Business & Finance: Textile Troubles

In New England in the 18th and early 19th centuries, the manufacture of cotton goods was a comparatively simple matter. Nearly every town of any importance had its red brick factory owned by a thrifty Yankee who combined the qualities of feudal lord, social mogul, town benefactor. His employees admired him, had simple wants, were content with frugal wages. Raw cotton from the slave states was cheap and plentiful. The New England mills had a virtual monopoly of U. S. textile manufactures. The thrifty Yankee prospered, passed his factory down from generation to...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!