But for reducing the price of iron, by competition within our country, to a level with that of other countries, capital is required, and to divert it to this purpose, the capitalist must feel assured that he shall derive a certain profit from its investment, and that he shall be subjected to no fluctuations in price and still more in demand, from a vacillating course in the government. The establishment of works so perfect as to compete in their manipulations with the English, is a serious business, and till they be established in numbers, we must be dependent on foreign countries for no small proportion of the important article of iron that we consume. A forge for manufacturing puddled iron cannot be profitable unless its machinery be kept in regular employ, for the cost of that will be the same in all cases. This constant employment cannot be given by fewer than eighteen reverberatory furnaces, and the first cost of the works will not be less than $100,000, of which the machinery alone costs $50,000. To supply an establishment of this magnitude with pig, would employ three blast furnaces working with coke, or six with charcoal, the cost of which would reach at least $120,000. The value of the manufactured article would not fall short of a million of dollars, and would require to carry it on a floating capital of not less than $250,000. Thus it appears that a system of works for the manufacture of iron, which should compete to advantage with those of England, would find employment for a capital of half a million of dollars, even with the advantage of credit, and the ready conversion of its securities into cash through the banks. So long, then, as the policy of our government is unsettled, we can hardly expect that so vast an operation can be undertaken either by individual or by corporate funds. A division of the business has been indeed attempted; there is more than one puddling forge in the United States that relies upon the purchase of pig for its supply. These unquestionably do a fair and profitable business, but do not act to the same advantage as they would were the two branches of the manufacture united. The chief difficulty under which they labour is, that they must consult, in their location, convenience in the supply of the raw material, and must therefore neglect what would in the abstract be the most important consideration, the supply of fuel. Thus, at least one of the puddling forges of which we have spoken, is compelled to use imported fuel, and none are situated where alone the nation could derive essential benefit from them, immediately over a rich bed of coal.