PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FENNO, No. 69, HIGH-STREET, BETWEEN SECOND AND THIRD STREETS, PHILADELPHIA
[No. 59, of Vol. lII.]
AMERICAN MANUFACTURES
The following plan for eflabJipiing and promoting Manufactures upon
an extensive and competent scale, has received the approbation 0) many
of the citizens of the United States, as well as several refpeftable jo
reigneis. Subscriptions to a very confderable amount, as mentioned
in a former paper, have already been made--Preparations of various
kinds are in hand to carry the design into effett, so that there is every
? eafon to indulge the tncfl pleasing expiations from, a spirited pro
secution of the undertaking.
THE clldblifhment of ManufaClures iri the United States, when
maturely considered, will be found to be of the highest im
portance to their prosperity. It fecms an aim oft fell-evident pro
portion, that comuiunities which can most completely i'upply
their own wants, are in a Hate of the highest political perfection.
And both Theory and Experience conspire to prove that a nation
(unlcfs from a very peculiar coincidence of circumstances) cannot
pofTefs much aflive wealth but as the result of extenlive manu
la&ures.—
While also it is manifeft, that the interest of the community is
deeply concerned in the piogrefs of this species of industry, there
is as little room to doubt that the interest of individuals may e
qually be promoted by the pursuit of it. What is there to hin
der the profitable prosecution of roanufa&ures in this countVy -
when it is notorious, that independent of impoficions for the be
nefit of the revenue and for the encouragement o( domestic en
terprise—the natur.il commercial charges of the greatest part
of those which are brought from Europe, amount to from fifteen
tothirtyper cent.—arid when it is equally notorious that provili
ons and various kinds of raw materials are even cheaper here
than in the Country from which our principal supplies come {
The dearnefs of labour, and the want of Capital, are the two
great objections to thefuccefs of manufa&ures in the United States.
The full objection ceases to be formidable, when it is re.ol
lefted how prodigiously the proportion of manual labor in a va
riety of manufactures has been decreased by the late improve
ments in the conftru&ion and application of machines—and when
it is alfoconlidcred to what an extent women, and even children in
the populous parts of the country may be rendered auxiliary to
undertakings of this nature. It is also to be taken into calculati
on, that emigrants may be engaged on reafunable terms in coun
tries where labor is cheap, and brought over to the United States.
The last objeftios dilappears in the eye of those who aie a
ware how much may be done by a proper application of the pub
lic Debt.—Here is the resource which has been hitherto wanted.
And while a direction of it to this object may be made a mean of
public prosperity, and an inftruuient of profit to adventurets in
the enterprise, it, at the fame time affords a profpeil of an en
hancement of the value of the debt, by giving it a new and ad
ditional employment and utility.
It is evident that various fabrics,.under every supposed difad
vantaire are in a vcrv promising train. And that the success has
not uecn KTrrEio!c/co.ifide.«bk ciiy bcMacai to very -ofcvwtus
causes.
Scarcely any has been undertaken npon a scale fufßciently ex
tenfivc, or with a due degree of system. To ensure success—it is
desirable to be able to enter into competition with foreign fabrics
in three particulars—quality, price, term of errdit. To ihe firft,
workmen of equal (kill is an efTential ingredient. The means
employed have not generally been adequate to the pur pole of pro-
Curing them from abroad, and those who have been procurable at
home, have for the molt part been of an inferior class. Tocheap
oefs of price, a capital equal to the puipofe of making all necelfa-
IV advances, and procuring materials on the belt terms, is an in
dispensable requisite—and to the giving of credit, a capital capa
ble of affording a surplus beyond what is required for carrying
on the business is not less iudifpenfable. But mod undertakings
hitherto have been bottomed on very fhnder refourccs.
To remedy this defctt, an afTociation of the capitals of a num
ber of individuals is an obvious expedent—and the species of
capital which, confilts of the public Stock is susceptible of disposi
tions which will render it adequate to the end. There is good
rcafou to expe£t that as far as (hall be found neceflary money on
reasonable terms may be procured abroad upon an hypothecation
of the stock. It is prefurnable that public Banks would not le
fufe their aid in the fame way to a solid institution of so great
public utility. The pecuniary aid even of government, though
not to be counted upon ought not wholly to be defpaircd of.
And when the Stock (hall have attained its due value so that no
loss will attend the sale, all such aids may be dispensed with.
The Stock may then be turned into specie without disadvantage
whenever specie is called lor.
But it is tafy to fee that upon a good Capita) in Stock, an ef
fective credit may be raised in various ways which will answer
every purpose of specie; independent ot the dirett expedient
of borrowing.
