The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-08-24

and higher, following tie course Ofpiices
abroad, and the American irQnmAstets
now have more encoursge rent than ever
10 20 ahead. Il Is not now limited body
Of ironmAsters asking protection 10 save
their works from destruction. Il Is the
great body Of consumers Of iron asking
that tho iron.works so rapidly springinS
up everywhere shall DO encouraged az the
only permanent relief from the arbitrary
and ruinous policy Of the British iron
Last year the production Of American
iron was not quitetwo millions Of tons,
owing 10 the suspension Of thecoal trade,
but for Which 1t would probably have
reached two and a quarter millions. The
high prices have impaired such a stimu.
lus 10 the business that We may this sea-
son reach q product OF three millions Of
tons, though an advance in q single year
would bosso vast that we can scarcely
expect It. The essential element Of prog
ress in this industry is confidence inthe
future, since the amounts Of capital III!
vested are so large that few persons are
willing 10 risk their all thus, where a
,changeot national policy may take away
1.-The profits and cause loss. The con.
cessions Of reduced duties have been
caught up eagerly blythe Iree-traders and
rejoiced over TO such an extent as to pro.
dnce o. ieeliDghOf encouragement among
many ironmasters, when, in fact, there
was no occasion for II. And for time
this retarded increased investments. But
the rise in prices has convinced these OF
their error, and shown them that the
managers on the side OF protection have
been perfectly masters Of the situation.
1t is the impression in England thatthe
British iron product has about reachedits
elimination, as the supplies oil both ore
and coal are short OF the demands of the
works, and cannot be increased except by
importation. Hence the enormous efforts
Of the British ironmasters TO grasp the iron
trade OF the world have not only raised
iron to an extravagant price to consumers,
but has revealed the limit oil the mines,
precipitated the importation Of foreign
ores, and raised the price Of coal TO con.
sumers higher than ever because the
mines cannot supply theinereased demand
caused by the excessive manufacturing
operations, Here, then, Is our opportuni.
ty, Tor America Is the only iron producer
rising anywhere near England on the list.
The highest annual British product has
been five and half million OF tons. Our
highest has been two millions, and our
ratio Of increase has been far beyond that
OF the British isles. As they have reached
their limit and we have scarcely begun to
develop the extent OF our capacity, 1t
seems 10 be admitted in England that the
future Of iron lies with us. If we can
make three millions Of tons this year we
shall convince all the world OF It, too
sThis is the goal the Pennsy lvania iron
trade has ever kept in view, while many
well meaning but misguided persons were
holding us up before the people as selfish
and monopolizing. We felt certain that
just such situation as has now occurred
would same day happen; and the iron
industry Of Pennsylvania has been long
and carefully built up, extended, strength
ened and fortified to be in readiness iSr 1t.
For q long period 1t has been considered
q test Of liberality to encourage the i'm
portation Of British iron at the expense
/ Of American, and had this policy been
generally adopted the American iron
manufacturers must have persisted, and
our readers may imagine what would
have been the condition OF the markets
and the stateof prices. Take two mil.
lions Of tons Of iron out of the trade en-
tirely, and the result must be such short
supply that prices would run up to fam
Inc rates 1t is, therefore, as much a
benefit TO the iron trade OF the world as
to American iron masters, that our indus
try has been fostered and kept alive often
under adverse circumstances. ~
1t may seem to many persons a wild
freak Of fancy to say that the day will
come when American iron will become
as much staple export as cotton, wheat
or corn. Nevertheless, that Is and always
has been our belief, and it has been one
OF the chief aims Of the protective policy
to build up and extend the production
until it would become great enough to
contend Tor the trade Of the world. Ger
tainly il a countryso limited in extent as
Great Britain could dominate the iron
trade of the world, as she has so long
done, VIC can, with our immense wealth
Of iron and coal and our fast accumulat.
ing capital, do that much. Twenty years
hence, il We aret true to ourselves in the
meantime, the American iron product will
reach eightorten millions of tons year,
and we may even be able by that time to
export a ton Of iron for every bale of cot
ton. The era of cotton and wheat in
American commerce has been a great
one. But the era Of iron, now dawning
upon US, is destined TO be far greater
But to ensure this we need Presidents
who will not leave protection to be stran-
gled in Congress while the Constitution
gives the veto power to avert such calam-
tiles. e.. 8Li 1oL