UNIVERSITY OF ILLINOIS LIBRARY Class Book v Volume ECONOMICS Ja 09-20M PROSPERITY IS THE ISSUE. ALL THE OTHER QUESTIONS ARE SECONDARY. SPEECH OF Hon. Jacob H. Gallinger OF NEW HAMPSHIRE IN THE SENATE OF THE UNITED STATES, Wednesday, June 25, 1902. {Part *£ Congressional Record.1 OUR FRIENDS ON THE OTHER SIDE ARE LOOKING FOR AN ISSUE. THEY NEED NOT WORRY. THE ISSUE IS LOOKING FOR THEM. PROSPERITY IS THE ISSUE, AND ALL OTHER QUESTIONS ARE SEC- ONDARY. THE AMERICAN STANDARD OF LIVING, AMERICAN MANHOOD AND AMERICAN HOMES ARE BUT THE RESULTANTS OF REPUBLICAN LEGISLATION, THE SEQUENCES OF A PROTECTIVE TARIFF WHICH BROUGHT TO US AND WILL CONTINUE TO GIVE US AN UNPRECE- DENTED AGE OF LUXURY, AN UNPARALLELED ERA OF PROSPERITY. * The Senate having under consideration the following resolution, submitted by Mr. Gallinger June 24, 1902:. ** Resolved, That the present phenomenal prosperity in all lines of business and industry in the United States is largely due to the existing tariff law, and the best interests of the country demand its continuance " — - Mr. GALLINGER said: Mr. President* In less than a month the Dingley tariff law will have been in operation five years. It has been for the United States a half decade of the most substantial and marvel- ous accomplishment in all branches Of human en- deavor ever known in the history of not only our own country but of the whole world. Two years ago I laid before the Senate a re- sume of the calamity and misery caused by the Wilson-Gorman tariff law and the wonderful recovery we enjoyed under the first years of the Dingley law," which took its place. I now pro- pose to call attention to a more complete result of this tariff in the principal avenues of finance and commerce. In every way the Dingley tariff law has been an unqualified success and has more than vin- dicated the wisdom of its framers. President McKinley within a few hours after his first in- auguration called an extra session of Congress, and in his message referring to the need of a new tariff law he said : Congress should promptly correct the existing condition. Ample revenues must be supplied not only for the ordinary expenses of the Government, but for the prompt payment of liberal pensions ''■ an 720,000,000 Cattle . , , Total value live stock 1,626,000,000 2,681,000,000 Aggregate val- 3,451,500,000 5,513,500,000 Increase in Value of oyer 1,000,- 000,000. — Here is an increase in value of over $1,000,000,000 in these crops and an increase of over $1,000,000,000 in the value of farm ani- mals, and it must be remembered that 1901 was a poor year and 1896 a good year in farm pro- duction. What made this increase of over $2,000,000,000? It was the demand of fully employed, well-paid people, due to a tariff that enables us to do our own work instead of hiring the cheap labor abroad to do it for us. In this connection I want to quote the follow- ing from the Orange Judd Farmer of October 19, 1901: Encouraging as is the agricultural situation for this year, it is still more interesting when we reflect that 1901 is the fifth year of the suc- cessive upward trend to agricultural values. Some conception may be formed of the tremendous im- provement that has been wrought in the farmers' financial condition when we find that for the past' five years the cereal crops made a value of $6,245,000,000, compared to $5,282,000,000 during the five years of agricultural depression ending with 1896. The annual average value of cows, cattle, hogs, and sheep for the past half decade has been $345,000,000 more than for the previous period, but the total value of horses still shows a heavy decline from the boom of 1892. All history affords no precedent for so remark- able a transformation. It is shown also by the degree to which farm mortgages have been paid up, and by the substantial improvements that have been made in farm buildings and equipment, and by the strong upward tendency to the value of farm lands, especially in the Central and West- ern States. 6 Even billions of dollars can Inadequately ex- press the improvement in agricultural values and incomes compared to the depths of the late depres- sion. And because farmers are in this prosperous condition, and because they are the greatest con- sumers of manufactures, the industrial outlook Is generally satisfactory and encouraging. Here is a statement of fact by a conservative farm journal without the reasons. From 1893 to 1897 we had practical free trade. From 1897 to 1901 we had protection. No one claims, Mr. President, that the tariff has anything to do with the size of crops, but I do maintain that it has much to do with values. The 3,000,000 idle men of 1896 could not buy much bread. They could not eat as many potatoes, apples, and other products of the farm, and as. v?g con- sume 90' per cent of our farm products at home, our farmers are dependent on the purchasing power of the people for both quantity disposed of and price received. A protective tariff insures the farmer against the disaster that would otherwise attend a short crop because the people can afford to pay the enhanced price. That is why the farmer got nearly twice as much for his short corn crop of last year as he did for his good crop of 1896. I showed in this Chamber two years ago that the farmers of the country lost $10,000,000,000 because of low -tariff agitation and operation. Since the Dingley law went into effect they have gained in increased prices and enhanced values much more than this amount. They have paid off mortgages to the amount of many mil- lions ; they have bought millions of dollars' worth of new machinery and implements; they have improved their property, and many farm values are to-day double what they were in 1895 and 1896. During the fiscal year 1901 we exported nearly a billion of dollars* worth of agricultural products against a little more than half a billion dollars' worth in each of the .fiscal years 1895 and 1896. The average agricultural exports during the years 1898, 1899, 1900, and 1901 exceeded $850,000,000 in value against $550,- 000,000 in 1895 and 1896, a gain of $200,000,- 000 a year, and yet the crops of 1895 and 1896 were_ abnormally large. I want to emphasize this fact, Mr. President, that it is not the size of the farmer's crop, but the value of the crop which rewards his indus- try; and the value must and does depend on the tariff, which gives good wages the year round to all consumers. And the very prosperity which comes to the farmer goes back to the manufacturer and merchant and railroads and labor of all kinds in the increased consumption of implements, clothing, building material, and necessaries and luxuries of a thousand and one kinds. So we all become interdependent, and protection scatters its benefits and blessings far and wide. Sheep and Wool.— Free wool was one of the features of the Wilson-Gorman tariff. The . Dingley law reimposed the adequate protection given by the McKinley law. Let me give a few figures showing the result, first, as regards domestic production and imports of wool : Year. Production. Imports. Pounds. Pounds. 1893 "." .7. . 303.000,000 172.435.S38 1894 298,000,000 55,152,558 1895 310,000,000 206,033,906 273,000,000 230,911,473 1897 259,153,251 350,852.026 1898 266,720,684 I32,795,30li 1899 272,191,330 76,739,219 1900 288,630.621 155,918,455 1901 302,502,328 103,583,505 Nearly 800,000,000 pounds of wool were im- ported during the three years 1895, 1896, and 1897, and, Mr. President, I am informed that we have not used it up yet. Now, let me give a list of prices of Ohio fleece wool on the 1st of Oc- tober last, as furnished by Mauger & Avery, of Boston: Year. Fine. Me- dium. Coarse. Cents. Cents. Cents. 23 24 21 19 21 19 18 21 19 1896 18 19 18 1897 27 29 25 28^ 30 24 y 2 1899 31 33 y 2 29 1900. 28 y 2 26 y 2 1901 25 2&y 2 23 And it must be understood that these prices under the Dingley law have been maintained in spite of the lowest figures abroad ever known. Our woolgrowers have reaped a profit of a few cents on every pound of wool produced, while the London market has shown the greatest slump in its history. So much for wool. Now a glance at sheep and their value % Year. Number. Value. 1893 47,272,553 $125,909,264 1894 45,048,017 89,186,110 1895 42,294,064 66,685,767 1S96 38,298,783 65,167,735 36,818,643 67,020,942 1S98 37,656,690 92,721,133 39,114,453 107,697,530 41,883,065 122,665,913 43,000,000 134,000,000 These are the very conservative figures of the Department of Agriculture. These figures of sheep and wool show just what free wool and protected wool do for the farmer. But what of our woolen industry? Closed mills and mills working part time in 1896. Busy mills in 1902. The woolen industry has been greatly depressed throughout the world because of overproduction. Qur woolen manufacturers fom& suffered too,, but not to the extent of those abroad, and the outlook is far from gloomy. Full recovery may come at any time, but it is different with the sheep industry. In this connection I want to quote a pat paragraph from a speech. delivered by my friend the senior Senator from Wyoming before the Wool Manufacturers Association at the Hotel Savoy, New York, January 9, 1901. Senator Warren said : Gentlemen, woolen mills may be shut down at dark and reopened at daylight; shut down a month, or even a year, and still be there on the ground when needed for business ; but sheep can not be so shut down and reopened. It takes years to recover from losses suffered, while it only takes months to effect them. Our Tobacco Industry. — No one will dispute that tobacco and cigars are a luxury, and that their increased consumption must in- dicate increased prosperity. It will be interest- ing, then, to note the conditions of the industry now, as compared with low-tariff times of five years ago. The following table shows the com- parison : PRODUCTION AND CONSUMPTION OP TOBACCO IN THE UNITED STATES. Fiscal Year. Produc- tion of cigar leaf. Used in cigars and cigarettes. Cigar output. Pounds. Potinds. 1894 88,650,000 87,336,348 4,066,917,433 1895 ..... 