Standard history of Pittsburg, Pennsylvania, Part 25

Author: Wilson, Erasmus, 1842-1922; Goodspeed, Weston Arthur, 1852-1926. cn
Publication date: 1898
Publisher: Chicago : H.R. Cornell & Co.
Number of Pages: 1192


USA > Pennsylvania > Allegheny County > Pittsburgh > Standard history of Pittsburg, Pennsylvania > Part 25


Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).


Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47 | Part 48 | Part 49 | Part 50 | Part 51 | Part 52 | Part 53 | Part 54 | Part 55 | Part 56 | Part 57 | Part 58 | Part 59 | Part 60 | Part 61 | Part 62 | Part 63 | Part 64 | Part 65 | Part 66 | Part 67 | Part 68 | Part 69 | Part 70 | Part 71 | Part 72 | Part 73 | Part 74 | Part 75 | Part 76 | Part 77 | Part 78 | Part 79 | Part 80 | Part 81 | Part 82 | Part 83 | Part 84 | Part 85 | Part 86 | Part 87 | Part 88 | Part 89 | Part 90 | Part 91 | Part 92 | Part 93 | Part 94 | Part 95 | Part 96 | Part 97 | Part 98 | Part 99 | Part 100 | Part 101 | Part 102 | Part 103 | Part 104 | Part 105 | Part 106 | Part 107 | Part 108 | Part 109 | Part 110 | Part 111 | Part 112 | Part 113 | Part 114 | Part 115 | Part 116 | Part 117 | Part 118 | Part 119 | Part 120 | Part 121 | Part 122 | Part 123 | Part 124 | Part 125 | Part 126 | Part 127 | Part 128 | Part 129 | Part 130 | Part 131 | Part 132 | Part 133 | Part 134


(q) A citizen in Gazette, August 27, 1819.


's) Gazette, October, 1819.


(r) Gazette, August 31, 1819.


220


HISTORY OF PITTSBURG.


legislation by Congress. Messrs. Denny, Biddle and Forward were appointed to prepare this memorial. The name chosen for the society was The Alle- gheny County Society for Protecting Agriculture and Domestic Manufactures. In the articles of association it was stated that:


"In searching for the cause of this extensive pecuniary distress we are irre- sistibly led to the conclusion that it proceeds in a great measure from the want of that paternal protection which the general government should have extended to foster and support our own manufactures, particularly at a time when, by a suicidal policy, the creation of so many banking institutions afforded the greatest facilities to speculators, by enabling them to introduce from foreign countries commodities of foreign fabrication, neither required by our necessities nor wanted for our comfort, and to such a ruinous extent as greatly to overbalance all our means of repayment, thereby prostrating that numerous and respectable class of our fellow citizens whose praiseworthy and indefatigable exertions during the late war rendered their country truly independent and merited a better reward" (t).


"There is an almost unanimous opposition among the Southern members to any further protection being given by law to the manufacturing interests. The Southern States which are engaged in the culture of cotton and tobacco find a ready sale for these articles and have no need of laws protecting manu- factures. They look to the consumer and not to the producer. The present Congress is much perplexed over the situation" (u).


The mercantile class had little to gain by the adoption of a protective tariff schedule that should shut out foreign manufactures. They really made more money in handling imported goods, which, in nearly all articles, exceeded in merit domestic products. Late in January, 1820, the committee on domestic manufactures of the Pennsylvania House of Representatives, after a long review of the condition of trade and manufactures in the State, submitted the following:


"Resolved, That our Senators and Representatives from this State in Con- gress be requested to use their utmost efforts to have the tariff so modified as to meet the prohibitions and prohibitory duties of foreign powers and afford effectual encouragement and protection to the industry of our citizens" (v).


On May 24, 1820, "the most numerous meeting ever assembled in Pittsburg" was held to consider the condition of public affairs. John Darragh was called to the chair; John Spear and Henry M. Campbell appointed secretaries, and Morgan Neville stated the object of the meeting. Resolutions thanking Henry Baldwin and Walter Lowrie for their exertions in behalf of manufactures in Congress, and Messrs. Powers, Wilkins, Brackenridge, Gilmore and Stewart for their efforts in behalf of internal improvements in the State Legislature, were passed. So great an interest in domestic manufactures did Morgan Neville, editor of the Gazette, take, that on June 5, 1820, he changed the name of his paper from The Pittsburg Gazette to Pittsburg Gazette and Manufacturing and Mercantile Advertiser. He said that although Mr. Baldwin's tariff bill had been rejected by Congress, he would not "give up the ship," and advised, "Let the word 'Manufactures' be in every man's mouth, so that not a particle of spirit may evaporate" (w).


