The Savannah morning news., 1904-01-08
AUSTIN TALKS OF
COUNTRY'S COMMERCE

among economists, I find that the in
ternal commerce of the United States
was in 1870, 81 zoo. 200, 900, and that in
1900 it was $40, 0O0, 00O 0O0 With this
definite basis of $50, 900. 900. 900 in 1900
and knowing what rapid development
has occurred in all lines during that
period, we may safely and conserVa-
lively put the internal commerce of the
year 1908 at So, 900. 900 000 a sum which
actually equalled the entire internal
, tional commerce of the world in that
year.
What has been the cause of this
wonderful growth in our Internal COM
merce? In the thirty-three years,
period over which the memory of most
of those here present easily extends?
There have been during that time no
additions to our area upon this con-
tinent, no material changes in general
conditions other than those which any
energetic people might make in any
country blessed with conditions equally
favorable. Yet in that period our in
ternal commerce has trebled, while the
international commerce of the world
was doubling and our foreign COM
/ merce has also trebled, while that of
the world as a whole was only doubling
In 1870 our production of wheat was
235, 100000 bushels, in 1903 it was 637,-
100000, or nearly three times as much
while population had but little more
than doubled. OF corn our production
in 1870 was 1000. 100000 bushels. in 1903
1t was 1925, 100000. In 1870 our cotton
production was about 100000 bales in
1905 practically 10000 600 bales. In
1870 our production of steel was less
than 100000 tons; in 1908. more than
100000 tons; and our production of
pig iron and steel is now greater than
that of England and Germany COM
bined, and about one-third that of the
entire world. In 1870 our production
of copper was but $1,000 tons: in 1903
| it was 100000 tons, and we now pro-
duce one-half of the copper of the
world. In 1870 our production of pc
troleum was 22O,000,0O0 gallons, and in
1903 more than 3,0000 600 gallons or
more than four times as much as the
total production of 1870. The coal pro-
| duction of the country in 1870 was 3d.
100000 tons: in 1902 it was PCS, 900, 900
tons, or more than eight times as much
as in 1870. The gold and silver produc-
ton of 1870 was $66,000,000 in value,
that of 1902, 56,000.OOO. The total
value of products of agriculture in 1870
was less than s2.0OO.O00.00O; in 1900,
nearly $4,000 900, 900. The value of the
products of the mines in 1870 was but
little more than S200,000000: in 1900 it
was over 81 000 600, 900. The length of
the railroads of the country, by which
| the product of the farm and mines and
| forests are assembled for manufaetur-
| ing was, in 1870, $4,000 miles: in 1903
| 10000 miles, or four times as great in
| 1903 as in 1870: and our railroads now
! form two-fifths of the entire railroad
system of the world. The result of this
rapid development of material for man
ufacturing and facilities for it's concen-
| tration has been an increase in the
4 gross value of the manufactures of the
country from little more than $4,000,
! 900 in 1870, TO $4,000, 0O0 in 1900.
| And remember that all these things
/ this doubling and trebling and quad
rupling and quintupling of the prod
ucts of our country, have occurred
while population was but little more
than doubling.
1.-THE total wealth of the country in
| 1870 was stated by the census at $780,,
! DOC, 900. 900: for 1900 it was estimated at
| $94 900 600 900, and to-day 1T may safely
be put at a round $100, 900, 900 900. The
| average wealth per capita, according to
| these figures, would be, in 1870, $3.50,
and in 1908, $3.50, an increase of go per
cent. in the average per capita wealth
| in 1903 as compared with 1870. The
| effect of this increase of money and
wealth is seen in increased bank clear
ings, and what is much better. i'll in
| creased bank deposits f4nong all classes
/ of our population. The bank clearings
of New York city grew from S2S,000,-
| OOO. 900 in 1870 to $4,000, 600, coo in 1902,
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