To cflfett the desired afTociation, an incorporation of the Adven
turers nluft be contemplated as a mean necclTary to their security.
This can doubtless be obtained. There is scarcely a State which
could be insensible to the advantage of being the scene of such an
undertaking. But there are rcafons which strongly recommend
the State of New-jersey fbr the purpose. It is thickly populated
—provisions are there abundant and cheap. The State having
Icarcely any external commerce, and no waste lands to be peo
pled, can feel the impulse of no fuppojed interefl hostile to the ad
vancement of manufa&urcs. Its situation seems to insure a con
stant friendly disposition.
The £reat and preliminary desideratum, then, is to form a fuf
ficient Capital. This, it is conceived, ought not to be less than
five hundred thousand dollars.—Towards forming this Capital,
fubferiptions ought immediately to be set on foot, upon this con
dition that no lubfcriber shall be bound to pay until an a£l of In
corporation {hall have been obtained—for which, application
may be made as soon as the sums fubfenbed shall amount to one
hundred thousand dollars.
As soon as it is evident that a proper Capital can be formed,
means ought to be taken to procure from Europe fkilful work
men, and such machines and implements as cannot be had hero
infufficient pcrfc&ion. To (his the'exifting crisis of the affairs of
certain parts of Europe appears to be particularly favorable. It
will not be necefTary that all the requisite workmen should be
brought from thence.—One in the nature of a Joreman tor each
branch may in some branches futtice. In others it may be requi
fife to go further, and have one for each fubdivilion But num
bers of workmen of secondary merit may be found in the United
States ; and others may be quicklv formed.
It is conceived that there would be a moral certaiiity of success
in mannfa&orics of the following articles ;
jft. Paper and Pasteboard.
Saturday, September 10, 1791.
2d. Paper Hangings.
3d. Sail Cloth, and other coarfc .ine'n Cloths, such as Sheet-
ings, Shirtings, Diaper, Ozt lburghs, &c.
4th. The priming of Cottons an 1 Linens ; and as incident to
tnis, but on a fmalier feale, <he manufacturing of the arti
cle to be printed.
sth. Womens Shoes of all kinds.
6th. Thread, Cotton and Worftcd Stockings.
7th. Pottery and Earthen Ware.
Bth.» Chip Hats.
9th. Ribbands and Tapes.
10th. Carpets
uth. Blankets. /
12th. Bial'sand Iron Wire.
13th Tiirtad and Fringes.
It will be unnecessary to enter ii; > the details of the execution
further than to observe, that tie etvjjploy ir.ent of the labor-saving
mills and machines is particularly Contemplated.
In addition to the foregoing, a pAewery, for the supply of the
manufacturers as a primal y objeCt, -nay be thought of.
When application (hall be raadtfefor an A6l of Incorporation,
it ought to include a request that pi tvifion may be made for incor
porating the Inhabitants of the dill ift within a certain defined
limit, which (hall be chosen by the company, as the principal feat
of their fa&ories ; and a furth< r r. jueft that the Company may
have permiffton to institute a.Lottery or Lotteries in each year,
fortheterm of five ytars, ford fun or sums, not exceeding in
one year 100,000 dollars. The Staie of New-Jersey, if duly An
fible of its interest in the measure, will not refufe encouragements
of this nature.
An incoiporation of this fort, will be of great importance to
the police of the establishment. It mav also be found eligible to
vest a part of ttye of the Company in the purchase of ground
on which to erett necessary buildings &c. A part of thisground
divided into town lois, may be as erwards a source of profit to
the Company.
The Lottery will answer two purposes. It will give a tempo
rary command of money, and the profit arising from it, will go
towards indemnifying for firft unp oduthve efforts.
The following scheme tor the i-rganifation of the Company,
will probably be an eligible one.-* •
1. The capital of the Company, as before remarked, to consist
0f500,000 dollars, to be divided into 5000 shares, each (hare be
ing 100 dollars.
2. Any person, co-partner(hip or body politic, may fubferibe
for as many (hares as he, the, or tf ey may think fit. The sums
fubferibed to be payable, one half in the fund d fix per cent, (lock,
or in three percent, stock, at two .lollars for one, and the other
half in deferred (lock. The payments to be in four equal parts.
The firft at the time of incorporation, the second in fix months af
ter, the third in fix months after t ■: second, and the fourth in fix
months after the third. Those w prefer paying in specie, to be
permuu-d to'do ft, ci \ ■ -i-g'-V - <"• Sxpei c. • um r.t rzr,
and the deferred according to its present value at the time of pay
ment, discounting the interest thereupon during the suspension of
the payment, at the rate of fix per centum per annum.
