298 HISTORY OP TH^E GRANGE MOVEMENT; OR, 



they were disposed to. He thinks the capital that yields 

 a gross product annually of four and a quarter billions 

 should be reported at eight billions instead of two bil- 

 lions, as shown by the Ninth Census, and recommends 

 the abandonment of that inquiry in the future. 



"Perhaps the following showing will explain why 

 the manufacturers are so reluctant about showing their 

 capital, and also that generally the amount of their 

 capital is overstated rather than understated. 



" While the statistics may not be strictly accurate, 

 they are a safe guide by which to compare one industry 

 with another, or the same industry at different periods. 



" In 1850 the value of the manufactured product, 

 after deducting the cost of wages and raw material, was 

 42 i per cent, on the capital invested. This, of course, 

 was not the clear profit on capital, for doubtless the 

 owners have greatly augmented its profits by the assis- 

 tance of their own labor. 



"In 1860 the profits on manufacturing capital (assis- 

 ted by the owners' labor, as before), after deducting the 

 cost of wages and raw material, was 47 per cent, per 

 annum . 



"In 1870 the manufacturing capital, put under like 

 conditions as before, yielded a profit of nearly 46 per 

 cent, per annum, or including mining and fishing, as 

 per census of 1850 and 1860, 44 J per cent. 



" However ' untrustworthy ' the census reports may 

 be as to the amount of capital engaged in manufacture, 

 here is a uniform percentage for three decades. 



" The value of the total agricultural product not being 

 given for any but the census of 1870, I cannot compare 

 the profits of capital invested in agricultural industry 

 with the profits of capital invested in manufacturing 