66,500,000. 89,680,605 4,163,972,440 1896 77,000,000 93,764,920 4,237,755,943 1897 110,662,750 90,950,987 4,063,169,097 1898. .'. . . 105,702,450 104,116,393 4,910,937,397 1899 147,106,050 104,589,331 5,077,287,824 1900 142,686,250 120,350,271 5,963,170,381 1901 131,444,050 128,448,475 6,475,438,411 It will be seen that our tobacco production is double what it was in 1895 or 1896, and that we are consuming about the entire output. The increase in cigar manufacture has been more than 50 per cent. The tobacco used in the cigar and cigarette output for the year ending June 30, 1901, was approximately 128,448,475 pounds. To this add 20,000,000 pounds used in smoking tobacco and 24,865,170 pounds imported, and a total of 173,313,645 pounds was apparently consumed. But on June 30, 1901, there were 17,896,518 pounds in hand, which would leave 155,417,127 as being used. Deducting 5,417,127 pounds exported, and a total of about 150,- 000,000 pounds would be required. This was practically the size of the domestic crop for 1899 and 1900, which brought the best price for years. Manufactures.— While the census report on manufactures for 1900 is most satisfactory, it by no means shows the full result of the operation of the Dingley law. The total value of products for 1900 is given at $13,040,013,638, as against $9,372,437,283 in 1890. We have progressed wonderfully in the last two or three years, and it is likely that the output for 1902 will exceed $15,000,000,000, which is double the output of 1895 or 1896. In spite of consolida- tions and combinations, the number of manu- facturing establishments increased over 44 per -cent in the last decade. The following table, which I have compiled from the census report on manufactures, will show the great gain we made in our large indu- stries during the last decade in spite of the adverse conditions of four years, affected by a low-tariff law : Manufacturing output in certain industries, 1890 and 1900. Articles. 1890. | 1900. Agricultural implements. $81,271,651 $101,207,428 Boots and shoes, factory 220,649,358 261,028,580 Carriages and wagons. . 114,551,907 121,537,276 129,461,698 218,238,277 174,699,079 202,582,396 Cotton manufactures.... 267,981,724 339,198,619 Flouring and grist mill 513,971,474 560,719,063 478,687,519 835,759,034 171,063,337 204,038,127 2S9,775,639 340,615,466 Lumber and timber 437,957,382 566,832,984 78,937,184 127,286,162 Printing and publishing. 179,859,750 222,983,569 Shipbuilding 38,065,410 74,578,158 Silk and silk goods 87,298,454 107,256,258 561,611,668 786,603,670 Wool manu f actures 345,655,524 400,093,833 These are but a few of our principal industries in which I wish I could make the comparison between 1902 and 1896. To some extent this can be done in our iron and steel manufactures. While we have made wonderful progress in all lines of manufacturing since the enactment of the Dingley law, it is in iron and steel prod- ucts that we have made the largest gains. This can be shown in no better way than by a com- parison of pig-iron production for the past few years. It has been as follows : Tons of 2,240 pounds. 1894 6,657,388 1895 9,446,308 1896 8,623,121 1897 9,652,680 1898 11,773,934 1899 13,620,703 1900 13,789,242 1901 15,878,354 This year the amount will exceed 17,000,000 tons, or nearly three times the production of 1894. Iron and Steel Production.— The total production of all kinds of iron and steel rolled into finished forms in the United States since 1892 can be seen from the following table, taken from the Annual Report of the Iron and Steel Association ; 9 Production of rolled iron and steel, gross tons, 1892-1901, Year. Iron and steel rails. hoops, skelp, and shapes. at Ml rods. StlGGtS, GX* GGpt nail Cut nails, • Total. 1,551,844 3,033,439 627,829 751,460 201,242 6,165,814 1,136,458 2,491.497 537,272 674,345 136,113 4,975,685 1,021,772 2,155,875 673,402 682,900 108,262 4,642,211 1,306.135 3,005,765 791,130 991,459 95,085 6,189,574 1896 1,122,010 2,731,932 623,986 965,776 72,137 5,515,841 1897 1,647,892 3,081,760 970,736 1,207,286 94,054 7,001,728 1898 1,981,241 3,941,957 1,071,683 1,448,301 70,188 8,513,370 1899 2,272,700 4,996,801 1,036,398 1,903,505 85,015 10,294,419 1900 2,385,682' 4,390,697 846,291 1,794,528 70,245 9,487,443 1901 2,874,639 5,785,479 1,365,934 2,254,425 68,850 12,349,327 This shows an increase of over 100 per cent 1 since 1895-96. Cut nails have given way to wire nails, the production of which has grown enormously since adequate protection was given to the industry in 1883. „ The following table shows the result : Production of wire nails in kegs of 100 pounds 1882 , 50,000 1883 .' 80,000 1884 120,000 1885 200,000 1886 300,000 1887 500,000 1888 1,000,000 1889 .. 2,200,000 1890 3,500,000 1891 4,114,385 1892 4,719,524 1893 5,095,985 1894 5,681,801 1895..". 5,581,403 1896 4,719,860 1897 8,997,245 1898 7,418,475' 1899 7,618,130 1900 7,23-3,979 1901 9,803,822 The price in 1883 was 8.35 cents per pound, and in 1902, 2.45 cents per pound. Tin Plate. — Another more recent but none the less remarkable instance of an industry made possible by protection is our tin-plate industry, due to the McKinley law. The fol- lowing table shows the change in our production and importations : Production and importation of tin plate. Year. Imports. Produc- tion. Gross Gross tons. tons. 329,435 None. 1891 327,882 999 1892 268,472 18,803 1893 253,155 55,182 1894 215,068 74,260 1895 219,545 113,666 1896 119,171 160,362 1897 83,851 256,598 1898 66,775 326,915 1899 58,915 360,875 1900 66,055 302,665 1901 52,625 399,291 So great is our consumption of iron and steel that we cannot supply the demand at any price, and we are forced to importations. Our exports of manufactures, although but a small per cent of our production, show a re- markable advance under the Dingley tariff, as will be seen from the following table : Value. 1893 $158,023,118 1894 183,728,808 1895 183,595,743 1896 228,571,178 1897 277,285,391 1898 290,697,354 1899 339,592,146 1900 433,851,756 1901 412,155,066 For the present year the value will be about 10 the same as last year in spite of a decrease in price in many commodities and the falling off in iron and steel exports, due to home consumption. The manufacturing situation to-day in the United States can be summed up in the statement that practically every mill and factory and shop is working to full capacity, with orders far ahead: and prices most satisfactory. In the Territories. — In connection with this subject of our manufactures I want to call' attention to the fact that the large increase is not confined to the great manufacturing States, of the East. Let me show what our Territories are doing. Here are the figures from the Census Bureau : Territory. Value of product. Increase, 1900. 1890. per cent. 1 Arizona | $21,315,189 New Mexico .. j 5,605,795 Indian Territory j 3,892,181 Oklahoma j 7,0S3,93S $947,547 1,516,195 248,932 180,445 2,ir»o 270 1,464 3,826 Total 37,897,103 2,893,119 1,210 Here also are the figures from three States that confirm my contention that protection is spreading its benefits in every part of the land : State. Value o? product. 1900. | 1890. Increase, per cent. $4,020,^32 $1,396,096 188 1,643.673 1,105,063 49 4,301,240 2,367,601 82 As showing how wages in manufacturing af- fect value of farm 'products, I want to present the following figures from the census report of Arizona : 1900. 1890. Increase, per cent. $2,369,065 $302,146 684 Farm products : 6,179,397 1,045,970 480 The argument holds r good in Arizona as well as Massachusetts and every other section of the country. Beet Sugar. — An industry made possible' by the Dingley law was the manufacture of sugar from beets. The progress made is seen in the 1896-97. 1901-2. Number of factories 7 40,000 42 185,000 The new plants projected for 1902 number 83, with a capital of $50,000,000, capable of a total output of 550,000 tons annually and a purchas- ing capacity of $20,000,000 worth of sugar beets. Mineral Products.— Our mining statistics show the same substantial increase as our agri- culture and manufacturing. I give simply a comparison between 1896 and 1901 in a few products and the total value ' 1896. 1901. Gold $53,000,000 $83,000,000 75,000,000 325,000,000 55,000,000 Coal 23,000,000 196,000,000 30,000,000 Total mineral products 622,000,000 1,200,000,000 The iron ore, coal, and stone [are put into use as fast as mined, and add most materially to our manufacturing and building output. We have almost doubled the value of our mineral products under the demands of industry made possible by a return to protection, and the mining, transpor- tation, and conversion into a usable commodity, consisting, as it does, of so much increased labor, is but another testimony to the benefits of the Dingley law* Railroad Business. — The effect of the great consumption of farm products and man- ufactures is nowhere more apparent than in the enormous railroad business of the country. We have now passed the 200,000 mark in system mileage and are approaching 300,000 in total miles of track. Over 1,000,000 men are em- ployed with annual wages exceeding $600,000,000. The railroad systems of the country represent a capital of $12,000,000,000, with annual earn- ings exceeding $1,500,000,000. Six hundred million passengers are carried annually and over 1,100,000,000 tons of freight. I want now, Mr. President, to show the difference between railroad business in this country during low- tariff times and protection times. The following table will show statistics of the Interstate Com- merce Commission anc| Poor's Manual ; LOW-TARIFF PERIOD. Years. Freight car- ried, tons. Miles built. Dividends paid. Gross receipts. 1895 696,761,171 1,650 $81,685,774 $1,092,395,437 1896 : 765,891,385 1,704 81,528,154 1,125,632,025 1897 ,-v, 741,705,946 1,818 83,680,040 1,132,866,626 734,786,164 1,724 82,297,989 1,116,964,696 PROTECTIVE-TARIFF PERIOD. 1898. 