History of Cincinnati, Ohio, with illustrations and biographical sketches, Part 90

Author: Ford, Henry A., comp; Ford, Kate B., joint comp
Publication date: 1881
Publisher: Cleveland, O., L.A. Williams & co.
Number of Pages: 666


USA > Ohio > Hamilton County > Cincinnati > History of Cincinnati, Ohio, with illustrations and biographical sketches > Part 90


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FIVE YEARS LATER.


In 1840, the manufactures of Cincinnati in wood, wholly or principally, occupied the energies of two hun- dred and twenty-seven establishments, with one thousand five hundred and fifty seven hands, and gave a product for the year of $2,222,857 value. In iron, wholly or or chiefly, there were one hundred and nine factories, with one thousand two hundred and fifty hands, and a product of $1,728,549; in other metals, sixty-one work- shops, four hundred and sixty-one hands, $658,040; leather, entirely or partly, two hundred and twelve work- shops, eight hundred and eighty-eight hands, $1,068,700; hair, bristles, and the like, twenty-four workshops, one hundred and ninety-eight hands, $366,400; cotton, wool, linen, and hemp, thirty-six workshops, three hundred and fifty-nine hands, $411, 190; drugs, paints, chemicals, etc., eighteen workshops, one hundred and fourteen hands, $458,250; earth, fifty-one workshops, three hundred and one hands, $238,300; paper, forty-seven workshops, five hundred and twelve hands, $669,600; food, one hundred and seventy-five workshops, one thousand five hundred and sixty-seven hands, $5,269,627; science and the fine arts, fifty-nine workshops, one hundred and thir- ty-nine hands, $179,100; buildings, three hundred and thirty-two workshops, one thousand five hundred and sixty-eight hands, $953,267; miscellaneous, two hundred and fifty-nine workshops, one thousand seven hundred and thirty-three hands, $3,208,790. The total number of manufacturing operatives was ten thousand six hun- dred and forty-seven, with a product for the year of


331


HISTORY OF CINCINNATI, OHIO.


$17,432,670. The capital invested in local manufactures was $14,541,842.


The next year Mr. Cist, from whose Cincinnati in 1841 we derive these statistics, wrote that manufacturing was "decidedly our heaviest interest, in a pecuniary and political sense, and inferior to few others in a moral one. Most of the machinery was then moved by water-power derived from the canal or by hand-power, notwithstand- ing the comparatively large number of steam engines above noted. About two persons were employed in mauufacturing for every one operative in Pittsburgh. The iron foundries had become a very heavy industry, and there were eight brass and bell foundries-the Cin- cinnati bells having already acquired a high reputation. Four establishments were making mathematical and phil- osophical instruments. Remarkable success had been achieved in making and selling stoves and hollow ware.


EARLY PHOTOGRAPHY.


Three years subsequently, in the compilation of his Cincinnati Miscellany, Mr. Cist inserted an editorial note which has especial value at this day, as illustrating the rise-or rather early progress-of one of the most inter- esting and important industries of the Queen City:


WINTER'S CHEMICAL DIORAMA .- Our townsman, R. Winter, has re- turned from the east with his chemical pictures, which he has been ex- hibiting for the last thirteen months in Boston, New York, and Balti- more, with distinguished success. He is now among his early friends, who feel proud that the defiance to produce such pictures as Daguerre's, which was publicly made by Maffel and Lonati, who exhibited them here, was taken up and successfully accomplished by a Cincinnati ar- tist. Nothing can be more perfect than the agency of light and shade, to give life and vraisemblance to these pictures. They are four in num- ber. The Milan Cathedral at Midnight Mass, the Church of the Holy Sepulchre at Jerusalem, Belshazzar's Feast, and the Destruction of Babylon. These are all fine, each having its appropriate excellencies; but the rich, yet harmonious coloring in the two last has an incompar- able effect, which must strike every observer. But the pen cannot ade- quately describe the triumphs of the pencil: the eye alone must be the judge.


