If  we  now  compare  the  production  of  iron,  coal,  and  cotton  and  woollen
cloths  of  1847  with  that  of  1842,  we  must  arrive  at  the  conclusion,  that  the
actual  product  of  labour  and  capital,  as  shown  in  the  difference  between
the  value  of  the  raw  material  with  that  of  the  manufactured  articles,  was
greater  in  the  latter  than  in  the  previous  year,  by  at  least,  $120,000,000

If  next  we  add  the  amount  of  labour  applied  to  the  creation
of  the  cotton  and  woollen  mills,  the  furnaces,  the  rolling  mills,
the  'opening  of  the  mines,  the  erection  of  machinery,  and  the
building  of  houses,  &c.  &c.  required  for  this  enormous  increase
of  manufactures,  we  shall  be  safe  in  putting  it  at 30,000,000

Making  a  total  excess  of  1847  over  1842, $150,000,000

If  now,  we  make  a  similar  examination  for  1850,  we  can  scarcely  fail  to
arrive  at  the  conclusion  that  at  least  one-third  this  growth  of  manufacture  has

been  lost,  say 50,000,000

While  throughout  the  country  .there  is  no  demand  whatever  for
the  erection  of  mills  or  furnaces,  or  for  the  opening  of  mines,
and,  that  there  is  here  a  further  diminution  in  the  demand  for

labour,  to  the  extent  of , 30,000,000

Making  an  actual  diminution  of  1850,  as  compared  with  1846,

of  no  less  than 80,000,000


42  THE   PROSPECT   AT    THE   OPENING   OF    1851.
