The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1902-10-09
Astonishing Expansion OF Business.

an article concerning the Strlngency
of the money market in that city, at
tributed 1T to three causes, namely,
'.the enormous volume of the coun-
try's business, the vast amount of
speculation in which it is engaged,
and the continuous withdrawal of
currency into the treasury" The
last, it says. would, in ordinary times,
pass without comment. Speaking OF
the expansion of the country's bust
ness, which it declares to be astonish-
ing, the Times calls attention to the
fact that few years ago 1t was the
boast of our StaIiSticianS that ''oGr
mi Is and factories were capable OF
turning out product about double
the home consumption. The present
condition is the reverse of that which
then existed. We are importing steel
billets, pig iron and building material.
Our industries are running under such
pressure that of the $50, 900. 900 in
crease in imports last year so, 900, 600
was of raw materials The Times
further quotes StatiStician TO the
effect that at the time our steel ex-
ports were the highest, 80 per cent. of
the product was taken by the home
consumer, and that now the home
consumption of iron and steel is per
cent. in excess of the immense output
of all the iron mills of the country.
This testimony of the Times is
valuable and worthy of attention. In
the first place, it lays bare the absurd
Ity of the democratic declaration that
our steel manufacturers are selling
the product of their mills cheaper in
foreign markets than at home. So
long as the demands of the home mar
ket are per cent. greater than the
output of all the home mills ana
furnaces running under the highest
pressure. it is preposterous TO assert
that their owners are selling tnell
products in foreign markets at lower
prices than prevail in the home mar.
ket. What is true of iron and steel is
true Of other manufactures. The
managers of factories did not import
SO, 900, 900 worth of raw materials
last year in excess of any previous year
to make merchandise to export and
sell at a less price than is asked al
home, but because the goods are in
sharp demand in the home market.
WHAT is the cause of this ''astonSh-
ing" expansion of business in this
country? 1t does not prevail in
Europe. 1t IS not due to the opening
OF new territory, but TO the generally
incl eased demand in all parts of the
country. The cause for this expan-
sion of business, which is on the sur
face, is the full employment of the
wage earning millions of the country,
The full employment of the wage
earning millions at higher wages than
were ever paid in this or any other
country has created a great demand
for the products of the farm and the
| factory. From the summer Of 1898
until the autumn of 1897 the problem.
with millions of people was to make
scant wages and the returns from low
priced farm and other products 90 as
far as they would in the purchase of
the bare neceSSarieS of life. The
gradual recovery from the paralysis
of the four years referred to gave the
wage-earning people more money to
expend for the products of the farm
and the factory. The result was an
advance in the prices of many articles
particularly the prodl cts of the farm.
The tillers of the 100. 600 farms in
the United States had more money
withSwhich to purchase the products
of the factories. The result was that
there sprang up an unprecedented de-
mand for merchandise throughout the
agricultural regions, which has in
creased in spite Of the partial loss Of
the corn crop last year. To transport
the products OF the farm to the con-
sumers, and of the shops and factories
to their customers, has given an i'm.
petus to the railroads, requiring them
to expend millions Of dollars In i'm
provements and in rolling stock.
Here is the vital point: If the
wage-earning millions had not found
full employment at home they would
not have had more money to invest in
the products of the farm. If the
farmers had not had for consumers
these millions, Of people earning the
highest wages in the world, the price
of their products and the demand for
them would not have increased. If
the millions of wage-earners IN this
country were paid the average Of the
wages of those in the same employ
ments in Europe they would hot have
over half aS rnnch money tn exneud