ABOUT EIGHTEEN HUNDRED AND FIFTY-ONE,


Cincinnati was visited by the renowned philosopher edi- tor, Mr. Horace Greeley, of the New York Tribune, who carried the observing eye and thoughtful mind whitherso- ever he went, especially where industries or agriculture was to be observed. In one of his remarkable letters of that time he wrote of this city :


It requires no keenness of observation to perceive that Cincinnati is destined to become the focus and mart for the grandest circle of manu- facturing thrift on this continent. Her delightful climate; her unequal- led and ever-increasing facilities for cheap and rapid commercial inter- course with all parts of the country and the world; her enterprising and energctic population; her own elastic and exulting growth, are all ele- ments which predict and insure her clectric progress to giant greatness. I doubt if there is another spot on the earth where food, fuel, cotton' timber, iron, can all be concentrated so cheaply-that is, at so moder- ate a cost of human labor in producing and bringing them together- as herc. Such fatness of soil, such a wealth of mineral treasure-coal iron, salt, and the finest clays for all purposes of usc-and all cropping out from the steep, facile banks of placid though not sluggish navigable rivers. How many Californias could equal, in permanent worth. this Valley of the Ohio?


Manufacturing in Cincinnati had increased one hun- dred and eighty per cent. in the ten years 1840-50. In tne former year 8,040 employes were engaged, producing in one year $16,366,443; in 1850, 28,527 persons were employed, with a product of $46,789,279.


At this time the largest chair factory in the world, that of C. D. Johnston, was located in this city, on the south side of Second, between John and Smith streets.


The vinegar business had increased from a product of less than a thousand barrels in 1837, to $168,750 worth from twenty-six factories, employing fifty-nine hands, be- sides some establishments that were making vinegar in connection with other business.


The whiskey product in and near Cincinnati now ag- gregated 1, 145 barrels per day, or $2,857,900 worth dur- ing the year.


The wine industry in 1851 was employing about five hundred persons and producing $150,000 a year. Nearly a thousand acres about the city were already in grapes, of which Nicholas Longworth alone had one hundred and fifteen, with a wine-cellar forty-four by one hundred and thirty-five feet in dimensions, four and a half stories high, and too small at- that. Robert Buchanan, Thomas H. Yeatman, and others, were also producing in considera- ble quantity.


Oil-cloth was also becoming an important article of manufacture. It had not been made here until 1834, ex- cept some coarse stuff printed on wooden blocks. In the year named Messrs. Sawyer & Brackett began print- ing with copper blocks, and their products soon com- manded the premium at several industrial and agricul- tural fairs. In 1847 they began making transparent oil- painted window shades.


The Cincinnati type foundry, which was regularly char- tered January 12, 1830, employed in 1850 one hundred hands, and produced a value of $70,000 a year. Every description of type made in the east was now manufac- tured here. The foundry had two thousand fonts on its shelves. Fancy type were cast by steam and under pres- sure, hardening the product and making it heavier. An- other house, Messrs. Guilford & Jones, was likewise in the business, and employing twenty-one hands.


In the comparatively little matter of zinc wash-boards, it was noted by Mr. Cist that Cincinnati produced fifty more this year than any State of the Union other than Ohio, or than any other city in the world.


WILLIAM CHAMBERS' NOTES.


In 1853, as noted in the annals of Cincinnati's Sev- enth Decade, the city was visited by the celebrated Edin- burgh publisher, Mr. William Chambers. Some peculi- arities of the manufacturing business here seem especially to have attracted his notice. He remarks in his book of Things as they Are in America :


Like all travellers from England who visit the factories of the United States, I was struck with the originality of many of the mechanical con- trivances which came under iny notice in Cincinnati. Under the enlightenment of universal education and the impulse of a great and growing demand, the American mind would seem to be ever on the rack of invention to discover fresh applications of inanimate power. Almost everywhere may be scen something new in the arts. As regards carpentry-machinery, one of the heads of an establishment said, with some confidence, that the Americans were fifty years in advance of Great Britain. Possibly, this was too bold an assertion; but it must be admitted that all kinds of American cutting-tools arc of a superior description, and it is very desirable that they should be examined in a candid spirit by English manufacturers. In mill-machinery the Ameri- cans have effected some surprising improvements. At one of the


332


HISTORY OF CINCINNATI, OHIO.


machine-manufactories in Cincinnati, is shown an article to which I may draw the attention of English country-gentlemen. It is a portable flour-mill, occupying a cube of only four feet ; and yet, by means of various adaptations, capable of grinding, with a power of three horses, from fourteen to sixteen bushels per hour, the flour produced being of so superior a quality that it has carried off various prizes at the agri- cultural shows. With a mill of this kind, attached to the ordinary thrashing-machines, any farmer could grind his own wheat, and be able to send it to market as finely dressed as if it came from a professional miller. As many as five hundred of these portable and cheap mills are disposed of every year all over the Southern and Western States. Surely it would be worth while for English agricultural societies to pro- cure specimens of these mills, as well as of farm implements generally, from America. A little of the money usually devoted to the over- fattening of oxen would not, I think, be ill employed for such a pur- pose.