3- The affairs of the Company to be under the management of
thirteen Directors, (o be chosen annually on the fird Monday of
O&ober in each year, by a plurality of fuffrages of the Stockhold
ers. The Dire&ors by plurality of voices, to choose from among
themfelvesa Governor and Deputy Governor.
4. The number of votes to which each Stockholder (hall be en
titled, (Kail be in proportion to the number of (hares he (hall
hold, that is to fay, one vote for each share. But neither the
United States, nor any State which may become a fubferiber
fliall be entitled to more than one hundred votes. The United
States, or any State, nevertheless, which may fubferibe for not less
than one hundred (hares, may appoint a Commiflioner, who
(hall have a right at all times to infpe£t the proceedings of the
Company, and the date of its affairs, but without any authority
to controul. Every fubferiber inay vote by attorney duly con
dituted.
5. There shall be a dated meeting ""of the Directors on every
full Monday of January, April, July and October, at the place
which is the principal feat of tbe Manufa&ory. But the Go
vernor for the time being, or any three Dire&ors may by writing
under his or their hancs, directed to the oth'er Directors, and left
at their refpe£live places of abode, at lead fourteen days prior to
the day for meeting, or by advertisement in one public Gazette
printed in the State where the Corporation shall be cdablifhed,
and in another public Gazette, printed in the city ot Philadelphia,
and in another public Gazette, printed into the city of New-York,
for the fpacc of thirty days prior to the time of meeting, convene
a special meeting of the Due£lors for the purpose of tranfa&ing
business of the Company.
6. No Dire&or (hall receive any emolument, unlefsthe fame
shall have been allowed by the Stockholders, at ? general meet
ing. But the Dire&ors may appoint such officers, and with such
compensations as they shall think fit.
7. Not less than seven Directors, if the Governor or D ?puty Go
vernor be not one, shall constitute a board for the tranfa&ion ot
business. But if the Governor or Deputy Governor be one, five
shall fuffice. In cafe it should at time happen that there are
two separate meetings of Five or more Directors each, but both
less than a majority of the whole, one having the Governor, and
the other the Deputy Governor, that at which the Governor (hall
be present, shall be the legal one.
8. The Dire&ors to have power to make all bye-laws, rules
and regulations requisite for concluding the affairs of the Com
pany.
9. At every annual meeting of the Stockholders for the purpose
of choosing Directors, the Dtre&ors hall lay before them a gene
ral state of the affairs of the Company, exhibiting the amount of
its Stock, Debts, and Credits, the different kinds of Manufactures
carried 011, the number of persons employed in each, and thci»
refpettive compensations, together with an accouut of profit and
loss.
10. The persons, not exceeding five in number, who at any ge
neral meeting (hall have, next after the Directors chosen, the high
est number of votes for Dire&ors, fliall by force thereof be a
Committee of Infpe&ion, and fliall have a right of ac ess to all
the books of the Company, and of examination into all its affairs,
and shall at each succeeding meeting report all such authentic
fa£h as (hall come to knowledge to the Stockholders, for
then information. The Stockholders may also, if they think fit,
at any general meeting appoint by plurality of fuffrages, any fiv<*
of their number for the purpose of making such enquiries and in
vestigations asthey may think necessary.
11. The Stockholders at a general meeting may annul or alter
153
[Whole No. 247.]
any of the regulations established by the Directors, and make such
others .is they may think neccfTary.
12. Any Board of Dire&ors, or either of the Committees above
mentioned, may ot any time ca) 1 a generel meeting of the Stock
holders. giving thirty days previous notice thereof inthrecGazctus,
one pubiifhed in the State in which the Fa£lory shall be eilablifh
ed, another in the city of Philadelphia, and another in the city of
New-York.
13. Every Cashier or Treasurer of the Corporation, shall be
fore he enters on the duties ot his office, give bond with one or
more sureties, to the fatiafa&iou of the Directors, tor the faithful
execution of his duty, in a sum not less than twenty thousand
dollars.
14. So much of the capital flock of the Company as may consist
of Public Debts, (hall be placed on the books of the Treasury of
the United States in the name of the Corporation ; and every
Stockholder shall be entitled to a licenfc under the seal of the Cor
poration to infpeCl the account of the said stock at his plcafure, as
lar as may comport with the rules of the Treasury. Tins however
(hall not prevent the investment of the laid debt in stock of the
Bank of the United States, referring to each Stockholder the lrke
right of infpe&ion in relation to the stock of the Company to be
inveftcd.