879,006,307 959,763,583 1,101,680,238 ♦1,350,000,000 2,215 3,966 3,503 5,057 $94,937,526 109,032,252 140,343,653 $1,249,358,724 1,336,096,379 1,501,695,378 1899 1 900 1901 1,072,612,542 3,685 114,771,144 1,362,450,227 XjO^-tfABIFy PERIOD, Yea?. Wages paid. Number of em- ployees. Freight rate per ton-mile. 1895 $445,508,261 468,824,531 465,601,581 - 785,034 826,620 823,476 Cents. 0.839 .806 .798 1896 1897 Average. . 469,978, IS! 811,710 .814 PROTECTIVE-TARIFF PERIOD. Number Freight Year. Wages paid. of em- rate per ployees. ton-mile. 1898 | $495,055,618 874.558 0.753 1899 | 522,967,896 928,924 .724 1900 | 577,264,841 1,017,653 .729 1901 | ♦634,000,000 Average. . | 557,072,091 940,378 .735 * Estimated,,. 12 A 50 Per Cent Increase.— 1 regret ex- ceedingly that I cannot get the exact figures for 1901 and an estimate for the present year, for they would show a most substantial increase over 1900. Enough is known, however, to war- rant the statement that our railroad business is now more than 50 .per cent better in every way than during the low-tariff period. The railroad business is the index of the country's progress and prosperity. It is depend- ent upon the demand made by consumers and the supply of producers. It is a fact that for three years our railroads have been pushed to their very utmost facilities of rolling stock. A car famine is the only famine we have known under the Dingley law. Locomotives and freight cars cannot be made fast enough with all the facilities of our great locomotive and car works. Our free traders delight in calling our rail- roads a "non-protected" industry, and yet there is no business in the country that shows so quickly and so substantially the effect of the tariff as the railroads. Why did the freight business practically stand still during the opera- tion of the Wilson-Gorman law? Why has it increased at the rate of 15 to 20 per cent yearly under the Dingley law and would increase even more rapidly if cars, and locomotives could be had ? Why were so many railroads in the hands of receivers in 1896 and so few in receivers' hands in 1902J Why have the value of railroad stocks increased so enormously in the past five years? Do not tell me these are fictitious values or I shall point to the dividends now paid as compared with 1896 — fully 100 per cent more. And to whom are these dividends paid? From the ^report of the Interstate Commerce Commission I take these figures for 1900 ; Stocks outstanding $5,845,579,593 Owned by railway corporations 1,470,218,972 Not owned by railway corporations. 4,375,360,621 Bonds 4,900,626,823 Owned by railway corporations 472,831,377 Not owned by railway corporations.. 427,795,446 Total stocks and bonds 10,746,206,416 Owned by railway corporations. .. . 1,943,050,349 Not-owned by railway corporations. 8,803,156,067 Who owns the railroads then? Let me give a few figures : Stockholders. New York Central 15,000 Pennsylvania 28,000 New York, New Haven and Hartford 10,000 Union Pacific ' 14,000 Chicago, Burlington and Quincy 13,000 Northern Pacific 10,000 Atchison, Topeka and Santa Fe 13,000 Illinois Central 5,000 Southern Railway 4,700 Erie 3,450 And so on, and the dividends are scattered through thousands, of different channels, carry- ing income and support to a quarter million of people, besides the millions concerned in the earnings of over a million employees. Shippings — I have shown 'the wonderful progress made in railroading during the past few years. I now ,wish to present some figures showing the remarkable increase in tonnage of our merchant marine. . The figures are from the report of the Bureau of Navigation : IS Year ending June 30 — 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 Vessels built and total tonnage. Canal Sailing. - boats and barges. Gross Gross tons. tons. 102,873 32,204 144,290 39,975 83,217 23,885 49,348 27,923 37,827 9,648 34,900 6,949 65,237 23,832 64,309 61,770 34,416 40,204 98,073 116,460 50,907 44,802 126,165 83,733 Steam. Gross tons* 159,046 185,037 92,531 134,368 83,720 69,753 138,028 106,153 105,838 151,058 202,528 273,591 Total. Tonnage of mer- chant ma- rine of the United States. Per cent of foreign trade car- ried in American vessels. Gross tons. 294,123 _ 4,424,497 123 369,302 4,684,759 12.5 199,633 4,764,921 12.3 211,639 4,825,071 12.2 131,195 4,684,029 13.3 111,602 4,635,960 11.7 227,097 4,703,880 12 232,232 4,769,020 11 180,458 4,749,738 9.3 300,038 4,864,238 8.9 393,790 5,164,839 9.3 483,489 5,524,218 8.2 It will be seen that we were doing very well duriDg the operation of the McKinley law, but what a collapse under the Wilson-Gorman law ! Now note the advance under the Dingley tariff. Our tonnage built last year was "four times that built in 1895. It will be seen that over 90 per cent of our foreign trade is carried in foreign bottoms, so that our tonnage of merchant marine is used almost wholly in coast and lake commerce. The enormous increase in tonnage, then, gives a pretty accurate idea of the increase in our coast and lake traffic Bank Clearances.— Our bank clearings represent the volume of business transacted, as about 98 per cent of "settlements are made by bank checks and credits which are recorded in the clearing houses of the "country. Here, then, we get a basis of relative ^business done ; and to show the comparison I present the total bank clearings since 1892, taken from the figures of the Bureau of Statistics of the Treasury Depart- ment: Bank clearances. 1892 „ . . .. $60,833,572,438 1893 ........ 58,880,682,455 1894 45,028,496,746 1895 50,975,155,046 18M. ..; 81,930,651,733 1897 54,179,545,030 1898 65,924,820,769 1899 88,909,661,776 1900 84,582,450,081 1901 114,190,226,021 It will be seen how business fell off in 1893 and 1894 when we were threatened with free trade and began to live under the operation of the Wilson-Gorman law. We recovered but little in the next two years, and 1897 found us doing less business than in 1892. But note ^the result since, under the workings of the Dingley tariff. Observe the great increases each year, till in 1901 we find the clearings more than double what they were in 1895, or 1896. These are the records of actual business transactions, for bank balances are computed to a cent. The clearings for the first four months of 1902 were $39,000,- 000,000, showing that we are about equaling the record-breaking figures of last year. We are almost doubling the figures of 1892, a most astonishing result. In this connection, I may say that the clearings of New York City in 1902 are 60 per cent larger than the clearings of London, though the latter city has a million more population and does most of the business of 14 Post-Office Business.— From bank clear- ings to postage stamps is a wide step, but I want to emphasize the value of a protective tariff in small transactions as well as great. It would seem as if one need never to retrench in the matter of .postage, no matter how poor the times may be. The constant increase in popula- tion makes an increase in postal revenues almost imperative, and yet the little 1 and 2 cent stamps, like everything else, show the difference between adversity and prosperity. I present herewith a table showing our postal receipts for a period of years from 1889 to 1902 : 18S9 $56,175,611 1890 60,882,097 1S91 65,931, 7S6 1S92 70,930,476 1893 75,896,933 1894 75,080,479 1S95 76,983,128 189G 82,499,208 1897 82,665,463 1898 89,012,619 1899. 95,021,384 1900. 102,354,579 1901 ., 111,631,193 1902 *122,680,000 * Estimated from ten months. Here (from 1889 to 1893) is the constant in- crease we should look for. In 1894 there is an actual decrease and no material increase the year following. In short, the average annual increase from 1893 to 1897 is only $1,689,633, really a falling off considering the increase in population. But look at the result since the Dingley law went into effect. An increase of over $40,000,000, or an average of $8,000,000 a year." Wo are increasing our expenditures largely every year, and yet our revenues are in- creasing still more rapidly til! soon we will have a self-supporting department and ultimately 1 cent postage. Our rural free delivery is being rapidly ex* tended till soon every farmer in the land will have his daily mail delivered at his door, giving him his daily paper, daily weather and crop reports, and making him more expert in his labor, more intelligent, and more prosperous and happy. TJms protection scatters its blessings with the increased sales of the postage stamps as it does with the ton of rails or the huge loco- motive. Telegraph and Telephone. — Somewhat akin to postal business is that of our telegraph and telephone companies. To many the tele- graph and telephone message is a necessity ; to others it is a convenience; to others a luxury. In a most peculiar and significant way, then, the statistics tell the story of prosperity. The fol- lowing table shows the receipts of the Western Union Telegraph Company since 1889 : 1889 ■ $20,783,194 1890 22,387,029 1S91 23,034,327 1892 23,706,405 1S93 24,978,443 1894 21,852,655 1895 : 22,218,019 1896 22,612,736 1897. .. : 22,63S,859 1898 23,915,733 1899 1 23,954,312 1900 24,758,570 1901 26,354,151 1902 *27,850,O00 ♦Estimated. As in everything else, we see an increase up to 1893, then a decrease till 1897, then a most substantial increase since. This increase during the operation of the Dingley law has been in spite of a most phenomenal increase in telephone business, an increase in the Postal Telegraph Company's business, and private-wire business. This increase in telephone business can be seen from the following table, showing subscribers and employees since 1894 1 15 Calendar year. Sub- scribers. Em- ployees. 237,186 243,432 281,695 325,244 29,353 10,421 11,094 11,930 14 425 1896 1S97 . . . Average annual increase . . 1898 f. 1,335 384,230 465,180 632.946 800,880 138,883 16,682 19,668 25,741 32,837 5,385 1899 1900 1901 Average annual increase.. Year. 1893 1894 1895 1896 1897 1S98 1899 1900 1901 1902 Number of depositors. Deposits. 