The friends of domestic manufactures, desiring to show their appreciation of the able, judicious and persevering exertions of Henry Baldwin in their cause in the Congress of the United States, met at Colonel Hunter's Hotel June 26,


(t) Gazette, February 18, 1820.


(u) Extract from letter from Washington, D. C., dated February 9, 1820, in Gazette of February 18, 1820.


(v) Proceedings of the House, 1819-20.


(w) Gazette, June 5, 1820.


221


HISTORY OF PITTSBURG.


1820, on which occasion Benjamin Bakewell was called to the chair and George Cochran appointed secretary. It was designed to honor Mr. Baldwin with a public dinner, where an opportunity could be afforded for an expression of the opinions of the community; but that gentleman, while warmly thanking the pro- jectors of the movement for their confidence in him, advised against the banquet. He stated that the contest inaugurated among the citizens of Pittsburg on the subject of a protective tariff was already too violent and protracted, that the excitement should be allayed rather than increased, owing to the approach- ing and inevitable conflict on the subject (x).


The tariff bill introduced into Congress by Mr. Baldwin, and supported by him in a masterly speech, was framed not so much with a view to secure revenue or to aid manufactures as to introduce a policy by which the industry of the country might be resuscitated and encouraged. The impartial principles exhibited in this speech placed the subject in a more liberal and enlightened view than had ever before been accomplished by any member of Congress.


It is commonly accepted as a fact, and there seems no reason to doubt its truth, that the year 1821 witnessed the greatest business depression this com- inunity was ever called upon to endure. In that year manufactures were almost wholly suspended, and a lethargy which no one seemed able to break held possession of all business enterprises. No such general suspension of business operations was known here previously, nor has been experienced since. The. little money which had escaped the demands of Eastern creditors was never exhibited and carefully hoarded. The most tempting offers to capital were rejected. It is said that good lumber went begging at fifty cents per thousand feet and that wheat had much difficulty in bringing twenty-five cents a bushel. All manufacturing, or nearly all, was stopped, because there were no orders. In fact, it took five years for the merchants and manufacturers here to collect from Western purchasers enough to satisfy Eastern creditors. The recollec- tion of this distressing period was only effaced by the death of the participants.


(x) Gazette, July 3, 1820.


CHAPTER X.


MANUFACTURES CONTINUED-REVIVAL OF BUSINESS IN 1825-29-EXTENT OF THE GLASS INDUSTRY-PAPER-MILLS, GRISTMILLS, TANNERIES, SADDLERIES, FURNI- TURE, BOOTS AND SHOES, BREWERIES, TOBACCO, SALT, WHITE LEAD, COTTON AND WOOLEN GOODS, LUMBER, ROPES, POTTERY, ETC .- NAMES OF THE LEADING BUSINESS MEN-COMPARATIVE IMPORTANCE OF INDUSTRIAL ENTERPRISES-EFFECTS OF CHANGES IN THE TARIFF OF 1824-METH- ODS OF BUSINESS MEN-THE FLAX INDUSTRY-FARMING IMPLE- MENTS-THE FACTORY LABOR QUESTION-CHEMICALS-COAL- GROWTH OF BUSINESS-SANTA FE TRADE-BELL MAKING- WHOLESALING-SODA ASH-CARRIAGES AND WAGONS-THE FACTORY RIOTS OF 1848-EFFECTS OF THE TARIFF OF 1846 -STATISTICS OF 1857-GREAT VARIETY OF INDUSTRY.


Despite the hard times several important industries started up from 1819 to 1824. The first successful rolling-mill was put in operation in 1819, though founded in 1818; and early in the '20s others were inaugurated. The citizens persistently advocated a protective law, and at last were triumphant in securing the strong tariff of 1824. It had no sooner become a law than the manufacturers here began to widen their business operations, so that within two or three years a stranger would scarcely have recognized the place.


