El Paso daily herald. (El Paso, Tex.) 1881-1901, 1901-01-10
Pr. CT.

Z,lO IL go
2,159,0O0 100000 2,S4i,00 131
SS4 900 2,15O,OOO 100000 143
926, 900 235O,0O0 1,424,000 154
2,392.740 315O,OO0 757, 260 80
agency of thenineteenth century. In
the application of this new force, we
have more than kept pace with all 9TH
er countries, excepting possibly Great
Britain. In 1895. the combined steam
force of the European countries was
equal to &c, 645, 900. effective horse
power, distributed among 365 ,000,0O0
of people. In this country, at the same
date, the steam force in employment
was II 1000, 900 horsepower, distributed
among 100000 inhabitants. Thus
while in Europe there is but one horse
power of Steam to ten inhabitants, in
the United States there is one horse
power to every four Inhabitants. This
comparison speaks volumes as to the
economizing of wording energy in the
new world over what has been ac-
complished in the old world. 1t is this
greater effectiveness of working force.
maintained steadily for the last half
century, which has been one of the
chief unseen forces carrying our indus
tries steadily in advance of transat-
lantic operations.
Concurrently with the century's ex-
traordinary rate of increase in the pro-
duction of commodities, there has
been Stin higher scale of expansion
in the output of the precious metals.
Within the first half of the century, the
worlds production of gold amounted to
$3.50, 900 900, or an average of $4,000
900 per year. For the second fifty
years, the worlds output has aggre-
gated Sc 800 900 900, or at the average
rate of $135, 100000 per annum; while
for the year 1899. the product was $315,-
000, 900, or at the rate of So $50, 000, 900
per decade. The United States. though
rapidly increasing its product within
late years, has not kept pace with the
progress in the worlds yield; our quota
contributed to the whole product hav-
ing been. in 1880. % per cent. and in
1898 only IS per cent. What we have
failed to take from our mines, however.
we have not failed to get in exchange
for our rapidly expanding exports of
merchandise together with relative
reduction in our imports; the national
stock of gold coin and bullion having
increased over $500. 200. 900 since 1896.
1t is equally fitting and fortunate that,
concurrently with this large increase
in our stocks of the yellow metal, con-
greSS has placed our whole financial
system upon the gold basis,-a most
BETTING preparation to our entry upon
the vast commercial and financial OPP
eratiOnS that await us in the new CEN
fury. We might well have shrunk from
the great deStinieS and the high re-
sponsibilities that face us in the TWEEN
tieth century. if we were not guarded
and guaranteed by sound system of
finance.
The close of the century naturally
leads one to more than casual re-
trnS NSf ha 0f fh1
especially with reference to their bear
ing on the future. Using the light OF
the past to illumine the coming cen
fury we see promise of great advances
for the United States in every direc-
ton. The elementary force of nine
teenth century civilization has I'M
questionably been the humiliation of
distance, which has been largely ac-
complished through the genius of
American invention. Fulton, Steven
son and Morse were leaders in the
wonderful silent revolution which has
placed our country upon the very pin
nacle of prosperity; but. lacking the
absolutely essential foundation of n
sound financial system upon which to
build, all their achievements might
have counted but little for us as peo-
pie. Happily, this is something we do
not have to even consider. What we
may deal with here are the facts. We
need not look backward further than
four years to be impressed with the
marvellous possibilities of develop
ment under favorable auspices. During
this period our financial integrity has
been unassailed, and therefore conf
dence has supported every enterprise.
The results are logical, but none the
less tremendous. The European trade
balance in our favor for the period
proportions. has enabled us to loan
money to Europe, not merely in pri-
vate channels, but for governmental
purposes. and by reflex action has in
duced enormous investment in Amefi-
can business interests. First the ac-
QUESTION of the Hawaiian Islands, and
since then the placing of the Philip
pine Archipelago under American con-
troll have completed the avenue of
trade to the very door of ASIA whose
SOO,Oon.O 600 of population will soon
throw off reactiOnary influences and
join in the modern progress. What this
means to this country can be only
family conjectured. To say that the
transcontinental railway lines and the
entire western section of our land will
enjoy prosperity heretofore not dream
ed of seems like asserting a mere
markets of the middle west and of the
east share in the great commercial az
tlvity. The metropolis of the union
bids fair to become, ere many years
have passed. the financial center of the