New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-05
THE GROWTH OF THE NATION.

Statesmen ut Washington who are making
calculations for the future nave been vindicateh
by the rise in the revenue since last August
and have reason for pride in the correctness oi
their Judgment But in one direction they nave
been in error more than once in past years ana
are liable to err again if they fall into the habit
of regarding the resources and needs OF the
country as. measurably speaking, fixed quaint
ties More than once there has been too great
caution and conservatism in estimating the
growth of the Nation. Another period Of pros
porous development has begun, as all believe
ard II IS not unnatural that the calculations of
the abcst leaders may be found in error, though
on rho safe side because of the rapldity Of Ma
tional growth.
The payments through all clearing houses IN
February amounted to S5533 OOOO00 being 4
LITTLE larger per day than in January. and $500
100000. or about per cent, larger than in the
maximum previous Fcbruary-namely. S3,224-
100000 in 1892 The gain in January compared
with the same month in 1892 was also S3il,-
100000. nearly 6 per cent. But the country is
now only beginning to recover from prolonged
rerlod of depression, the most severe 1t has
been obliged to endure for half century. II
indeed 1t was ever surpassed. Acceptance OF
likely TO blind the mind TO the fact that
the normal gain in volume OF business and in
wealth is much greater than such com
parsons Indicate. In the six years ending with
1909 the Increase In such payments was q per
cent.
Clearing houses have increased in number
and greatly increased in efficiency, and yet thei:
transactions fall short II used "a n measure Of
Il, Ion, Cd no
census showed an Increase Of 30 per cent in
ealth in the ten years 1SSO-0O, ana an IN
crease Of 90 per cent in value OF manufactured
products. AS these products constitute large
part Of the objects the transfer of which makes
I'D the business OF the country, and include IN
advanced forms most Of the mining, farming
and other products, the actual gain IN volume or
business transacted WAS probably somewhat
greater than the increase In estimated wealth,
the more because the valuations or properly
were relatively lower In 1890 than IN lSoo'
year Of exceptional advance in prices.
But at 80 per cent in a decade the annual IN
crease would be over per cent. The meaning
Of these facts Is that statesmen may be pre-
pared to see a much greater Increase In the
volume Of business, IN The yearly consumption
of the peopl, and in the revenue derived from
taxation than has yet been realized. Compar-
ing with 1892 the advance should have been
over Is per cent instead of per cent, and with
complete restoration Of prosperity correspond
ing Increase in consumption Of the people, and
In revenue derived from taxes bearing the same
proportion to consumption or to wealth, should
be realized. II such prosperity comes the exist
ing revenue laws may be expected to yield not
merely enough to cover ordinary expenses or
government but considerable yearly surplus
It Is true that the needs and the necessary OK
penses OF re Government also Increase to some
extent with the growth Of population, but not
SO rapidly by half rs the volume Of business
and the revenue naturally derived from 1t, be-
cause the country has not stopped growing, nor
has the consumption Of the people stopped In
creasing. Congressman may safely calculate, II
complete prosperity comes, upon revenue
which will provide for all needful increase Of
expenditures, and. besides, surplus for the re-
duction of debt created during the four years of
Democracy and disaster.