The O'Hara glassworks were continued by him until his death in 1819, and were then rented. In 1825 the "Pittsburg Glass Works," as they were called, were conducted by Frederick Lorenz, and their operations were very extensive. Forty-eight hands were employed and 60,754 bushels of coal and 600 cords of wood were consumed annually. In 1825 they manufactured (a) :


Window-glass 7,500 boxes, worth $31,000


Porter bottles. 160 gross, worth 1,440


Hollowware 3,160 dozen, worth 4,424


Total.


$36,864


The glass establishment of Bakewell, Page & Bakewell was founded in 1808 and the building erected in 18II, on Water Street, above Grant, and, from the start, was devoted exclusively to the manufacture of white or flint glass. So excellent was the article produced that the manufacturers attained a fame, not only in all parts of the United States, but in Mexico and in many parts of Europe. No finer product could be found anywhere. If a stranger of prom- inence visited Pittsburg he was taken with certainty to "Bakewell's glasshouse." They produced every variety and employed sixty-one hands, of whom twelve were kept constantly engaged in engraving and ornamenting. The annual product in 1825 was about $45,000 (b).


In 1810 the Birmingham Glass Works were founded, and in 1812 the building was erected by Sutton, Wendt & Co., but after many changes the establishment was owned and conducted by Wendt, Ensell, Ihmsen and others in 1825. They manufactured window-glass and green hollow glassware entirely and did a large business. Their product went to all parts of the Union. The


(a) Pittsburg in 1826 .- Samuel Jones.


(b) Pittsburg in 1826 .- Samuel Jones.


222


223


HISTORY OF PITTSBURG.


owners were all practical men, who did a large part of their own work. employed forty hands and manufactured in 1825:


They


Window-glass


4,000 boxes, worth $16,000


Porter bottles


100 gross, worth 900


Hollowware.


10,000 dozen, worth II,040


Total (c).


$27,940


In 1823 John Robinson crected near the corner of Ross and Second streets what was called the "Stourbridge Glass Works," and began to manufacture white and flint glass only. In 1825 eighteen hands were employed, and the cstablishment was fairly prosperous. He then made engraved and fancy cut glass, and his works were at First and Ross streets. The following table shows the production of glass here in 1825:


Factories (c).


Hands


Value of Product.


Bushels Coal Consumed.


Pittsburg Glass Works.


48


$36,864


60,754


Birmingham Glass Works


40


27,940


40,000


Bakewell's Glass Works


6I


45,000


30,000


Stourbridge Glass Works


I8


22,000


18,000


Totals


I67


131,804


148,754


In 1810 there were but two paper-mills in the western part of Pennsylvania, one of which, the longest established, was the Redstone Mill. The Anchor Stcam Paper Mill, owned and conducted by Henry Holdship, situated at the corner of Ross and Brackenridge streets, was the largest west of the mountains in 1825. An engine of thirty horsepower was used and eighty-eight hands were employed. The mill contained six large vats, and, in addition to other goods, produced forty reams of fine paper per weck, each valued at $3 per ream. The total value of product per year was $37,440. In 1825-6, during eighteen months, $40,000 worth of Spanish paper was produced for the South American market (c). Situated in the Northern Liberties was the Pittsburg Steam Paper Mill, owned by Joseph Patterson & Co. and containing three vats, the motive agency being a twenty-horsepower engine. Cramer & Spear of Pittsburg owned a paper-mill in Little Beaver, Beaver County, which contained two vats and produced $9,000 worth of paper annually. Johnston & Stockton conducted a paper-mill at the falls of Big Beaver, which contained two vats and turned out $10,000 worth of paper yearly (c). In 1826 a new steam paper- mill was in process of erection, near the Arsenal, by George Hurst & Co. Mr. Belknap made the engine.


In 1825 there were four gristmills here-three in Pittsburg and one in Birmingham. The Pittsburg Steam Mill, at the corner of Water Street and Redoubt Alley, was established in 1808 by Oliver Evans. In 1825 it operated three runs of burrs each week day of twelve hours, with an annual capacity of about 7,000 barrels. Attached to it was the plow factory of George Evans. . The Allegheny Steam Mill, established a few years before 1826, on Irwin's Alley, by William Anderson, was owned in 1826 by John Herron. It operated two runs of burrs. In twelve hours it could grind and chop 240 bushels. Con- nected with it was the Allegheny Steam Sawmill, also owned by Mr. Herron, capable of turning out from 2,000 to 2,500 feet of boards per day of twelve hours each. The Eagle Stcam Flour Mill, on the Monongahela, at the mouth of Suke's Run, originally established by Anthony Bcelen, but in 1826 conducted by Mr. Henderson, ran two sets of burrs, one for country work. It produced 3,500 barrels per year, besides large quantities of cut feed. The Birmingham


(c) Pittsburg in 1826 .- Samuel Jones.


