The Irish standard., 1905-09-23
NATIONS WEALTH
Development of Resources
Told by Prof. Monaghan,
Chief of the Bureau Of Statistics
at Washington.

Prof. James G. Monaghan, Chief of
the Bureau of Statistic, Washington,
d. c., recently delivered an able lect-
ure on the Expansion of Wealth in
the United States" before the Cath
Ollie Summer School, Cliff Haven, N.
Y. His address, which follows in part,
is replete with useful information:
Half a century ago the wealth of
the United States was estimated at a
little more than 100000, At the
present time it is placed at $11O,OOO,-
100000. During this half century the
population of the country multiplied
by less than three and one-half, while
the wealth multiplied by little more
than 10. During this period every
persons share in the total was multi
piled by four.
The census of so years ago showed
that the United States in point of
wealth stood below half a dozen ma
tons of the Old World. To-day all
those nations have been entirely out
distanced.
Though the United States has only
twentieth of the worlds inhabitants,
it has fifth of the worlds stock of
money and fourth of its gold coin
and bullion. The United States has
two-thlrds -$14O,O 1000, 900, OO0-of the
worlds banking power capital, sur
plus, deposits and circulation. Her
prominence in these directions has
been obtained in the last 20 years.
Between 1890 and 1904 the banking
strength of the new world grew los
per cent, and that of New York City
1870 per cent.
How is all this wealth distributed?
The farmers and planters of the coun-
try received last year more than &c.
000,000,OO0 for their products. This
equals the wealth of the entire coun-
try in 1S45. The product of the coun-
trys mines for 1904 amounted to ST.
5OO,OOO,OO0. The United States has
one-third of all the money deposited
i'll the savings banks of the world. At
the beginning of 1905 there were in
the United States $4,000 miles of
railroad as compared with 100000
miles for the entire world outside.
The railroads earned $4,000, 900, in
1904, and have in their employ 1,3OO,-
600 persons.
Compared with the principal coun-
tries of the world, the United States
ranks high. Here are the relative
positions: United States, $11O,O0O,-
100000; United Kingdom, $55, 0O0, O00,-
900; France, s5O,OOO,OOO,OOO; Ger
many, $4s,o0O,ooo,ooO; Russia, $685.
oOO,OoO,OOO; Austria-Hungary, $30,O00,-
100000; Italy, $1s,OOO,OO0, Spain,
$12,OO0,OOO,OOO.
Now, while these phenomenal fig
ures are for the United States, one
must not forget that vast wealth is
awaiting workmen in Canada, Mexico,
Central and South America. How vast
it all is can hardly be conjectured.
To say that it is fully four or five
times that of the United States is to
paint the possibilities of the continent
in safe If not modest colors. 1t may
be less, it may be more; less or more,
it is enormous. Until Alaska is as
well-known as California or Colorado,
it's concealed wealth will not be
known. Before we can talk intelli-
gently of Central and South America
we will have to know as much about
the Andes as we know Of the Appala-
chan or Rocky Mountains. Brazil as
large as the United States, without
Alaska with its wonderful rivers, it's
vast forests, its fertile soil, its dia-
mond mines, its fabulous wealth in
tropical woods, is worthy a place by
the side of the States in an estimate
such as I am submitting. Only God
knows what Canada Is going to give
the world in the way of cereals, min
erals, farm, forest and sea products.
The woods of the continents for.
ests range from scrub pine to the rich
and rare woods of the world, mahog-
anies, ebonies and rosewoods. Their
names alone would require columns.
I often wonder If the wealth of Amer
can mines is as great as that in
American forests. One fact is Ger.
tain: the mines will one day cease to
yield, while the forests may be made
to increase their output The farms,
fertile beyond anything the old world
ever dreamed of, are incredibly rich.
Wheat, corn, cotton, sugar cane, fruits
of all kinds, from the softest and
most delicious of tropical varieties to
the hardest of the temperate zone
abound.
Page after page would have to be
written before it would be possible to
tell the financial story of the last so
years. 1t reads like romance. In and
out of the golden gates of trade our
merchants, manufacturers and finan.
ciers have been going scattering
around them streams Of gold and sill
yer more bountiful than were ever
conjured up by Aladdins lamp, or the
dreams of Midas. Reich vie elm
Amerikaner" (rich as an American)