IN 1859,


According to Mr. Cist, Cincinnati was considered the most extensive manufacturing centre in the Union, except Philadelphia. Trade and commerce were carried on to the amount of about eighty million dollars a year, with an average profit of twelve and one-half per cent., or ten millions of dollars; while manufacturing and mechanical operations produced ninety millions a year, and a profit of thirty millions, or thirty-three and one- third per cent. Fifty-six hundred persons were engaged in the former pursuits, forty-five thousand in the latter. Twenty establishments, employing six hundred and twenty hands, were making agricultural machines and implements, and turning out a value of one million three hundred and ninety-five thousand dollars for the year- four of them engaged solely upon plows and plow molds. Nine manufactories of alcohol and spirits of wine, with one hundred and forty hands, were capable of pro- ducing six hundred and sixty-four barrels a day, but made but one hundred and ten thousand in the year, worth twenty dollars a barrel, or a total of two million two hundred thousand dollars. Thirty-six breweries turned out, in the single article of lager beer, eight millions of gallons-two-thirds of which, it may be further remarked, were consumed in Cincinnati. Clothing was now the largest business in the city, which furnished the greatest market in this country for ready-made clothing. Forty- eight wholesale and eighty-six retail houses were engaged in it, employing seven thousand and eighty seamstresses, and producing fifteen million dollars' worth a year. Other industries were catalogued, and statistics given by Mr. Cist, in his Cincinnati in 1859, as follows :


*The manufacture of baking-powders had been introduced but eight or ten years before.


Establishment.


No.


Hands.


Product.


Bookbinding


380


$ 326,000


Boots and shoes


474


2,745


1,750,450


Boxes, packing.


6


75


210,000


Brands, stamps, stencils, etc.


10


30


22,000


Bricklayers, masters


290


Plasterers


40


1, 112


640,700


Brickyards.


60


500


285,000


Brooms


2


25


25,000


Bristle-dressing and curled hair.


2


150


140,000


Brittania ware


2


40


100,000


Brushes


15


85


125,000


Bungs and plugs.


I


6,000


Burning fluid.


3


20


195,000


Butchers


210


1,100


4,370,000


Candles, lard oil, etc.


6


142


114,500


Candy.


13


I32


262,000


Cap and hat bodies.


2


20,000


Caps.


7


160


120,000


Carpenters and builders.


310


3,424


2,760,000


Carpet-weavers


15


70


75,000


Carpenters' tools


I


IO


8,000


Carriages


32


450


460,000


Carvers, wood.


4


20


30,000


Charcoal pulverizers


3


I8


30,000


Cistern-builders


3


30


75,000


Chemicals


8


Cloaks, mantillas, etc.


5


240


250,000


Coffee-roasting and grinding.


2


45


225,000


Coopers.


I30


1,756


1, 510,000


Copper, tin, and sheet-iron


II5


760


610,000


Copper and steel-plates.


2


22


48,000


Cordage, hemp, manilla, etc


6


140


234,000


Cotton yarn, batting, twine, etc


5


580


600,000


Corned-beef, tongues, etc.


14


300


225,500


Cutlery, surgical instruments, etc.


IO


50


80,000


Dental furniture.


T


9


10,000


Dentists


40


40


125,000


Die sinkers


3


6


7,500


Drug-grinding.


2


12


60,000


Dyeing


15


45


60,000


Edge-tools and grinding.


19


72


130,000


Engraving, seal papers, etc


8


20


30,000


Files. .


2


19


18,000


Florists, nurserymen, and seed dealers.


25


300,000


Flour and feed mills .


21


45


216,000


Foundries-iron


42


5,218


6,353,400


Dentists


40


40


125,000


Furniture


I20


2,850


3,656,000


Fringes, tassels, etc ..


4


50


66,000


Gas-fitting.


II


56


110,000


Gas-generator


I


15


50,000


Gilding


II


75


60,000


Gilding on glass


I


5


10,000


Glassworks.


