Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-05-21
OUR FUTURE
Dissusedcby Editor Richard h. Ed
monds.
SOME ASTONISHING FIGURES
UNITED STATES B ECON ES
CREDITOR INSTEAD OF DEBT-
oR-THE SoUTH'S ADvANT-
AGES.
fI4o,lssv:sle Courier journal !

louisville Courier Journall
Richard H. almonds, editor and general
manager OF the Manufacturers Record. .,
Baltimore. is generally looked upon as ona
OF the best-:nformed men in the country
on the general commercial status
In discussing the general business out
look for the country Mr., Edmonds said
last night; we have entered upon an era
n business and commercial affairs With
which there is nothing in all our history
10 compare The revolution through
which We are passing is the most wide
reaching Cpon the worlds affairs that hiss
ever been known. Before the civil war
and after X, even up 10 about 1890, We
we've busy developing a continent The.
opening up TO civilization of the grea-
West, the bsl.Issing of about l5o 900 miles of
railroad, which we have done in the hast
forty years, the creation of cur vast in
dnsuial interests. now employing from
S,V00,e9o 40 4.eoo,0c0 hands and turning out
annually between sl2,oo0 000. GOO and SIS. Co.,
oVo'eoo worth Of products, or about four
times the total annual value OF all cur ag-
rlcnturai products, We're tasks sufficient
20 employ cur energy and capital No
other nation ever made such record and
we may we'll afford 10 boast Of what wa
have done.
But what we have accomplished is only
an indication of our future. Untu about
four or five years ago we were not
counted as factors in the worlds COM
mercial affairs, except as an exporter az
grain, provisions and cotton. To-day wa
are the dominating power in the worlds
Industrial activities. We are fixing the
price for every ton of pig iron and steel
rails which the world is consuming. Ii
matters not how distant the country nor
how great the undertaking. American iron
and steel set the price which all other pro-
ducers must meet or else lose the husi-
ness.
A few years ago we were importing an
average OF about loo 600 tons a year OF
iron and steel. Now the conditions are re-
versed. and we are exporting as much as
five years ago we imported our bridge
builders are capturing contracts In Africa
and Asia; our locomotive shops are ex-
porting almost as many locomotives as
they are supplying TO our railroads. our
metal and woodworking machinery ma
kers are finding an ever-eNpanding mar
ket in Europe, IN the Orient and in Africa
These are new conditions. They are so
revolusionizing in Their effect that we
have scarcely had time TO comprehend
their fall meaning Within five years we
have become a creditor nation instead of a
debtor The balance OF trade in our ia
vor-the excess OF our sales 10 foreign
countries over our purchases from them
during the last three years-amounts 10
about $l,I0.0o00 600. in all Our history we
have been a DEBTOR nation TO Europe until
now, when Europe is largely in debt TO us.
I'VE have had little or no part in sup.
plying the worlds demands for manufac-
tured goods. but now we are crowding our
Old World competitors. England stands
amazed at our progress and German iron
makers find their own home markets in
vaded by OUR products. In fifteen years
England has made 10 progress In iron pro-
duct.on, her output OF 5000. 900 In that time
being practically the highest point reach-
cd, while we have doubled our output and
against Eugland's S000,00 tons of pig iron
VIII this year produce l3O0o.0 900 to 1fOO0.oOo
tons. The opening up Of Africa and Asia.
the development Of great navies and the
new uses TO which iron and steel are be-
ing put make the world hungry for IRON
and stea. CONSUMPTION IS everywhere In
creas!ng at marvellous rate, and until
China I'M the distant future develops her
iron and coal resources the United States
must of necessity supply the greater part
of this incSease. Whether China wiH ever
become an snportaut factor r the worlds
iron interests need not concern this gener-
alton OF Americans.
In this mighty advance--the most mar.
veioUs that the human race has seen--an
advance which must effect the destnies Of
every country. there may and likely will
come hating periods. There Will be times
of reaction as in the past, but with tho
foreign markets open 10 us # Is reasona-
BILE to hope that our periods Of depression
WIZ be less severe and Of shorter duration
than heretofore. Tho very magnisudc and
financial strength OF our great corpora
lions Will be a strong factor In pushing
our manufactured products into al for
eign markets.
in this revolution the South must nee
essarily be a large gamer. rs the South
can make !rCu at a lower cost than any
other section; as II has greater resources
of coal and iron susceptible Of Develop
ment than any other country; as IT pro-
duces about thyee-fourths Of the worlds
cotton crop and has more than one-half
of the standing timber Of the United
States. Il possesses an unequaled combina-
ton of advantages. II Is on n solid basis.
IT'S industrial interests are rapidly expand
ing and rs foreign commerce. IS growing
AT an astonishing rate. It's future Is GER
tain. but even the most conservative fore.
cast Of & wouiG'be regarded as a dream OF
an enthusiast"
TINE TO CHANGE.