The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-15
THE COUNTRY ENTERING ON AN ERA
or uRALTHFUL PROSPERITY.

AGenoraI Revival OF BuSiheas-PseaiS.
fuohsl as to the Probable cOnrse Of
Prlees. "A
New Yok Syn.
"The revival OF the iron trade,' saIdthe
Hon. Abram 8. Hewitt yesterday, sitting
in hls office at II Burling slip, "ls the le-|
climate result OF the revival Of business
generally. In February ! said in Con.
gress that as soon as we came down TO a
basis Of solid vRlues-that Is, values meas
ured by gold-we should have prosperity.
The trouble was not that there was no
money. There was plOntyot capital but
there was o lack Of confidence, Capital-
lists were afraid to invest their money
when we had a deprecated and fluctuat.
ing currency. Now that values arc fixed,
an ora Of prosperity begins, Railroads are
being constructed, factories built, WCst-
err, settlements are rapidly, springInE up,
and boarded capital Is again In circula-
ton. In short, there Is a general increase
o ipfosperity, A revival OF the Iron trade
never precedes, but follows q revival oil
general business. Iron Is needed 10 carry
ont the revival. When an era Of prosper.
ity begins, when trade %revives, and great
enterprises are planned, iron Is needed 10
carry on the work. Hence the revival Of
the iron trade is proof positive Of q genu-
inc revival Of business generally. The
evidence Is this: Every iron works that
kept ut work during the period Of depres'
sion Is now OverruH with orders, Is work.
Ing its full capacity and unable TO ill its
orders. Others that had to stop opera
tons arc now going 10 work again. The
raw material for making iron ores, pigand
scrap iron has advanced from ten to TWEEN.
ty.llve per cent. Coal alone has not nd.
VanCed. The reason is unusual. 1t Is be-
cause the producers have a capacity for
putting coal on the market far in advance
Of the demand, and not warranted by the
condition Of things. Hence coal can'tgo
up.
"Gray forge pig iron, the standard pig
iron, has advanced from Sl4 10 $l7 u ton,
and there is u demand for all that can be
made. But the price will not go up much
higher, for the reason that, II the price
price goes up, then foreign iron will be
placed on the market. We are now i'm.
porting iron, in the form Of steel and iron
rails and old rails. The great demand for
iron has stripped the country oil the i'm.
mense stock Of old rails that had acCumu.
lated in the era Of depression. Old rails
are used, you know, for working over, and
arc made into new iron. Most Of the ma.
terial used on the elevated roads Is made
from old rails.
"The question Is whether the prosperi.
ty will continue. II is boundt to continue,
| think, hut we shall have no era Of high
prices; simply a healthy r%emunerative
business, with moderate prices, that will
enable consumer to 60 on with their en-.
terprises. This is true prosperity. High
prices check progress. We have got to
that stage when everything will go on
without IN era ofhigh prices. | said that
many iron works were again beginning
operations. This relates primarily to blast
furnaces. But the furnaces that are again
going into blast are those that can make
iron cheaply. Those that fromtheir situa.
ti0n or any other causes cannot mako iron
Tor less than SIS u ion cannot go into
blast. This country can now produce
about 100000 tons Of pig iron; 1900, 900
ofthis can be made under $l6 a ton; the
other 100000 cannot be made for less
than $50. Now, pig iron can't 90 above
so; when It does the importer steps in.
Why, | can import first grade gray forge
iron for $40, paying . duty of 81. So you
see gray forgeiron can't go above $40.
"Now, a word about the duties on iron,
On pig and scrap iron, steel rails and many
kinds Of manufactured iron, they are eX.
c~essiye; 81 is too much to pay on pig iron.
But they have conferred one great benefit
1t is, that in this era OF depression they
have prevented this country from beinl
the sink into which the iron Ut other coun,
tries could be flung. Had the duties beer
low enough, the importations OF iron would
have destroyed Il business and closed
those establishments that hive Just been
able to keep above water, aud are now
ready to reap the advantages Of this re,
newed prosperity. Duties, in my opinion,
ought only to take effect in periods OF OK.
treme depression. Then they protect oul
home industries. But there should be O
sliding scale, and with the return OF pros,
peritY the duties ought to decrease, and
when iron ia worth $50, then they should
be taken off entirely. Thus the consumer
will be protected, and will be able to buy
his iron at a reasonable price.
"But, rs l said, there is no doubt that
We are beginning an era OF healthfui pros.
pcrity. Nothing can check it. We are
the grainery for the world. Our crop this
year is enormous. Industries thrive.
Last year we put down wei 5000 miles Of
railroad. This year it will be 1000. Many
iron manufacturers that were able took
advantage Of the period OF depression and
rebuilt their furnaces. Under tho most
improved plans iron can be made as low
as $l3 n ton. The profit Of 81 OH a ton is
not great, but it is renumerative, and SC