This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1836. Excerpt: ... New England as it has been to old England. We refer to the art of cotton manufacturing. In 1833, according to very satisfactory data before us, there were consumed in this state and in cotton mills in some of the neighboring states, owned in this state, and consequently sustained by our capital, 36 millions pounds of raw cotton; it has probably since increased to upwards of 40 millions. Admitting it to be 40 millions, the cost of it, at the price of last year, would be about seven millions of dollars. If to this sum be added the cost of wages, fuel, and other expenses of converting the material into its various fabrics, the aggregate cost would amount to at least ten millions of dollars. This sum must be advanced In Money, before the goods are ready for sale and it would then require twelve months at least for their distribution, sale, and a conversion of the notes, received in payment into money. Now, it must be apparent to any one familiar with the subject, that in a business requiring a heavy investment of capital in the fixtures of an establishment, and with so long a period in getting returns for the outlay of active capital, that there must be the aid of additional capital required, and consequently, that frequent embarrassments in the money market, raising its price to the now existing rate of 9 to 12 per cent, must be fatal to an occupation which, in a range of years, cannot be expected to afford a profit much, if any, beyond the ordinary interest of money. We have selected these two important vocations, because there happen to be facts within our reach by which we can sustain and illustrate the point we are aiming to establish; namely, that from the nature and magnitude of our concerns, we require the constant and active use of a very large monie...