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But what the bigotry of Louis XIV and the shiftlessness of Louis XV could not do in nearly a century, was accomplished by this tampering with the currency in a few months. One manufactory after another stopped. At one town, Lodève, five thousand workmen were discharged from the cloth manufactories. Every cause except the right one was assigned for this.
The public funds of all Europe experienced a great decline, smash went the country banks, consequent runs on the London, a dozen Baronets failed in one morning, Portland Place deserted, the cause of infant Liberty at a terrific discount, the Greek loan disappeared like a vapour in a storm, all the new American States refused to pay their dividends, manufactories deserted, the revenue in a decline, the country in despair, Orders in Council, meetings of Parliament, change of Ministry, and new loan!
I confess, the sight of those manufactories, which have suddenly sprung up, like fungous excrescences, in the bosom of these wild and desolate scenes, impressed me with as much horror and amazement as the sudden appearance of the stocking manufactory struck into the mind of Rousseau, when, in a lonely valley of the Alps, he had just congratulated himself on finding a spot where man had never been.
There was, at this period, no manufactories of note in the province. The manufacture of leather, hats, and paper, had been introduced, and étoffe du pays, manufactured by the farmers, constituted the garb of the Canadians generally. There were two iron works in the vicinity of Three Rivers. There was nothing more.
With this view, a number of agents were sent to gather personally, from the pay rolls of American and English manufactories, the rates of wages paid in twenty-four of the leading industries which are common to the two districts respectively.
In addition to the large amount of agricultural products drawn from the upper valley of the Tennessee, they also obtained iron and other materials from the vicinity of Chattanooga. The possession of East Tennessee would cut off one of their most important railroad communications, and threaten their manufactories at Rome, Atlanta, etc.
The working of the great railroads and hotels and manufactories, of the trades unions, of the co-operative associations, and of the monster armies now maintained by three or four powers, are all illustrations of it. The growth of power is, of course, the result of the growth of intelligence, and it is in the ratio of the growth of intelligence.
Nevertheless, our manufactories, on their merits, are gradually getting a footing in the market. When Mark Twain was in Bombay, a few years ago, he met with an unusual experience for a mortal. He was a guest of the late Mr. Tata, a famous Parsee merchant, and received a great deal of attention.
The American system of locating various and extensive manufactories next to the plow and the pasture, and adding connecting railroads and steamboats, has produced in our distant interior country a result noticeable by the intelligent portions of all commercial nations.
But our commerce should be encouraged; American shipbuilding and carrying capacity increased; foreign markets sought for products of the soil and manufactories, to the end that we may be able to pay these debts.
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