THE FARMER'S WAR AGAINST MONOPOLIES. 299 



industry for any but that year, but it will doubtless be 

 a good indication of the results in 1850 and 1860. 



" In 1870 the value of the entire agricultural product, 

 after deducting the cost of wages, as in the case of 

 manufacturers, was 19} per cent, per annum on the 

 capital invested in agriculture, assisted by the owners' 

 labor. 



" In this case I assume the value of the farm, farm- 

 ing implements, and live stock (less its annual increase) 

 to be the farmer's capital, to which should be added the 

 value of the seed for the crops and provender for the 

 stock. 



" From 1850 to I860 manufacturing capital increased 

 89 per cent., while the number of establishments in- 

 creased only 14 J per cent., and the number of opera- 

 tives increased only 37 per cent. 



" This leads one hereditary protectionist to the conclu- 

 sion that manufacturing capital has but little tendency 

 to diffuse itself among the people ; but on the contrary, 

 that those who possessed it in 1850 also possessed about 

 85 per cent, of the increase from 1850 to 1860. 



"From 1860 to 1870 manufacturing capital (includ- 

 ing mining and fishing, as these branches of industry 

 were classed with and included in manufacturing 

 statistics in 1850-60) increased 132J per cent. The 

 number of establishments increased nearly 87 per cent.; 

 and the number of operatives increased only 70 per 

 cent. 



" While this showing is much better than the pre- 

 vious one, it still shows that the fortunate few who 

 had possession of the capital still get the lion's share of 

 the increase. 



" The per cent, on the dutiable imports from 1850 