224


HISTORY OF PITTSBURG.


Steam Flour Mill of Sutton & Nicholson had two runs of burrs. It did country work wholly, and connected with it was a turning and boring mill. In the four flourmills forty-five hands were employed and $72,000 annual products were turned out (d).


The nine tanneries were owned by William Hays, John Caldwell, Lewis Peters, John Thompson, Allen Brown, William McCaddon, John Bayard, Thomas Sample and Robert McIlhinny. Fifty-two hands were employed and $65,000 worth of goods produced annually.


Of the eight saddleries, that owned by John Little, employing 47 hands, was the most extensive. Hanson & Brice and Plummer & Co. were likewise large establishments. All hired 104 hands and prepared $85,000 in products annually.


There were 45 boot and shoe makers, who hired 225 hands and manu- factured $95,000 worth of goods yearly. Boots and shoes of outside manu- facture were also consumed here to the amount of $35,000 yearly.


In 1825 there were 6 chairmakers, who employed 30 hands and made yearly $12,000 in goods; 14 cabinet-makers, who hired 65 hands and produced $45,000 worth of goods; 2 coachmakers, who hired 15 hands and whose products were $10,000 ; 7 wagon and plow makers, who hired 35 hands, and made $12,000 worth of goods; 2 wheelwrights, who hired 7 hands and made $3,000 worth of goods; 140 persons engaged in boatbuilding, producing $62,000 yearly in steam, keel and barge boats; 3 planemakers, Ezekiel Fosdick being one; 7 brickyards, producing 4,500,000 bricks per year, worth $3.50 per 1,000, and employing 100 persons; 5 stonecutting establishments, hiring 16 hands and producing $12,000 worth of dressed stone; 3 potteries-owned by Thomas Free- man, James Barr and Jacob Heckesweller-all employing 14 hands and produc- ing $5,100 yearly in earthenware, stoneware and fire brick; I ropewalk located in Allegheny and operated by John Irwin, hiring 14 hands and turning out $15,000 worth of goods from twine to ship cables; 3 white-lead factories, owned by Avery & Co. (established by James S. Stevenson several years before), Brackenridge & Porter (built in 1825), Brunot's-all turning out annually 6,600 kegs of lead, worth $23,100; 4 distilleries, two of which were principally rectify- ing establishments. Of the distilleries particular mention was made of that owned by George Sutton, which produced-


"The celebrated 'Tuscaloosa,' which is so highly esteemed in the Southern States for its anti-miasmatic and animalculæ-destroying qualities, for the mild- ness with which it insurges the consumer and for the fresh and exhilarated spirits that it gives to those who may have been accidentally rendered obsolete by its power when the returning rays of translucence break upon them. . Mr. Sutton is now engaged in making a new beverage as a competitor of the "Tuscaloosa,' to which he has given the inspiring and beautiful name of the 'Pure Rock Water,' or, in the language of the last of the Mohicans, the 'Real Tally- vally Cord.' This is an admirable liquor, blending with the mildness of milk all the sparkling vivacity of champagne. It steals gently upon the senses like music upon the soul and animates the intellect without ever collapsing an idea" (e).


Of the three breweries the one at the Point, conducted by George Shiras, Jr., made, in 1825, 2,500 barrels of porter and 1,500 barrels of beer, valued at $17,000. It was announced that George Shiras, Jr., would erect during the summer of 1826 a brick brewery, with a capacity of 5,000 barrels of beer and porter yearly (e). The Pittsburg Brewery, owned by Brown & Varner, was burned in 1825 and rebuilt in 1826. Its capacity was 2,000 barrels of porter and 1,200 barrels of beer annually. Kensington Brewery, owned by Coltart & Silvey, made 600 barrels of porter and 1,500 barrels of beer, worth $7,500. The


(d) Pittsburg in 1826 .- Samuel Jones.


(e) Pittsburg in 1826 .- Samuel Jones.


Cand by A H R.l. l.


227


HISTORY OF PITTSBURG.


distilleries and breweries hired 40 hands and produced annually $48,000 worth of beverages.