4,830,599 4,777,687 4,875,519 5,065,494 5,201,132 5,385,746 5,687,818 6,107,083 6,373,098 6,7S4,392 $1,785,150,957 1,747,961,280 1,810,597,023 1,907,156,277 1.939,376,035 2,065,631,298 2,230,366,954 2,449,547,885 2,601,189,291 2,845,691,300 These figures show nearly five times the an- nual increase under the Dingley law as compared with the years under the Wilson-Gorman tariff. And right here I want to show a comparison of the annual number of telephone messages in dif- ferent countries according to the latest avail- able statistics : Austria-Hungary, 1899 116,724,879 Russia, 1898 103,'426!o88 Germany, 1899 540,324,386 France, 1898 141,226,883 Great Britain, 1900 , 639,476,4^8 United States, 1901 2,30o]ooo!oOO We do more telephoning than all the rest of the world put together at from 5 to 10 cents a message. All this has been made possible by the great prosperity brought to us by the Dingley tariff law. Savings and Surplus. — Our savings- banks deposits represent a portion of the surplus earnings cf the masses. The capitalist, the manufacturer, and the merchant do not use the savings banks. It is the wage-earner who uses that depository for a part of his surplus funds, and now, Mr. President, I want to show just what the amount of these savings have been during the past ten years i Including the savings in State banks, there are now over $3,000,000,000 of savings in the banks of the country against but little more than half that sum in 1S94. It will be seen that in 1894 millions were withdrawn from the savings banks and from 1893 to 1897 the in- crease was only $154,225,07.8, or an average in- crease of $38,556,245 a year, while from 1897 to the present ti me the increase has been $906 - 315,265, or an average of $181,263,053 a year. This is a small part of what protection is doing for the people. And this is by no means idle ■ money. Every dollar of it is at once put into use. It is loaned on bond and mortgage and is employed in buying construction and building material, and in State, and county, and municipal improvements— in the employment of labor at every turn. My own State, New Hampshire, has had an interesting experience in the matter of savings- banks deposits. For the years 1894, 1895, 1896, and 1897 there was an aggregate decrease of deposits to the enormous amount of $13,222,416, while for the years 1900 and 1901 there has been an increase of $1,988,829. But these savings-banks deposits by no means measure the surplus of the people's earnings. There are the building and loan associations, the insurance premium, the installments paid on the (little home and on the furniture, the money spent for educating the children, and for the luxuries and ornaments of the body and home. Three billion dollars of savings put away for a rainy day and increasing at the rate of $200,- 000,000 a year, and we are by no means a provi- dent people. We are the most extravagant people on earth, and we can afford to be under a protective tariff. It may be said that our deposits are larger than those of any other country because of our larger population. Let me give a table showing the average to each depositor in- a few countries : United States $408 United Kingdom 96 Russia : 100 France 83 Belgium 76 Italy 80 Prussia 155 Germany 87 Whether we take total deposits, number of depositors, average to each depositor, or de- posits per capita, the United States is not only far in the lead, but increasing faster than any other country. Our deposits exceed those of Great Britain, France, Russia, and Austria combined, and these countries have a population four times as large as that of the United States. Insurance. — I have shown, Mr. President, that we have nearly $3,000,000,000 deposited in our savings banks by almost 7,000,000 deposi- tors and that we are adding $200,000,000 a year, and yet the insurance premium is but another form of savings bank> and we are paying annual premiums and assessments upon life insurance to the amount of $400,000,000. Let me present some of the insurance figures since 1893 that we may compare low-tariff times with protection times. The statistics are from the New York Insurance Report, but refer to the total business @f &• United States I Year. Policies issued. it- Total 111" come. Number. Amount of insurance. 1893 404,236 $1,058,659,846 $236,683,206 1894 .... 396,843 985,520,033 256,624,478 1895 .... 366,565 864,815,534 266,897,202 1S96 350,106 796,124,326 279,373,107 1S97 . . . . 431,457 923,804,876 301,268,179 1898 485,735 1,018,366,027 320,810,628 1899 .... 632,704 1,304,306,028 355,946,005 1900 687,005 1,356,769,653 392,358,941 1901 .... 787,747 1,470,317,887 437,935,469 In 1894, 1895, and 1896 there was a decrease each year in number of policies issued and amount of insurance written. Policies lapsed by the thousands, and the loss was incalculable. Now look at the figures since 1896, a constant and large increase each year. More than double the number of policies were written in 1901 than were written in 1896. Nearly double the amount of insurance. This is a most significant showing. It means hundreds of millions for widows and orphans when the income earner is taken away. From 75 to 80 per cent of the income of our insurance companies is from premiums, and here is an addition of nearly $400,000,000 a year to the $200,000,000 annual increase in savings, all to be loaned on bond and mortgage, to be put into commercial use, and most of it to find its way into the laborer's envelope. Thirteen billion dollars of life insurance in force in the United States — more than double that of all the world put together. But this is not all. We have over $23,268,047,232 of fire risks in force, and nearly $100,000,000 are paid in fire losses every year. But it is not alone the man who has an in- creased income in good times who benefits from a tariff like the Dingley law. The man with a fixed income year after year benefits relatively IT M »» mneh.. la iw4ari#f times U k mlhi upon by every relative and friend who is out of work, and his income is cut dov/n correspon- dingly. Every man who was "touched" a dozen times a week in 1895 and 1896 appreciates this point in these days when there are no appeals from broken and hard-luck sources. Foreign Commerce, — I have given Year ending June 30 — Impo rts and exports of merchandise, 1890-1901, glimpses of our domestic trade under the Dingley tariff and the wonderful advances we have made under protection. How about our foreign trade —the sale of our surplus abroad? In order that we may consider the matter intelligently, I pre- sent a table showing our exports and imports since 1890, taking my figures from the Bureau of Statistics of the Treasury Department : Imports. Exports. 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 $789,810,409 844,916,196 827,402,462 866,400,922 654,994,622 731,969,965 779,724,674 764,730,412 616,049,654 697,148,489 849,714,329 823,171,185 $857, 884, 1,030, 847, 892 807 882 1,050 1,231 1,227 1,394 1,487 828,684 480,810 278,148 665,194 ,140,572 ,538,165 ,606,938 ,993,556 ,482,330 ,023,302 ,479,214 ,764,991 Total imports and exports. $1,647 1,729 1,857 1,714. 1,547 1,539 1,662. 1,815 1,847 1,924 2,244 2,310 139,098 397,006 680,610 066,116 135,194 508,130 331,612 ,723,968 ,531,984 ,171,791 ,193,543 ,937,156 Excess. Imports. $18,735,728 Exports. $68,518,275 39,564,614 202,875,686 237,145,950 75,568,200 102,882,264 286,263,144 615,432,676 529,874,813 544,764,835 664,592,826 The figures for the fiscal year 1902, while they will show a falling off in exports (owing to our short corn crop of last year and the great home consumption of manufactures) and an in- crease of imports, will compare favorably with recent years. Under the operation of the Dingley tariff we have become the leading export nation of the world, passing Great Britain, with her wonderful prestige of centuries. It will be seen that our balance of trade differs very much now from the years 1893 to 1897. In 1893 the balance was against us, and for the five years from 1893 to 1897, inclusive, the average was only $175,000,000, while during the past five years the average has been about $600,000,000, making a total favorable balance under the five years of the Dingley law of $3,000,000,000. We are changing under this trade balance from a debtor nation to a creditor nation, if, Indeed, we have not already doa© s©„ We have an immense freight bill to pay annually, large interest disbursements, and exchanges on ac- count of tourists' expenses abroad, so that with much less than our favorable balance we would have to ship gold abroad in large quantities to pay our bill, as we have had to do in low-tariff times. It will be seen from the table that our exports are nearly double those of 1895. Nearly $1,000,000,000, or two-thirds, are agricultural products, which Europe must have regardless of tariffs, and yet it is in exports of manufacture that we have made the largest relative gain. j We are exporting double the amount of manu- factured articles that we were under the Wilson- Gorman law, and we are gaining markets in every quarter of the globe for every product of our mills and factories, and still the free trader keeps up the cry for "free raw material," in order that we may capture the markets of the world, ignorant or forgetful of the fact that we have already 99 per cent free raw material for all that enters into exports of manuf aetirei , 18 Right feer© I want to call attention to our great increase in imports, this increase consist- ing mostly of crude or partly manufactured articles which are consumed by our manufac- turers in turning out their finished product. Thus we see the perfect workings of the Dingley law in our exports and imports, It is safe to say that in another half decade, if our present tariff law is undisturbed, our exports will exceed $2,000,000,000 annually, which, while but a trade, is still a remarkable exhibition of Ameri- can progress. Gold and Silver. — I now wish to present a table showing our imports and exports of gold and silver for recent years. Trade balances are not settled wholly in gold. There are credits and exchanges to be considered, but I notice that our gold generally goes abroad in low-tariff times and comes back in protection times. Here are the figures under the Wilson-Gorman law amount as compared with our domestic I and the Dingley law s Total value of imports and exports of gold and silver coin and bullion, 2893-1902, ^ * - - ' - *• * - . gold. " . . : v „ lesr ending Jane 30— Imports, Exports, $21,174,381 $108,680,844 72,449,119 76.978,061 30,384,760 66,468,481 33.525,065 112,409,947 85,014,780 40,361,580 120.391,674 15,406,391 88,954,603 37,522,086 44,573,184 48,266,754 66,051,187 53,185,177 ' Excess of Imports over exports. Exports over imports. 