Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-11-26
Our Development and Opportunity.
(From Address of Hon. Charles Elmer
Smith.)

(From Address of Hon. Charles Emery
Smith,
This chamber of commerce has wit
messed and has itself been potent part
in he marvellous growth which in a hun
bred years has advanced our country,
from almost nothing until today 1t pos
sesses more than one-ffth of all the
wealth Of the world The merchant
princes even of middle age before me
have within their own business lives seen
our young republic pass and outstrip all
tho old nations hoary with the moss of a
Thousand years. In the two decades from
1870 to 1890 the three mighty powers of
Great Britain, France and Germany, all
combined with their 125, 0O0, 000 people,
gained IN wealth $50, 00O O00, 900 while
the United States alone, with its
$4,000, 900 people, gained 1898, 600, 600,
COO.
The examination of national earnings
tells the enklndling story of triumphant
advance. Great Britain is estimated to
earn about IS, 400, 600 000 year. France
So, 600, 600, 600; Germany about the same.
while the United Stnres earns over Sl2,-
coo, 0J0, GOO, or two-thirds as much as ali
the other three put together Ii we We're
not such magnificent spenders how we
should astonish ourselves in stupendous
savings. But spending makes consump-
ton, and consumption makes production,
and as We are the greatest consumers so
we are the greatest producers in the
world. Today We earn two-thirds as
much as the three great commercial
powers of Europe combined; soon we shall
leap beyond them. From 1870 to 1890
Great Britain increased her earnings
81, 600 600, coo year, and France the
same but our republic expanded hers by
So, 600 600, 900 year
John Randolph said that England has
for centuries been the game-cock of
Europe. She has certainly in the past
been the industrial beehive of the world
In 1860 the product of our manufactures
was little more than half of hers In
1890 it more than doubled her output
Her increase was 81, 200, GOO, 0O0; ours
was about 81, 900 coo, coo. Our cxpsn-
sion in industries was more than twice
that of England, France and Germany to-
gether, Through this amazing develop
ment we manufacture one-third of all
that is manufactured in the world, and
we use and consume the bulk of this
colossal proportion among our own peo-
pie. who are the best paid, best housed
hest fed, best dressed, best schooled people
on the face of the globe lApplause)
With this unrivallcd market among
ourselves we have thus far had little con
Germ about foreign commerce. But now,
like Alexander, we sigh for other worlds
to conquer. Even in the last twenty
years, while the commerce of England
has increased 40 per cent, and of France
IL per cent, and of Germany 20 per cent
that of the United States has grown more
than 100 per cent. What splendid com
meroial expansion lies before US with our
opening opportunities.
In the great race of nations the powers
of the cid world are heavily handicapped
while the 1.-the supple, sinewy, young
giant of the new world strides forward
free and SInhampered. Their productive
forces arf stripped for armies and arma-
ments ours are at the plough the forge.
the loom and the exchange at the tools
of wealth and not of waste. England 5
taxes are 10 per cent of her earnings
Frances 10 per cent, Germauy's 10la per
cent, while ours are only per cent
England spends one-sixth of her local
taxes and one-twelfth OF all her revenues
for poor relief and only seventeenth
for schools. The United States spends
one-sixth of all her national and local
income for schools, and the demand for
poor relief is only beggarly item. The
contrast is the key of the future.
And we are only at the beginning of
our development Most Of the growth
have briefly portrayed has come within
twenty years. Who shall grasp the ad-
vanc of the next twenty or thirty