The eleven tobacco factories made 4,833 kegs and 4,000,000 cigars, giving employment to 140 hands and producing $53,000 worth annually (e).


"It is an astonishing fact that notwithstanding the numerous saline indica- tions that were known for many years to exist about Pittsburg, no one, until within a year or two past, ever made an attempt to obtain salt water by boring. We almost feel ashamed of ourselves when we look back at the time when salt was commanding $12 and $14 per barrel, while inexhaustible supplies of saline water were running a few feet below us" (f).


A short time before this George Anshutz succeeded in obtaining a strong salt water by boring at the mouth of Sawmill Run, about one mile below the Point. In 1825 he made about 4,000 barrels of salt, valued at $5,000. What a mine of wealth this would have been here twenty and thirty years before! At this date (1825) several wells were under way within the present city limits and many in this vicinity. There were twenty-four wells on the Kiskeminetas, all within three miles of each other, and ten more being bored, which produced over 300 barrels of salt daily.


In 1825 there were here also I sickle-maker, 3 brushmakers, 7 hatters, 2 dyers, II painters and glaziers, II plasterers, 12 coopers, 44 tailors, 8 bakers, 4 confectioners, I organ-maker, I button-maker, 2 saddletree-makers and platers, 2 chemists, 5 chandlers, I combmaker, 2 reedmakers, 4 turners in wood, 2 sash- makers, I rigger, 2 bellows-makers, 3 pattern-makers, 2 cutlers, I tackle-block maker, all of which employed 310 hands and produced goods annually worth $135,000. The names of all may be learned from the directory of that date. The total number of persons employed here in 1825 was 2,997. The following were given as the manufactures of 1825 (f):


Industry.


Value of ' Products.


Iron.


$559,000


Nails. .


309,000


Castings


132,610


Steam engines


152,800


Cotton goods.


200,488


Woolen goods


33,667


Glass.


131,804


Paper .


82,400


Brass, tin and copper ware ..


73,000


Smithwork and other metallic manufactures


82,000


Woodwork.


177,000


Spirituous and malt liquors.


60,000


Flour.


36,000


Boards, brick and stone.


37,500


Leather, shoes and saddlery


236,000


Potteries.


6,180


Ropes, twines, etc.


15,000


Tobacco, cigars and snuff.


53,000


Wire work


10,000


Salt. .


8,000


White lead.


23,100


Miscellaneous manufactures.


I35,000


$2,553,549


(f) Pittsburg in 1826 .- Samuel Jones.


228


HISTORY OF PITTSBURG.


"The commercial and trading transactions of Pittsburg during the last twelve months (1825) have far surpassed those of any former period. The vast increase of population and the consequent demand for the various necessaries of life; the extensive range of country that is supplied from our city, and the facilities which are afforded for transportation by our numerous streams and turnpike roads, combined with the spirit and enterprise of our merchants, are the great causes of our prosperity. Our extensive manufacturing and mer- cantile concerns must remain unrivaled in the Western country, as to their locality and advantageous position. While we are supplying the West and the South with iron, nails, glass, whisky, paper, cottons, castings, etc., we are sup- plying the North with dry goods, groceries and all kinds of merchandise, and the East with linen, feathers, beeswax, bacon, lard, flour and a variety of domestic products. But our increase is nearly balanced by the indulgence of our citizens in foreign luxuries and superfluities. The balance of trade is very small in favor of Pittsburg, considering the means she has of monopolizing trade and realizing wealth; and it admits of a doubt whether we will be any richer five years to come than we are now if our imports of foreign goods be proportionate to the supposed increase of our manufacturing and other domestic concerns. If we wish to increase our manufacturing interests, encourage them by purchasing their fabrics. It is in this way that a competition must be excited which, together with the duties already laid, will so far supersede the importation of such for- eign goods as we can make ourselves. Then the balance of trade would not only be found in Pittsburg to a great amount, but throughout our common coun- try" (g).


In 1825 James Arthurs & Sons manufactured 1,200 yards of broadcloths, worth $4 per yard, and 3,600 yards of cassinets, worth 85 cents per yard. They also carded and spun 15,000 pounds of wool and dressed 8,000 yards of country cloth. In their woolen mill they employed II hands (g). Headrick & Gibb, at their woolen factory, corner of Liberty and Diamond streets, made, in 1825, 4,200 yards of cassinets, worth eighty-five cents a yard, carded 7,000 pounds of country wool, wove of coverlets and carpets $700 worth, and spun 3,000 pounds of country wool. They employed seven hands.