1883 1894 1895 1896 1S97 1898 1899 1900 1301 $44,653,200 104,985,283 51,432,517 12,866,010 $87,506,463 4,528,942 30,083,721 78,884,882 3,693,575 SILVER tea* ending June 30— i I Import* { Exports. ••- ' ■ '4 • J Excess of ex- port over imports. $23,193,252 13,286,552 20,211,179 28,277,186 30,533,227 30,927,781 30,675,056 35.258,802 38,386,521 $40,737,319 50,451,265 47,295,286 60,541,670 61,946,638 55.105,238 56,319,055 56,712.275 64,285,180 $17,544,067 37,164,713 27,084,107 31,764,484 31,413,411 24,177,458 25,643,999 21,455,973 27,898,659 1896 1901 Silver is a commodity, and the excess of ex- ports should be added to our trade balance, but gold is the commodity or money used in settle- ment. It will be seen that in the four years 1893, 1894, 1895 and 1896 we exponad over $200,000,000 more than we imported, while in ported over $200,000,000 in excess of the amount exported. The gold holdings of the United States now aggregate $555,000,000, not only the largest amount of gold ever held by the Treasury, but for the first time the outstanding gold certifi- the four years 1897. 1898, 1899. 1900 wo inv i sates exceed in volume the amount of United 19 States notes or greenbacks. No longer ago than 1899 the outstanding certificates amounted to only $34,500,000; now they amount to $347,- 000,000. In 1892 the circulation of gold cer- tificates rose to $171,700,000,. but during the free-trade panic the circulation fell to $70,000,- 000. Our $555,000,000 of gold is the largest amount possessed by any government in the world. Failures. — With such phenomenal advances in all branches of business, with such a great amount of increased capital invested and con- cerns in operation, we should almost expect to find an increased number of failures, for sus- pensions and failures in business are as inevitable as sickness and death in the most healthful com- munities. But sickness and the death rate depend to a degree on sanitary and other condi- tions, and suspension and failures in business depend, it would seem by the figures I now pre- sent, on tariff conditions. I take the following statistics of failures from Dun's Review : Failures. were still abnormal, but 1896 was another bad year with nearly as many failures as iu 1893, though with somewhat lesser liabilities. But what a change with the coming of protection! Look at the figures for the past five years. The amount of liabilities for the four years 1893, 1894, 1895, and 1896 average $229,000,000 a year, while for the four years 1898, 1899, 1900, and 1901 they average only half as much in spite of the enormous increase in business enterprises. No argument I could make would teach a greater lesson than the figures themselves. Calendar year. 1892 : : 1893 1894 -1895 1896 - 1897 ■ 1898 1899 1900 1901 Number. Liabilities. 10,344 $114,044,167 15,242 346,779,889 13,885 , 172,992,856 13,197 173,196,060 15,088 226,096,834 13,351 J 154,332,071 12,186 130,662.399 9,337 90,879,889 10,774 * 138,495,673 11,002 113,092,376 These I assert are most significant figures. In 1892 the number and amount of liabilities F/ere normal. In 1893, with the assurance of some kind of a free-trade law, came panic and K. The figures tell the story. In 1894 and 1895 the figures, while a decrease from 1893, Average Rate of Duty.— I now want to call attention, Mr. President, to the free-trade assertion that the rates of duty under the Dingley law are exorbitant. The average ad valorem rate of duty is not determined by legislation, but by actual imports. The ignorant free trader, in a spasm of assumed indignation, may declare that Dingley duties are the highest ever imposed, but he either does not know what he is talking about or he is deliber- ately trying to deceive. It will be both interesting and instructive to see just what the rate has^een under the Dingley law, and compare it with the rate of preceding laws. For the four years ending June 30, 1901, the average ad valorem rates of duty on all imports were: 1898, 24.77; 1899, 29.48; 1900, 27.62, and 1901, 28.91 per cent. For 1902 the rate will be about 29 per cent. So we may safely average the rate under the five years at 28 per cent. This compares with about 21 per cent under the three years of the Wilson-Gorman Act. But how does it compare with former protective years? From 1870 to 1890 the rate* mm a* follows t 20 1870 1871 37 1872 26.95 1873 26.88 1874 28.20 1875 30.19 1876 26.68 1877 27.13 1878 28.97 1879 . . 29.07 1880 29.75 1881 30.11 1882 29.92 1883 28.44 1884 30.59 1885 30.13 1886 31.02 1887 1888 1889 This is an average of over 31 per cent for the twenty years. This, then, disproves the state- ment that Dingley rates are excessive. In only four years out of the twenty — from 1870 to 1890 — were they so low as the average Dingley rate. This proves that tariff framing is a science, and that the Dingley tariff is not only a wise and equitable measure, but a scientific measure. Again, as regards duties collected. I have al- ready shown that as a revenue measure the Dingley law is giving us a large and ample amount of duty. But how does it average among the people? The per capita duty collected under the Dingley law has been as follows : 1898, $1,99; 1899, $2.72;, 1900, $3.01; 1901, $3.06, and for 1902 it will be about $3.10. So, leaving out the first year, when the amount of duty was low and abnormal, we have an average per ca- pita annual duty of less than $3. Now, taking the years from 1870 to 1890, we Haiti* p«* eapita toy to U — ** 5.13 " " . ' 5.23 4.44 ...7. 3.75 3.51 3.22 2.77 2.67 2.73 .- 3.64 \[ 3.78 4.12 ......... 3.92 ....... \. 3.47 .* 3.17 3.30 3.65 3.60 3.60 or an average duty of $3.73 per capita. And so another " burden of the people" is dissipated. Even if the entire tariff tax were borne by consumers, which is by no means the case, we are each taxed only $3 a year (and actually not more than $2) for the blessings and benefits of Dingleyism. The proportion of the free imports is nearly 50 per cent, and was over 50 per cent under the McKinley law, while from 1870 to 1890 it was only about 30 per cent. So, whether we con- sider the Dingley law from the standpoint of. duty rate, per capita duty, or per cent of free imports, we find it to be the most just and equi- table measure ever framed. Some per Capita Figures.— To show that our great progress under the Dingley law has far outstripped our rate of increase in popup lation, I will present a few per capita statistics, as an example of all, from 1896 to and including 1901? 21 Per capita statistics. Year. 1896 189T 1898 1899 1900 1901 Popula- tion. Amount of money in United States July 1. Money in circula- tion July 1. Debt, less in Treas- ury, July 1. 70,25-1,000 $25.62 I $21.44 $13.60 71,592,000 26.62 22.91 13.78 72,947,000 28.43 | 25.19 14.08 74,318,000 29.47 | 25.62 15.55 76,303.387 | 30.66 26.93 14.52 77,647,000 j 31.98 | 2S.02 13.45 u co $0.49 .48 .47 .54 .44 .38 Post-office. CO 3 a Q > H $12.29 $1.17 14.42 1.15 16.59 1.22 16.20 1.28 17.96 ,1.34 18.81 1.44 $1.34 1.34 1.39 1.41 1.46 1.49 Prices. — Mr. President, I have shown many of the blessings, benefits, and advantages of living under the Dingley tariff. Are there any disadvantages? At once I hear the [free trader try, "How about prices? Isn't it costing us more to live than we can make in increased earnings?" I answer, No! .The savings banks deposits of $200,000,000 a year answer, No ! The $400,000,- 000 annual premiums on life insurance answer, No ! The mortgages released answer, No ! The installments paid on the home and the furniture answer, No ! The luxuries [enjoyed answer, No ! And all these come out of the surplus after the necessaries have been provided. When we have low prices and low wages and no wages, there is no surplus and there are no luxuries. It is hard enough scraping to get the necessaries. But prices of many things have risen while other prices have fallen. And right here let me emphasize the fact that the price of the greatest and most extensive commodity in the land, a commodity that comprises 90 per cent of all 'production — American labor — has increased since the Dingley law went into opera- tion fully 50 per cent. I have shown that the railroad employees of the country are getting 50 per cent more pay than in 1895-96. I have shown that the work- i ingmen of all classes in Massachusetts are get- ting from 40 to 50 per cent more earnings than in 1896. I have shown that the farmers of the country are getting from 50 to 100 per cent more for their products than in 1896. And so I believe that the income of the people of the United States is to-day much more than 50 per cent greater than it was in the summer of 1896 when one of the framers of the Wilson-Gorman law, under which we were then trying to exist, was asking the people to make him President in- stead of William McKinley. No ; we are not living in cheap times. Pro- tection does not breed cheapness. It tends to make prices equitable to both producer and con- sumer, but the millennium has not yet come, and so we find occasional wrong and injustice, and sometimes the price of a single commodity will be exorbitant for a period till the abnormal con- ditions are adjusted by the inexorable process of demand, supply, and competition. Sometimes it is one thing, sometimes it is another. It may be coal or meat, or it may be ice or eggs, but what- ever the commodity or the cause, it is only tem- porary. But suppose steel rails are $5 or $10 a ton more than they were in 1896. Is the railroad