

 to believe that there is good foundation for the opinion that this 

 branch of industry may now be established on this island to advan- 

 tage. It is a local subject, and perhaps does not come under the rules 

 or general policy by which your society is governed, in their selection 

 of objects for encouragement. But the city is not an insignificant 

 place. Its interests may even be supposed to embrace a considerable 

 portion of the national interests. And when you come to consider, 

 as connected with the future history of New- York, the extent and 

 importance of my suggestions, your society may feel inclined to look 

 at the question which I shall now present for their investigation, and 

 to aid in its development. During the last forty years, there has 

 been a great destitution of employment for the laboring classes of 

 this city in the winter months. In conversing on this subject, it has 

 frequently occurred to me, that the creation of any new occupation 

 which would afford a means of support, not subject to the intermis- 

 sions of business seasons of the year, was an object so desirable as to 

 be worthy of the attention of public institutions, as well as public 

 spirited individuals. In canvassing the merits of different projects, 

 having this end in view, none has appeared to be more favorable than 

 the formation of manufacturing establishments. Since the introduc- 

 tion of the Croton river on the island, the probability that manufac- 

 turing of cotton and woolen goods may be conducted on terms so 

 cheap as to insure a profit to capitalists, has been very much increased. 

 The abundant supply of water which we possess, will, if properly 

 husbanded, be applicable to a vast extension of manufacturing pur- 

 poses, as well in cotton and woolen goods, as in the metals and other 

 articles of merchandize. The reduced price of coal, and the facility 

 of its delivery on either shore of the island, are circumstances which 

 favor the opinion that the time has arrived when almost every de- 

 scription of manufactories may be prosecuted to advantage in this city. 



It is also supposed that buildings can be erected on this island at 

 as little cost as in any part of the eastern states ; that machinery, at 

 the present prices of fuel, can be run by the force of steam power, 

 at not much greater expense than that of water power, if the interest 

 on the capital invested in the purchase of the latter be computed ; 

 that labor, of the description employed in manufacturing establish- 

 ments, will always be abundant in this city, and at a sufficiently low 

 rate of wages ; that this labor is for the most part without steady em- 

 ployment, and in this city never can find sufficient occupation, unless 

 it be in factories ; that small supplies of the raw material can always 

 be procured in this market, thus saving the interest on the cost of 