15. There (hall be a yeaily dividend of the profits of the Com
pany for the firft five years, and after that period a half yearly di
vidend.
16. The stock of the Corporation shall be aflignable and trans
ferable according to such rules as shall be instituted 111 that behalf,
by its laws and ordinances.
17. The Corpoiation (hall be at liberty to make and vend all
such articles as (hall not be prohibited bylaw : Provided that it
(hall only trade in such articles as itfelf shall manufacture, in whole
or in part, or in iuch as (hall be received in payment or exchange
therefor.
18. It shall be understood, that a majority of the Stockholders
may at any time dissolve the Corporation ; but this shall be only
done at a General Meeting which (hall have been specially (um
moncd for the purposes with public notice of the intent. And up
on such diiiolution, the directors for the time being, (hall be lpfo
faCto, trustees for fettling all the affairs of the Corporation, dispo
sing of its effcCta, paying its debts, and dividing the surplus among
the Stockholders, in proportion to their respeCtive interests in the
ftoek ; unless other perfous as tiuftees (hall have been previously
appointed by the Stockholders at a general meeting.
19. The stock and other property of the Corporation, to be ex
empt from taxes.
THE management of the affairs of this Company, will require
that an agent (hould be appointed to superintend all the different
works, and thedifpofnion of the articles manufaCturd, in con
formity to the general regulations of the Due&ors. This Agcnr
ought to have such a compensation as will command the services
of a man every way competent and iruft wor'hy. Such a r
iiiaj oc iouiid.— It is not 11 ccil'ai . that he fhuald : ?
technical man in any ef the branches of manufacture ; but a in;n
of information, thoroughly a man of business, of prob»ty and di
ligence, and energy.
WE THE SUBSCRIBERS, for ourftlves refpeflively, and not
one for the other, and for our refpe&ive heirs, executors and od
miniflrators, do federally covenant, promise and agree to and with
each other, and with the heirs, executors and adminillrators of
each other, That we will refpeftively contribute and pay in the
manner, and at the times fpecifted in the plan hereunto annexed,
the refpe&ive sums againd our refpe&ive names hereunder set, for
the purpose of edablithing a Company for carrying on the business
of Manufa&urcs, in one ot the Stales of New-Yoik, New-Jerfcy,
and Pennfylvdnia (giving a preference to New-Jerfcy, if an incor
poration can be obtained from the said State on advantageous
terms) according to the general principles'of the plan aforefaid,
but fubjeft to such alterations as (hall be agreed upon at any time
previous to the obtaining an A6l of Incorporation, either in the
princi pies or details by the major pai t of 'us, whose names
are hereunto fubferibed, or in the details thereof only, as (hall be
thought fit by the major part of the persons hereinafter named.
And we do hereby jointly and severally conditute and appoint
EJias .Boudinot, Nicholas Low, William Constable, William
Duer, Philip Livingdon, BlairM'Cleuachan, Matthew M'Connell,
and Herman Le Roy, our and each of our Attornies ; who, 01 the
major part of them, or the major part of the survivors of them,
are hereby empowered, as soon as the sum of one liundied thou
(and dollars shall be funfciibed hereto, to make application on our
behali to either of the States aforefaid (giving such preference as
aforefaid to the State of New-Jerfcy) for an Ast or Acfs of Incor
poration, according to the principles of the plan aforefaid, with
such alterations in the details thereof as (hail appear to them eligi
ble, or wiih such alterations whatsoever, as (hall be pievioufly
agreed upon by us : Ai.d further, to take luch mcafures at our
joint expence, as (hall appear to them necessary and prop r for en
gaging workmen in the several branches of manufacture mentioned
in the said plan.
In Test i mo ny whereof, Wc have hereunto fubfcribcd
and fetour hands and 1 als,the day of
in the year of our Lord, one thousand seven hundred and
ninety-one.
EXTRACTS,
From a Publication in the State Gazette of
North-Carolina.
Meflrs. Hodge ir Wills.
AMONGST the great number of crimes which
sivilized and trading nations have made pe
nal and puni/hed with death, there is no one they
have attacked with a more irremitting vengeance
than FORGtRY; regardless of which,
would be induced to think it a genteel accoui
plilhment ; and no wonder he fliould do To, as
the young men of the pen in North-Carolina, take
a delight in manifefting their genius in the exe
cution of this dangerous practice, committing it
publicly with greater dexterity and adroitness
than in any other country whatever. It is a fact,
and much to be lamented, that on your going in.