passenger paying any more for his fare? Is the freight shipper paying any more for carrying his products? No; they are paying less, and the dividends to stockholders are greater. Protection is the great leyeler ; but it levels up, not down. I now want to present the follow- ing from Dun's Review, an absolutely impartial source. It explains itself fully : Prices Proportioned to Consumption. — In the following table the course of prices of commodities is shown, with due allowance for the relative importance of each. Quotations of all the necessaries of life are taken, including whisky and tobacco, and in each case the price is multiplied by the annual per capita consumption, which pre- cludes any one commodity having more than its proper weight in the aggregate. For example, the price of a bushel of wheat is multiplied by 0.55, representing the annual per capita consumption of 4 2-3 bushels for food, and the remainder as al- lowance for seed. The price per pound of coffee is taken 9 times, of cheese 2.3, of chemicals only fractions of. an ounce in some cases. Thus, wide fluctuations in the price of an ar- ticle little used do not materially affect the in- dex, but changes in the great staples ha^e a large influence in advancing or depressing the total. For convenience of comparison and economy of space the prices are grouped in seven classes: Bread- stuffs include many quotations of wheat, corn, oats, rye, barley, beans, and peas; meats include live hogs, beef, sheep, and many provisions, lard, tallow, etc.; dairy and garden products embrace eggs, vegetables, fruits, milk, butter, cheese, etc.; other food includes fish, liquors, condiments, sugar, rice, tobacco, etc.; clothing covers the raw material of each industry, and many quotations of woolen, cotton, silk, and rubber goods, as well as hides, leather, boots, and shoes; metals in- clude various quotations of pig iron, and partially manufactured and finished products, as well as the minor metals, tin, lead, copper, etc., and coal and petroleum; miscellaneous includes many grades of hard and soft lumber, lath, brick, lime, glass, turpentine, hemp, linseed oil, paints, fertilizers, and drugs. The chief advance in the general level as com- pared with the low-record prices of July 1, 1897, will be found in the first three classes. Short crops due to drought and the seasonable advance in eggs and similar articles make the present position of food stuffs abnormal. The third deci- mal is given for accuracy of comparison, thus $101,587 representing $101.58 and seven-tenths of a cent. This figure does not purport to show the exact average annual cost of living on January 1, 1902, because wholesale prices are taken and all luxuries omitted. Its economic value is in show- ing the percentage of advance or decline from month to month. Index figure of prices, January 1. Year. 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1S98 1899 1900 1901 1902 Bread- stuffs. Meats. Dairy and gar- den. | Other food. Cloth- ing. Metals. Miscel- laneous. Total. $18,565 | $8,920 1 S.705 1 $15,030 | $10,340 $15,140 $17,330 $14,577 $99,902 18.195 14.670 | 10.480 15.170 17.360 14.496 99.076 13.765 1 7.620 i 12.675 | 9.935 14.845 16.240 15.111 90.191 19.725 | 7.810 16.270 | 10.215 14.135 15.875 14.217 98.247 17.700 | 7.895 | 13.180 | 9.185 13.430 14.665 13.767 89.822 15.750 | 9.315 15.290 | 9.595 13.900 15.985 14.320 94.155 13.530 | 8.655 | 13.945 | 8.945 12.SS0 14.565 13.512 86.032 14.311 | 8.359 j 12.196 | 8.607 11.8S6 12.026 ''IS. 607 80.992 11.380 | 7.540 | 10.969 | 8.898 12.787 12.803 13.403 77.780 11.729 | 7.327 | 10.456 8.170 12.407 13.014 12.399 75.502 13.511 | 7.336 | 12.371 8.312 14.654 11.572 12.184 79.940 13.816 1 7.520 j 11.458 9.096 14.150 11.843 12.540 SO. 423 13.254 1 7.258 | -13.702 9.200 17.484 18.085 16.312 95.295 14.486 | 8.407 | 15.556 9.504 16.024 15,810 15.881 95.668 20.002 | 9.670 1 • | 15.248 1 8.952 15.547 15.375 16.793 1 101.587 Employment is What Counts.— It will be seen that the total is but little above that -of 1888 and 1889. Curiously, too, the index figure for 1892 is less than for any of the four preced- ing years and lower than the year following, an yet in 1892 we elected a low-tariff Administra tion in all three branches of the Government be cause of the false cry of high prices. In thii connection I want to quote from an address cte< ' On Apr*8 1, the Interest-bearing debt of Hvered by T. 2L Cowles, editor of the American 1 ^"1^ STL 7VThT ,68C \' j t0 the war with Spain the debt was increased, so Economist, before the Society of Political In- I that on November 1 9 1899, its highest point the quiry at Morristown, N. J, April 11, 1902. And T* ^ "* ^'T^' Tw ° years ^ 1 * j on November 15, 1901, tbe debt stood at $054,- right here I want to acknowledge my indebted- 027,350, showing a reduction of $92,021,870. ness to the American Economist and the Amer- ican Protective Tariff League for much of the information I have used in this speech- Speaking of prices, Mr. Cowles said : The American wage-earner is not finding very much fault. Zealous friends on the free-trade side are doing their utmost to convince him that be i against the Treasury during the next seven years, is being' crucified for the benefit of the trusts, • Kas been P aifS?0,2&4. are not making very much headway in carrying This statement covers only the face amount of the debt. Interest is as much a part of the" debt as is the principal, and this feature of the debt has been anticipated and paid to an amount nearly as great as has been the reduction of the prin- cipal. By the application of $43,582,004 of the public moneys, interest to the amount of $54,5 48, - 424, which would otherwise have foeen a charge that conviction to the mind of the wage-earner. In reply, he has only to point to the enormous in- crease of nearly 100 per cent in the last five years of deposits in the savings banks through- out the country, and to an equal increase of in- vestments in building and loan associations. That certainly would not seem to indicate that the wage-earner was getting very greatly the worst of the situation. But this by no means tells the wliols story The cash fund in the "Treasury has risen from $226,166,944 on April t, 1898, to over $350,000,- 000 to-day. In a single year the annual interest charge has been reduced from $40,847,884 to $28,471,228, and yet Mr. Cleveland, in times of One thing the wage-earner knows-that it is ^ ^ ^ # 3 ° W Mtt td not so much the price of an article as the ability | $262,000,000, and the bonds he sold bore 4 and to pay the price that concerns him. If he can ! K nAr • fav ,,. A , n . buy a suit of clothes for $4 and does not have the t *** ^ Duri ^ P* 8 * ?** <* $4 in his pocket, the price is of very little cou« [ two m wh of our debt has bean refunded on a 2 sequence to him; but if the suit of clothes costs $5 and he now has $6 in his pocket, he can look upon the situation with perfect complacency. Statistics of the census coveriug the year 1900 show in every State of the Union- thus far enu- merated not only an increase in the general rate of wages, but a very much larger increase in the gross sum of wages paid out. That is to say, while the per capita rate of wages has undoubt- edly increased in the period of prosperity brought about by protection, the gross sum of employ- ment has enormously increased. That is what counts. National Finances, «*- 1 have shown what protection has done for agriculture uA mm- factures, for our railroads- oar foreign com- merce. I now want to Bote Its effect wpcm mt national debt and fvumtm. From ®* h& re- j And wk* of tbe people ef the United States? m Q* the Secretary nl tfeo I j ffee Sacr^r m%m Us* tfeep tom » c**fc fc the mmm. s ■ j ^ a^tofe! toft* of mm iore. Remarkable figures these. Do you want any greater proof that low tariff is a debt maker and protection a debt payer? Astounding Statistics. — American finan- cial and commercial statistics are to-day the wonder of the world. Our wealth of $100,000,- 000,000, or $1,250 per capita ; our net debt of less than $1,000,000,000, or only $12.50 per capita; our savings bank and loan association deposits of $3,000,000,000; our national bank deposits of $3,000,000,000 more ; our life insur- ance of $13,000,000,000 ; our annual fire insur- ance risks of $20,000,000,000 ; our bank clear- ings of $100,000,000,000 ; our manufactures of $15,000,000,000; our* agricultural returns of $8,000,000,000 ; our favorable balance of trade of $600,000,000; our Government receipts of $700,000,000 and expenditures of $600,000,000 ; our Treasury fund of $350,000,000 ; our more than $2,000,000,000 of money in circulation; our $150,000,000 (coining value) product of gold and silver ; our 1,500,000,000 railroad earnings, and, greatest of all, our actual turnover in com- merce, trade, transportation, and general busi- ness of more than $30,000,000,000— these are figures to astonish the world. We are the only nation of importance paying off our debt. We could sell $1,000,000,000 of bonds at 2 per cent in twenty-four hours. Money is accumulating in our National Treasury faster than we can use it. We are paying $140,000,900 a year in pensions. Since 1860 we have dis- bursed nearly $3,000,000,000 in this way ; have paid off nearly $2,000,000,000 of debt, besides paying $2,750,000,000 of interest. These are remarkable figures for one of the youngest nations of the earth. What they will tion cannot even be estimated. With a rehabili- tated American merchant marine, an isthmian canal, continued protection, peace, and prosperi- ty the future must hold even more wonderful results for the United States than any that have transpired. How We Compare with the Rest of the World. — Our progress under the Dingley tariff has been such that we no longer compare the United States with other nations, but with all the rest of the world combined. With less than 5 per cent of the population and only 7 per cent of the area, we are,-nevertheless, about equal industrially to half the remainder of man- kind. We equal or surpass