ON THE COST OF MANUFACTURE. 429 



All this has not taken place without much individual 

 suffering. My friend, with his skilfully managed con 

 cern, did not realise for two years more than three per 

 cent upon the capital employed ; but he made no actual 

 loss beyond what was involved in the tear and wear of 

 fixed capital. Other establishments, however, lost of 

 capital 20,000, 30,000, and 50,000, and some were 

 laid in altogether. But the public has benefited. The 

 article has been permanently cheapened, and the trade 

 itself lias been set free from the apprehensions and 

 anxieties to which a protected business always gives 

 rise. 



In the same way the removal of protection operates in 

 every case. It will so operate upon the cotton manufac 

 tures of the United States. And it is not to be believed 

 that the vast area of the Union, from Oregon to the St 

 John River, will consent long to pay duties on manufac 

 tured goods which only serve to smother the genius, and 

 prevent the full development of the energies, of the 

 intellectual and rapidly progressing people of New 

 England. 



A gentleman deeply interested in the Lowell manu 

 factures, not knowing my views, remarked to me, &quot; The 

 Southern States complain of the tariff. But that it does 

 them no harm does not raise the price of goods to them 

 is proved by this, that our Lowell cottons can compete 

 in foreign markets with the English, and have even 

 driven them out of some of the South American markets.&quot; 

 &quot; Then why retain it ? &quot; said I. &quot; Oh, we don t want it,&quot; 

 c But you, and your party, are the people who uphold the 

 protective duties.&quot; In fact, in the coarse goods which 

 the Lowell people manufacture, they ought to beat 

 foreigners out of the home markets, and special circum 

 stances which lend them a footing may enable them to 

 do so in some other American markets. But the price 

 of all those finer goods which are still imported from 



