The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-01-20
Railway Building
And Prosperity


From the Philadelphia Press
GHHE United States last year built
III only 1,S44 miles of railroad, in three
years past only 5,515 miles have
III been built, or 1885 miles a year.
In the last five years only 10,l29
miles We're built, or 2O20 miles a
year. This is the lowest average
in fifty years. Since 1871 the coun-
try for half century has averaged
3,5T miles a year, or one-haf more than
in the last five years In the last twenty
years, since 1877, it has eraged 5,267
miles year. The amount of railroad
built in the Last ten years, only 35,2O7
miles, is the least in any decade for forty
years, and of the rails laid in the past
ten years two-thirds were laid in the first
five years of the decade. 1857 to 1892
o
Nothing like this pause in our railroad
construction has been seen in our rail-
! road history. In the last five years the
population of the country has grown
some 100000 The wealth of the coun-
| try has grown in the same period at
least Sl0,O000O0,O0 The realty valuation
of 105 of the leading cities has grown
81, 500, 600 900 from 1890 to 1897, and if the
entire wealth of the country has grown
in the same proportion the aggregate
has advanced a round $4,000 0O0, 900. OF
both wealth and population there has
been a great increase, on railroads the
| least increase in our history for a gener-
alton. In 1887 this country built 1858
| miles Of railroad. From that time the
annual mileage built decreased year by
| year. In every previous period OF like
| decrease, after five to seven years OF de-
| crease, the track built began TO grow
again and increase. This time it has not
| For three years the tide of railroad build
| ing has hung at the ebb. 1t shows no
| sign of rising. The plans for the coming
year are no more extensive than those
in existence year ago..
| o
| Population grows. Wealth increases.
| The demand for new railroads exists
| None are built. Why? The reason is
simple. Men doubt the currency. Down
| 20 1896 investors believed our standard
of value was secure. That year showed
| that the no tional standard of value
might be dependent on a single presiden-
tial election. Under existing laws, with
our currency depending on the govern
ment revenue and the cash balance in
| the treasury, any president can at any
! time carry the country to a silver stand
ard. single presidential election might,
| by doing this, reduce one-haif the value
of every railroad investment. In the
| face OF this no one invests. Instead of
| building 5000 to 5000 miles of railroad,
only 1,SOO are built each year. At $50 900
| q mile 500 cost $50 0Ol, 900. If the normal
usual average of 6,000 were building this
year 100000 0D0 would be spent. If 5000
were building, as is natural in year
of prosperity the expenditure would be
$3.50, 900, ,000
This vast sum should be making busi-
ness good, putting labor in demand and
creating a market for iron, steel and all
manner of railroad supplies. In our last
period of railroad expansion Edward At
kinson showed that 1000 900 men We're
employed on new railroad construction,
directly and indirectly. Such a demand
for labor raises wages all over the land.
Doubt as to the currency blocks all this.
Put the currency on a sound basis and
| investments will begin again and rail-
road construction will be resumed. As
long as the currency is left dependent
on the rise and fall of the treasury cash
balance and the condition of govern
ment revenue no full return of prosperi-
| ~ Is possible.