The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-16
zEsTERDAY,S TEMPERATTRES.
FRIDAY, FEBRUARY Is. 1900.
sUnMERGENcE OF cAPITAL.

New York city proposes to invest $780,
100000 in an underground subway. Chi
cago has already put $95,0O0OOO into a
drainage canal, and the United States
proposes to invest $1S5, 100000 or more in
the construction of the Nicaragua canal
while New York state is asked by Gov
Roosevelt to put s15,OOo,eee into an en-
largement OF the Erie canal. These are
four of the largest items of disbursement
for local improvements in the United
States or by the United States that have
been exploited to the investing public
The vast number Of smaller projects, In
Guiding the erection of expensive hotels
and office buildings in the various cities,
absorb so many more millions Of capital
that it is difficult to make an estimate
of their total value without reference
to innumerable reports Of commercial
bodies But this much is patent, that in
Guiding the gold standard Of money, cleo
trical street railways, universities beside
which those of Europe fall into little
ness, and expensive architectural Won
ders, the people of the United States have
been for the last twenty years indulging
themselves in everything that is best on
the face of the earth, throwing themselves
upon the bounty of Mother Earth to bring
them out safe and sound with the other
nations.
1t was no small consolation to our pride
seven years ago when, on the first edge of
a severe financial and industrial panic,
Mulhail, the statistician, discovered from
our census reports of 1890 that we were
the wealthiest people on earth, per capita,
and that in 100 years We had overstepped
all history in the marvellous piling up of
material values. But 1t did not prevent
that somnolence Of four years which
follows the rejection of all experience
and the idolship of temporary agitators.
We had invested so extravagantly in in
dustrial shops and in railways that our
productions outran our local markets,
and yet we had made no preparation for
business abroad. 1t required rest, con-
Yalescence and than a galvanic shock-a
Klondike discovery-to put us upon the
right road to strength and power.
But we are yet in a dangerous frame of
mind. We are still harping upon Euro
pean markets for breadstuffs and raw
cotton. We are stir building railways at
home and expensive conduits and office
buildings, simply because we want them
Millions upon millions of capital are CO.
ing into palatial office quarters, that
might better go into cotton mills in the
South. Millions upon millions are threat
ening to go into short local. agricultural
lines of railway, that might better be
devoted to further developments of the
mineral resources of Minnesota, or Col
orado, or Montana. and the pro
duction of iron and steel goods
And other millions are going into trips
abroad for the pleasure Of the thing
not for health recuperation, that might
better go into ocean-going ships for the
carriage of American goods to other ma
tlons.
We call. the English and the Germans
slow people at home, for that they ride or
slow street cars, put up at ordinary no.
tells, sit on hard benches at church or In
the university, and have but few of those
sky-scraping steel palaces that mark tbs
business eenters of all American cities
But when we examine the trade return.
OF their customs departments, 1t Is seer
that the capitals Of these peoples ar,
amply employed in taking care Of the
business of the world abroad, and thai
wealth is pouring into them from the foul
quarters of the globe. That while the
American people are living In fine houses
as the result of one hundred years OF
prosperity, England and Germany are Nv
Ing in quite ordinary style after two
thousand years from Caesar and his le.
gions That we are like the farmer who
buys piece Of land and invests his cash
at once in house and furniture, and
then goes into debt for his horses and
machinery. We have almost twelve bill
lions of our capital in railways at home
an Investment In mere facility of ex-
change; this represents one-seyenth OF
our estimated total wealth All Of Europe