all the rest 'of the world in corn, cotton, eggs, petroleum, leather products, copper, and forest products. Of the following we produce two-thirds as much as the rest of the world : Coal, pig iron, steel, and three-fifths of the total food and agri- cultural products and manufactures. We produce one-half as much as ihe rest of the world in silver, iron ore, fish ; one-third as much in gold, wheat, oats, hay, butter, and cheese; one-fourth as much in hops and beer; ^ one-fifth to one-tenth as much in barley and wool. We consume, reckoned in value, twice as much corn as all the rest of the world combined, one-fifth as much wheat, one-third as much oats, one-third as much cotton, one-fifth as much wool, one-third as much sugar, one-half as much fish, nearly as much coffee, one-fourth as much | tea, about three-fifths as much meat — all food and agricultural products. We have one-third as much wealth as all the 2 rest of the world, one-third as much gold, one- | be in another century or even in another genera- 1 fifth as much silver, one-tenth as many sheepj 25 One-third as many cows, as much forest area, two-thirds the railroad mileage, or, counting total track, about as much as all the rest of the world combined. We have twice as much life insurance in force, one-half as much savings- bank deposits, we spend two-thirds as much for education, we have one-fourth the spindles in operation, nearly one-fourth as much shipping, one-fourth as many exports, about one-tenth as much 'revenue and expenditures, and less than one-thirtieth as much debt. Taking everything into consideration we pro- duce and consume about half as much as the rest of the world combined. Remember, the com- parison is not with the world, but with all the rest of the world, besides ourselves. There is not a much better index to a country's condition than the freight carried. According to the junior Senator from New York [Mr. Depew], who should be an unquestioned authority on railroad business, the freight carried on the railroads of the United States equals the freight carried on all the other railroads of the earth and by all the ocean shipping. To this should be added our immense lake and coast trade. Greatest of all Consumers. — Ex-Speaker Reed- estimated that the people of the United States, when our population was about 70,000,- 000, were equal as consumers — as a market for our own and the world's production — compared with the rest of the world, to 700,000,000. The same comparison seems to hold good to day, and our 77,000,000 people' are equal to 770,000,- 000, or one-half the rest of the world. That is, every man, woman, and child in the United States is equal to ten persons outside of the United States, particularly as consumers of our own and the world's products of agriculture, mining, and manufacture. As regards power of production, Mulhall has shown that a farm hand in the United States does as much as two in the United Kingdom, three in Germany, five in Austria, and seven in Russia. The farm laborers of Europe do nine times the work to get double the result of the farm laborers in the United States. That is, it takes four and one-half Europeans to equal one American. Extend the comparison to Asia and Africa and we find that the average United States producer is equal to ten the world over, outside of our own country. This comparison is emphasized by our coal consumption and steam power, and finally by our products of manu- facture. We are to-day practically independent of the rest of the earth. In a few years we shall raise our own sugar and fibers, manufacture our own silk, and, in fact, we shall produce almost every- thing used by mankind. ■> The conclusion, then, is warranted that in an- other generation, if the present system of pro- tection is continued, the people of the United States and Territories will equal or surpass in production, consumption, and wealth the peoples of the rest of the world combined. The Foreign and Home Market I quote the following from the American Econo- mist showing the relative value of the foreign and home market : Do the people who spend so much brain power in seeking means for the enlargement of our for- eign trade ever stop to think what a prodigiously big thing they lose sight of when in search of an infinitely smaller thing? Do they realize that while our foreign trade in manufactured articles of domestic production was $433,851,756 in 1900, the total volume of our internal tirade for that year was over $30,000,000,000? It was estimated three years ago that our commodities carried from one part of the country to another for sale at home were worth about $28,000,000,000 a year, I which waa thirteen times the value of our entire 21 foreign trade, and that the citizens of this coun- try buy $40 worth of home products for every dollar they expend for foreign commodities. The foreign trade of the United States, therefore, is of small importance in comparison with its _home commerce. According to the statistics of the Twelfth Cen- sus, the gross value of our manufactured products, which amounted in 1900 to over $13,000,000,000, fairly represented the volume of our internal trade in manufactured articles, exclusive of the retail-, ing of the products of the manufacturers, which represents transactions involving an amount at least as great, and consists of the reselling of these products as they pass into the possession of the ultimate consumer. The total money vol- ume of the wholesale and retail transactions in the manufactured products of the United States is unquestionably greater than the volume of in- ternational trade of all the principal countries of the world, which equals the sum of $20,005,884,- 354, exports and imports added together. This does not include our immense home trade in raw materials that are not manufactured. It is likely that the volume of our total internal trade in 1900 was over $30,000,000,000. The value of our internal commerce in propor- tion to population is greater than that of any other country, because Americans spend more for food, clothing, rent, and many comforts of life than any other people. At the end of the last century the wealth of the United States, es- timated at $94,000,000,000, was equal to the com- bined wealth of Russia, Italy, and Spain, was double that of Germany, and- nearly double that of France and a fourth larger than that of the United Kingdom. The point of the whole matter is the comparison between the value of our own trade in our own great market, and the value of our trade with all the rest of the world, viz.: Total internal trade for the year 1900, $30,000,000,000; total foreign trade for the year 1900, $2,201,282,823— more than 14 to 1. Is it not about time that the domestic producer left off worrying about the $1, which he already has, «nd can always keep — that is to say, the foreign trade that cannot grow less, for we have that to sell which the world must have and will continue to buy — and devote his attention more assiduously to the $14, which, as experience shows, may easily grow less as the result of eco- nomic blundering, but must inevitably increase if w^ keep to the safe line of looking after the great home market. In short, can we afford to risk the certainty of a trade worth $30,000,000,000 in the doubtful scramble for a trade worth less than one-fourteenth of that amount? The study should be how not to decrease the purchasing power of a population that every year consumes $30,000,000,- 000 of domestic products. Our sales to the world outside of ourselves amount to, say $1,500,000,000 ; our sales at home amount to $30,000,000,000. That is the relative value to us of the world's markets and our home market. There are freights, commis- sions, and profits to be considered in foreign sales, while in home sales .all transactions add to the income of the people. Education.— Mr. President, there have been more scholars in our public and private schools and colleges the past year than ever before in our history. I mean not only in the aggregate, but relatively to population. There was hardly a city in the country whose school facilities were adequate last fall to accommodate the scolars who sought admission. Many of our private schools have been compelled to turn away ap- plicants, and the entering classes of our colleges showed record-breaking registry. This was not the condition in 1895-96. What has brought about the change? In the first place, it is not "necessary for so many children to work in the mill. In the second place, the prosperous man need not keep the children from school for lack of clothes and shoes. Again, it costs money to go through college and technical schools. This all brings up the question of so- called child labor. "Is it not on the increase?" my free-trade friend will ask. I answer that the census report shows an increase in some sections of the South and West, but large decreases in other sections. The very increased demand for child labor when our adults are fully employed is in itself an indication of increased prosperity. While child labor should undoubtedly be regulated by law, it is nevertheless a blessing when tne 27 father is dead or disabled that the boys and girls can get good wages and contribute to the sup- port of the family. But the conditions are so immeasurably im- proved over the years of the Wilson-Gorman tariff that I cannot refrain from calling your attention to the fact. We have the best system of public schools "in" the world. We have the best paid teachers, the most comfortable struc- tures, and an army of scholars who are reaping benefits far greater than ever before in our history and far greater than can be found in any other country, and as I have already shown we are expending for education 40 per cent as much as all the other countries of the world combined. The Age of- Luxury.