I


80


100,000


Grease factory.


I


I20


130,000


Gloves


3


40


30,000


Glue.


6


40


36,000


Animal charcoal.


I


15


$ 30,000


Artificial flowers.


3


40


24,000


Awnings, tents, etc.,


8


66


52,000


Bakeries*


220


656


960,280


Band and hat-boxes, etc ..


6


36


42,000


20


130


250,000


Brass founders and finishers.


IO


Bells,


100,000


IO


1,825


4,334,000


Bell foundries.


2


Brass castings, 225,000


Bellows


3


9


20,000


Belting.


2


96,000


Bill tubes


2


125


342,000


Blacking paste.


3


24


36,000


Blacksmiths


125


345


397,200


Venetian blinds.


7


45


60,000


Blocks, spars, and pumps.


5


20


25,000


Boiler yards


IO


80


363,000


Bolts. .


2


60


65,000


Malt


589,400


Marble-works ..


22


290


320,000


Mathematical and other instruments ..


5


20


40,000


No.


Hands.


Product.


Gold leaf and dentists' foil.


I


7


15,000


Gold pens.


2


5


6,500


Guns, etc


6


30


45,000


Hat blocks


I


4


4,000


Horse-shoeing.


12


40


50,000


Iron bridges


I


75


1, 000,000


Japanning and tinners' tools.


74


130,000


Ladders


6


12


20,000


Lever bolts, etc.


IO


6c


75,000


Lightning rods.


3


35


175,000


Lead pipe, etc.


I


61,000


Liquors


40


240


1,600,000


Lithographers


6


66


165,000


Machinery, wood-working.


2


82


175,000


Ice.


Rolling mills.


I


Establishments.


333


HISTORY OF CINCINNATI, OHIO.


Establishment.


No.


Hands.


Produet.


Mats


I


3


8,000


Mattrasses, bedding, ete ..


15


IIO


108,000


Masonie and Odd Fellows' regalia ..


4


18


25,000


Wire-working


5


60


150,000


Wood and willow-ware.


15


90


50,000


Wool carding, ete


3


Writing inks


5


50


100,000


Wrought nails


4


12


12,000


THE LAST TWENTY YEARS.


The manufacture of tobacco was not begun in Cincin- nati until 1863. It is now one of the great industries of city.


During the year ending March 31, 1869, one hundred and eighty-seven classes of manufactured articles were produced in Cincinnati and its immediate neighborhood, by 3,000 establishments, employing 55,275 hands and a cash capital of $49,824,124, and turning out an aggre- gate product for the year worth $ 104,657,612. For the year 1860 the returns had shown 2,084 manufactories, 30,268 hands, $18,983,693 capital invested, and a pro- duct of $46,995,062. Pitting 1869 against 1860, an increase in nine years is shown of one hundred and twen- ty-three per cent; against 1840, an increase of five hun- dred and forty per cent.


The census of 1860 exhibited three hundred and forty occupations as pursued in Cincinnati, of which two hundred and thirty were those of mechanics, artisans, and manufacturers. There was an increase, as against 1850, of fifty varieties of occupation not before practiced here. There was now, according to the Hon. E. D. Manfield, State commissioner of statistics, twenty more occupations pursued in Cincinnati than in Chicago, and fifty more than in the entire State of Indiana.


In 1869 the principal branches of productive industry returned about as follows: Workers in iron, all kinds, $5,500,000; furniture, all kinds, $17,000,000; meats, $9,000,000; clothing, $4,500,000; liquors, $4,500,000; soaps and candles, $1,500,000; oils, lard, resin, etc., $3,000,000; mills of all sorts, $2,000,000.


In 1867 Cincinnati was the third manufacturing city in the Union-the fourth in the production of books. This position was maintained six years later, in 1873, as to rela- tive position in general manufacturing. Of the thirty-seven medals awarded to the United States at the Vienna ex- position of the year, thirteen, or more than one-third, came to Cincinnati manufacturers. The value of their products was, in round numbers, $143,000,000.


The Board of Trade report for 1870, made by Colo- nel Harry H. Tatem, then secretary, exhibited the follow- ing comparative statements of the increase of manafac- turing industries in Cincinnati:


Number of Hands Employed.


Value of Produets.


1850.


28,527


1850. .$46,789,279


Typc and printing materials


5


220


310,000


Undertakers.