In September, 1825, the well-known house of Patterson & Lambdin, paper manufacturers, assigned to Henry Holdship, C. Anshutz and Martin Rahm. Reddick & Owen made barouches, gigs, dearborns and stages.


The growers of wool in 1824-5 were dependent on the Steubenville factory to dispose of their supplies. After delivering his wool to the factory the grower was obliged to wait six or eight months before receiving his payment in cloth. The Atlantic cities furnished no market for the wool of this section, as they were filled with the superior product of Spain and Portugal. The merino wool of this country was not washed and sorted like that of Spain. Portugese wool brought at this time in Philadelphia fifty-five cents per pound (h).


The manufacture of cotton cloth in Pittsburg was commenced during the War of 1812 by Hugh and James Jelly, and had no sooner started than it was prostrated by the immense influx of imported fabrics succeeding the declaration of peace. Their large building stood in Northern Liberties, silent and deserted, during the melancholy years from 1817 to 1822. In the latter year James Adams, Allen & Grant (commission merchants) and James S. Craft erected, on the ruins of the Jelly factory, a large structure for the manufacture of cotton machines of all kinds. In the spring of 1822 they brought from Providence, R. I., the largest amount of machinery ever brought here under a single order,


(g) Pittsburg in 1826 .- Samuel Jones.


(h) Gazette and Manufacturing and Mercantile Advertiser, April 29, 1825.


229


HISTORY OF PITTSBURG.


and brought also the skilled workmen necessary for turning, filing, carding, spinning, dressing, weaving, etc. In their establishment were upward of 2,700 spindles. In 1825 they produced daily about 700 pounds of yarn and about 450 yards of cotton cloth, consuming about 600 bales of cotton annually. They employed about 170 hands. The annual value of their manufactured goods and machinery was about $100,000. Their establishment was called the Phoenix Steam Cotton Factory.


The Fleecedale Woolen Factory on Chartiers Creek, owned and operated by A. & J. Murphy, made, in 1825, 9,600 yards of cassinets, worth $9,600, and 1,500 yards of broadcloth, worth $7,500. They also carded 10,000 pounds of wool and gave employment to sixteen hands. John McIlroy manufactured here, in 1825, at his factory, plaids, checks, Wilmington and fancy stripes, orange and blue chambrays, bedticks, brown sheeting, shirting, cotton yarn, etc. Johnston & Stockton succeeded Eichbaum & Johnston as blank-book makers early in 1826. J. H. Davis manufactured hats in 1827; so did McKee & Graham.


"The year 1810 may be said to have been the commencement of Pitts- burg manufactures. Then a few enterprising men began the fabrication of cot- tons, woolens, glass, etc., and from that time until the year 1815 its prosperity and increase were unrivaled; so great indeed and sudden was its rise from an obscure and retired borough to rank and importance that it became the theme of much notoriety, as well in our own country as in Europe. In England, Pitts- burg was called the Birmingham of America. The war, however, which existed about this period between the United States and Great Britain, was the great promoter of our prosperity; for, as long as foreign commerce was depressed, so long our manufacturers succeeded. Landed property commanded an immense price; all kinds of labor, as well as the produce of it, had an unusual value set upon it. In fact, such was the rage to acquire fortunes by taking advantage of circumstances that a complete speculating mania reigned throughout the country. The private citizen drew forth his earnings of former days to invest it in manufactures; the merchant dived deep into the business of his calling and the farmer who lived comfortably upon his, paternal estate, with all the neces- sary comforts of life about him, took to landjobbing speculations with an uncom- mon avidity. But the peace, alas! put an end to all these visions of wealth and harvests of prosperity. The channels of commerce were immediately opened and the vast quantities of British goods that, unsold, had lain in the warehouses of the English manufacturers for two years before, now inundated the country and were thrown onto the market at any price. American fabrics immediately depreciated. The merchant who had made his purchases previously at high prices failed; the manufactories slowly declined, until at last many of them stood still, and the speculator lost all that he had bought and was probably compelled to sell the little he had when he commenced his schemes of aggrandizement. The distress that followed this event can only be known by those who were concerned in them or witnessed their dire effects; and it is only within a year or two that the people are beginning to recover from the difficulties of that at once fortunate and unfortunate period" (i).




Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.