The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-09

II will thus he seen that of the total of
these OUTLAWS. 23.6 per cent. or S.4i0Vp,-
900 was made between 1870 and 1870; ana
nearly 40 per cent or N5,iD,1e,0oe. be-
tween 1880 and 1891.
II also makes up an estimate OF the
capital invested in the same period IN
ocean going steamers and it finds that 10
he 81 EOS 100000 We see, therefore, that
within forty years there has been a COM
pIete reconstruction of the methods OF
TRANSPORTATION and travel in the world
and at an outlay of $SGSOS 100000 of the
worlds capital. The world affords no
parallel 10 such revolution as this. II
is revolution, too, which must neces-
sarily be exercising a silent but enor-
NOUS influence upon the industrial con-
ditions of the earth. That it is in great
measure. if not wholly. responsible for
the period of Industrial transition through
which We are now passing, it is hardly
possible to doubt.
But in q succeeding article the Journal
Of Commerce has stated some additional
facts that are of the deepest moment.
struction seems to have come to an end,
except Of such railroads as are incidental
TO those now constructed. The proof of
il, it points to the fact that there is
little or no railroad building going on
now, and the roads which have been
principally built in the world Of late
those in Australia. New Zealafd. Argen-
tina, Africa, India, Brazil, and New
Mexico, have been signal failures.
Now the first lesson for us in Virginia
TO learn from these statements is the
fact that 40 per cent. Of the worlds
railroads-nearly one-half-have been
built within the past thirteen years, and
that railroad building all over the world
has ceased May we not fairly conclude
that the immense impetus which the
production of iron enjoyed during that
period was due 10 this abnormal develop
mcnt OF railways and that that develop
mcnt having ceased, the demand for iron
viii greatly fail off? is not that the
cause of the present extraordinary deprcs-
sion in the price Of pig-iron? And if
this be the fact, are the Virginia furnaces
going to be hurt by free ore or the di-
minished duty on pig-iron? Are they not
already practically killed by the ending of
the demand for this product?
The next question which arrests the
attention is this: What is hereafter to
become Of the surplus capital in these
United States2 Heretofore it has found
ready Investment in railroads, but hence
forth it must seek that investment else
where.
We pointed out a few days back, that
the world was beginning TO supply it.
self with food. cotton. and petroleum
elsewhere. and that our monopoly in
these items was fast drawing TO a close
which ends agriculture as place for
investment. Ii seems inevitable then that
our idle capital as well as our growing
surplus OF labor. must tend i'll the di-
rection OF manufactures, in which the
inventive turn OF our people added 10
our free institutions and uniramelled
opportunities. give us such great advant-
ages. If this be So and II seems i'm
possible to question it. how absurd is ii
in Messrs. Reed and Mckinley TO seek
to build a tariff wall around us.
Just as we place inhibtory duties on
the products of other countries, they viii
place inhibitory duties on our products
and thus debar us from that free inter
course with the world which is hence
forth TO be the source from which We de-
rive our increase OF prosperity.
These views appear so elementary TO
us that We are totally at loss to Tin
derstand how any person can fail TO
perceive their transparent truth.