24


50


140,000


Upholstery and window-shades


18


210


160,000


Varnish, eopal


3


16


200,000


Veneers


I


20


100,000


Vermicelli, maccaroni, etc.


4


20


80


200,000


Wagons, carts, etc.


52


170


210,000


Wall paper stainers and hangers.


2


30


18,000


Washboards, zine


2


90


210,000


Whiskey


5,315,730


Establishment.


No.


Hands.


Produet.


Wigs


3


7


10, 000


Wines and brandy, catawba.


880


600,000


Medieines, patent


15


50


960,000


Millinery


3.50


1,120


1,750,000


Mineral waters, artificial.


80


176,000


Moroeeo leather


IO


167,000


Mouldings


2


16


30,000


Musical instruments.


5


34


49,000


Musie publishing, etc.


I


75


200,000


Oil, castor


H


5


30,000


Oil, coal


4


Oil, cotton seed


3


53


350,000


Paints.


3


185


418,000


Painters and glaziers.


94


810


456,500


Paper mills


7


Pattern making.


50


27,000


Perfumery, fancy soaps, ete.


12


75


190,000


Photographs, ete.


45


II3


150,000


Piekles, preserves, sauee, ete


2


12


35,000


Planes and edge tools


I


25


30,000


Planing machines


3


32


80,000


Plating, silver


4


Plating, eleetrie.


4


20


35,000


Plumbers


24


210


406,000


Poeket combs, ete.


2


20


40,000


Pork and beef packing.


33


2,450


6,300,000


Pottery


12


70


90,000


Printing ink


2


. IO


20,000


Publishing, book and news.


1,230


2,610,050


Pumps, etc.


I


25


30,000


Railway ehairs, spikes, ete


I


35


360,000


Ranges, cooking, ete


3


45


75,000


Refrigerators


2


80


75,000


Roofing, tin, composition and metallie


I8


150


360,000


Saddlery, collars and harness.


56


300


663,000


Saddle-trees.


I


5


10,000


Safes, vaults, ete


2


135


408,000


Sash, blinds and doors.


20


410


1,380,000


Sausages


28


180


215,000


Sawed lumber, laths, ete


12


150


820,000


Saws


2


30


95,000


Scales, platforms, ete.


7


40


85,000


Serew plates


3


I8


21,000


Shirts, ete


25


200


575,000


Show eases


2


6


6,000


Silver and goldsmiths.


5


50


110,000


Spokes, felloes and hubs.


I


80


125,000


Stained glass


2


6


9,000


Stareh


6


50


230,000


Steamboat yards.


3


400


400,000


Stoeking weavers


4


18


18,000


Stone cutters


20


235


1,125,000


Stone masons


50


435


775,000


Stueco workers.


4


I6


18,000


Sugar refineries


4


106


750,000


Tailoring


I60


1,340


2,035,000


Tanners and curriers


30


380


1,520,000


Tapers


I


I


18


25,000 1,667,000


Trunks, valises, and carpet bags.


12


275


650,000


Trusses, braees, and belts


8


60


56,000


Turners.


18


50


95,000


1860.


30,268


I860. 46,995,062


1870.


59,354


1870. 119, 114,089


Inerease in No. of Hands. Increase in Products.


From 1850 to 1860. . .. .. 1,741 From 1850 to 1860. ..... $ 205,783 From 1860 to 1870. . . . . . 29,086 From 1860 to 1870. . . . . . 72, 145, 027


That year brought the terrible panic, which largely pros- trated the industries of the manufacturing centres. Colonel Sidney D. Maxwell, superintendent of the cham- ber of commerce, in his report for 1875-6, said of this:


1


Tobacco, cigars, ete


93


2,010


93,600


Terra cotta work


24,000


Vinegar


I


Oil, linseed


616,000


25,000


IO


334


HISTORY OF CINCINNATI, OHIO.


Cincinnati, in the midst of this general depression, was peculiarly situated. Alone, among the great cities of the country, she was the centre of a large district which had sustained tremendous losses from the storms of the previous harvest. In some places crops had been lit- erally ruined and in others badly damaged. It was nothing short of a great agricultural disaster in nearly the whole locality upon which Cin- cinnati draws for her local trade. In the light of these circumstances must be read the detailed result of the year, for it reveals facts concern- ing the prosperity of this city which, if not exceptional among the great centres of business, are remarkable, and speak for the enterprise of the merchants of the city, the stability of our manufacturers, and the solidity of our commercial foundations so forcibly that it should silence all croakers and be a subject for general congratulation among our whole people.


