On the contrary, the number of manufactories and
the amount of capital invested in them is steadily and rapidly
increasing, affording gratifying proofs that American enterprise and
skill employed in this branch of domestic industry, with no other
advantages than those fairly and incidentally accruing from a just
system of revenue duties, are abundantly able to meet successfully all
competition from abroad and still derive fair and remunerating profits.
While capital invested in manufactures is yielding adequate and fair
profits under the new system, the wages of labor, whether employed in
manufactures, agriculture, commerce, or navigation, have been augmented.
The toiling millions whose daily labor furnishes the supply of food and
raiment and all the necessaries and comforts of life are receiving
higher wages and more steady and permanent employment than in any other
country or at any previous period of our own history.
So successful have been all branches of our industry that a foreign war,
which generally diminishes the resources of a nation, has in no
essential degree retarded our onward progress or checked our general
prosperity.
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