In volume the business of Cincinnati has not only suffered little diminution, but in some departments it has been more than maintained. The aggregate value is considerably less than in the preceding year, but this grew mainly out of the steady and in many cases great shrink- age in prices. The number of pounds, yards, and packages, in gen- eral, is the only fair test of relative trade, and with this measure there is little but encouragement to the business men of Cincinnati. The sea- son certainly has not been a money-making one, but with constantly shrinking prices good profits could not be expected.


The volume of business in pig-iron and coal this year, notwithstanding the financial pressure, was greater than had been known in the history of the city. The sales of iron were one hundred and thirty-seven thousand six hundred and forty six tons, against one hundred and seventeen thousand two hundred and twenty-five the previous year, an increase of twenty thousand four hun- dred and twenty-one tons. There was also a material increase in the cotton business, and some in hog pro- ducts, grain and other of the leading articles.


The manufacture of oleomargarine was commenced in this city in April, 1877.


During the year ending January 1, 1879, the total pro- duction of manufactured articles here reached a value of one hundred and thirty-eight million seven hundred and thirty-six thousand one hundred and sixty-five dollars, against one hundred and thirty-five million one hundred and twenty-three thousand seven hundred and sixty-eight the previous year, and only seven million six hundred and ninety-five thousand one hundred and eighty-nine below the highest production in the best year Cincinnati had known, notwithstanding the great depreciation in values which then prevailed. The number of establish- ments in operation (five thousand two hundred and seventy-two), and the hands employed (sixty-seven thou- sand one hundred and forty-five), were both greater in number than ever before. Cash capital invested in manufactures, fifty-seven million five hundred and nine thousand two hundred and fifteen dollars; value of real estate occupied, forty-five million two hundred and forty- five thousand six hundred and eighty-seven dollars.


In the manufacture of school-books the city was now second to no city in the world. In the production of law-books it was excelled by but one other. ' In the mat- ter of clothing, Cincinnati was the fifth city for volume of product.


Colonel Maxwell says in his report for 1880:


The aggregate value of the products of our manufacturing industry, the number of hands employed, the value of real estate occupied, the cash capital invested, and the number of establishments engaged in Cincinnati, for each year in which statistics have been compiled touch- ing these particulars, will be found in the following table :


ments ......


establish-


Number of


invested ...


capital


estate occu-


Value of real


ployed ......


hands


Number


duction . . . ..


Value of Pro-


Total for year 1840.


1850.


1860.


30,268


46,995,062


=


1870.


51,673,741


37,124, 119


59,827


127,459,021


1871 ..


50,520,179


40,443,553


58,443


135,988,365


1872 ..


3,971


55,265,129


45, 164,954


58,508


145.486,675


I873 ..


4,118


54,377,853 63, 149,085


52,151,680


€0,999


143,207,371


=


1875.


4,693


64,429,740


53,326,440


62,218


146,431,354


1876 ..


5,003


61,883,787


51,550,933


60,723


140,583,960


1877.


5, 183


57,868,592


47,464,792


64,709


135,123,768


1878.


5,272


57,509,215


45,245,687


67, 145


158,736,165


¥


I879.


5,493


60,523,350


48, 111, 870


74,798


148,957,280


* Not reported.


The aggregate production for 1879 was by several millions the largest ever reported in the history of Cin- cinnati. It was thought that the products of manufact- uring industry in the city for 1880 would reach one hundred and seventy-five to two hundred millions.


Colonel Maxwell says further in his masterly reports :


It is a noticeable feature of Cincinnati that they who are managing our industrial establishments are generally men who are thoroughly ac- quainted with the practical features of their business. They are me- chanics themselves, who did not commence to build at the top of the structure, but at the bottom, when they had small means. These oaks, whose great spreading branches now shelter so many families of work- ingmen, were once small producers, who have grown up by degrees, gathering skill with experience and strength with their skill. The re- sult is a large intelligence in the prosecution of business. Then, as a sequel to this, we find that the capital used by our manufacturers con- sists largely of the accumulations from their business. Their surplus has not been committed to the treacherous waves of speculation, but has been turned into their business to enlarge their usefulness.




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