— In a recent num- ber of Leslie's Weekly Francis Curtis has an article under the caption " The Age of Luxury." The term is most fit and the picture so true that I want to quote from the article as follows : We have had our iron age and our age of steel. Cotton has been king. Cora and wheat have both sat on the throne. Time was when there was "nothing like leather," and even the American hog has ruled abroad as well as at home. Elec- tricity has worn the crown, and one after another of our productions has for a time held sway, giv- ing place to some industrial rival, till, instead of any one being supreme, we are foremost with many. So at this beginning of a new century we live in an age as foreign to that of our fathers as steam and electricity compare with sail and candle. Well may we call it the age of luxury. It would be difficult indeed to define luxury as found in the United States, or to draw the line between luxury and necessity. Many of the things which we have become accustomed to class among the necessaries of life are thought of abroad as luxuries, or are not enjoyed at all. We might (but think we cannot) do without a thousand and one comforts and conveniences which our fathers would have considered extravagant and unneces- sary. In our homes, at our offices, on our travels, at every turn of life, we enjoy luxuries innu- now have our morning and evening daily, our illus- trated, religious, and other weeklies, and one or more monthly magazines. We have our luxuries in food and our luxuries in dress. Even the dolls of our children are better dressed and have more "things" than did our grandparents themselves when children. Our homes are filled with luxu- rious furniture and bric-a-brac, our tables are set with costly china and glassware, and our rooms are hung with the rarest pictures and curtains. Our offices are equipped with easy chairs and rugs, with open bookcases and desks, wuth tele- phone and mail-chutes. Our railroad, parlor, sleeping, and dining cars are luxurious in every detail, and our hotels are palaces from entrance to roof. Milady's gowns and wraps and lingerie and gloves and handkerchiefs are fit for any queen, and every daughter is a princess in wealth of ap- parel and comforts. In amusement there is no limit to luxury. Millions and hundreds of millions are annually spent at the theater, on yacnting, golf, football, receptions, dinners, teas, and balls. We have our pianos, our phonographs, our automo- biles, our bicycles, and our carriages for adult, baby, and doll. We have our sealskins and furs, our silks and satins and fine linen, our feathers and boas, our velvets and laces, our paintings and vases, our hand-painted ware and ornaments, our diamonds and rubies and pearls, our watches and clocks, our sweets and perfumes., and so on ad infinitum. ... We spend over a billion a year in drink, out- side of tea and coffee; we spend over half a billion in tobacco and a quarter of a billion in confectionery, fruit, and flowers. It is estimated that our present annual bill for luxuries exceeds $10,000,000,000. And only half a century ago our fathers would have been amazed at even the thought of such expenditures and would have termed it folly. And yet the making and production of these luxuries form the basis of much of our prosper- ity, and in turn it is our prosperity that enables us to enjoy such comfort and luxury. We would hardly want to go back to the days of Jefferson and Hamilton and Franklin, or even to the days of Lincoln and Seward. So here is to the age of luxury, and may it be but a beginning of a still higher plane of moral living and a still greater enjoyment of the noblest things of life. Looking- Southward.— If there still re- mains any section of our common country whose merabie. (people clinf to the traditions of the past and iutMd of the oM-time one weekly paper, we \ decline to re ogafee ti» fact mi the km of ft* 28 present, let us hope that they will turn their faces to the great light of to-day, the light of splendid progress and prosperity. They should forget and remember — forget that they were for a brief period alienated from sympathy and good will toward neighbors and friends, and remember that all past differences have been wiped off the record and that they now stand with all the 'people upon the exalted ground of mutual patriotism. They may well forget that they have been free traders for nearly three-quarters of a century, and remember that their great apostle in eco- nomic doctrine abandoned protection only be- cause he believed that the control of the world's supply of a great agricultural staple placed the producers of that staple in the enviable position of being able to sell in the dearest and buy in the cheapest of markets with advantage and profit. He did not foresee the tremendous pos- sibilities connected with an industrial develop- ment that under protection was to convert this raw product into finished material at home, sav- ing ocean transportation charges across and back, and involving the investment of home capital, the employment of home labor, and the payment of home wages. He could not foresee the tremendous unearthing of buried treasure in the iron mines that under the Dingley tariff was to follow the establishment of a gigantic produc- ing industry upon the firm and enduring basis that only protection could provide. None of these tremendous possibilities, now accomplished facts, were present in the mind of Calhoun when he shifted from protection to free trade, otherwise he would not have shifted. So I say to our friends and neighbors to the south- ward, " Forget that you were free traders, and doing, and stands to do for you." Signs are not wanting that they are forgetting and that they are remembering. A little time may be needed to complete the process of reversion, but I am thankful to believe that they are on the right track and not long hence will plant their feet alongside of ours on the solid rock of protection to American labor and industry. Conclusion. — Mr. President, I have pre- sented briefly many of the material benefits which we as a nation and as a people have de- rived from the operation of the Dingley tariff. But I have by no means told the whole story. We can estimate the production and consump- tion of the necessaries and luxuries of life, but the comforts and contentment and happiness of the American home is inestimable. How can we calculate the joy of the farmer or mechanic in being able to give his sons a college education? How can we calculate the pleasure of taking home the latest book ; of taking the wife or sweetheart to the play or concert ; of buying the piano for the daughter ; of filling the vase with flowers ; of taking home the candy and toys for theiittle ones ? Why, it is Christmas the year round in millions of American homes. The birthdays are joyful days. The summer trips to the mountains and seashore and country in vacation time are not to be measured by dollars and cents in the happiness and health they give to millions of wives and children. No, Mr. President, there is no computing the blessings and benefits of protection. We cannot measure happiness by the yard or pound or quart or dollar's worth, but we can produce it and en- hance it and continue it by continuing protection and prosperity. I met an old farmer recently, a sterling old man who voted for Franklin Pierce try to remember what protection has done, is I and who has voted for every Democratic candidate 29 for President and Congress since. I asked him, " Well, how is the farm ?" Without answering, he said, " Senator, I want to tell you something. I am going to vote the Republican ticket next fall and in 1904 and as long as I live." " Why, how is that ? " I asked. He replied : " Simply because I am tired of voting against pros- perity." There is the whole thing in a nutshell. Not only the truck farmer of New England, but the Wheat grower qf Minnesota, the corn grower of Kansas, the sugar grower of Louisiana, the cot- ton planter of Georgia, back to the wool grower of Ohio and the tobacco planter of Virginia and Connecticut, way to the fruit grower of Califor- nia — the capitalist, the millworker, the railroad hand, the merchant and clerk, the professional man — every one, from the most elevated posi- tion to the humblest — must vote for or against prosperity. And right here let me quote again from Mr. Gowles's address : A wise wag once said in response to the toast, " Here's to your prosperity. May you stand it like a man." ** That's a better sentiment than you think it is," said he. " It takes a clever man to stand prosperity. Any fool can stand advers- ity; he has to." Our friends on the other side are looking for an issue. They need not worry, the issue is looking for them. Prosperity is the issue, and all other questions are secondary. The American standard of living, American manhood and Amer- ican homes are but the resultants of Republican legislation, the sequences of a protective tariff which brought to us and will continue to give us an unprecedented age of luxury, an unparalleled era of prosperity, INDEX PAGE AGE of Luxury 27 Agriculture 4, 5 Agricultural prices 22 Comparison of size and value of our farm products during 1896 and 1901 5 Effect of these immense earnings upon ^ Exports of 6 A Protective Tariff insures the farmers . . . 6 Tariff much to do with value of crops , ^ What made the increase in values 5 Astounding Statistics 24 Average Rate of Duty 19 Wilson-Gorman and Dingley rates- compared 19 Average duty per capita 20 BANK Clearances 13 During the Free-Trade and Pro- tective periods 13 Savings banks deposits 15 Beet Sugar 1° Number of factories 10 Production of 1° CITATIONS. Orange Judd Farmer 5 Senator Warren 7 Iron and Steel Association 9 Poor's Manual _. • H Interstate Commerce Commission 11 Dun's Review 19, 22 T. Z. Cowlesr 23, 29 Secretary of the Treasury 23 American Economist 25, 26 r Francis Curtis in Leslie's Weekly 27 President McKinley 3 New York Insurance Report ... 16 Conclusion 28, 29 DINGLEYISM, Result of 4 Dingley Law, An unqualified success 3, 28 Exports of manufactures under. . 8 Our progress under 24 Per Capita Statistics 20, 21 Prices under • 21 Rate of duty under -*i 19 Vain* crops under ..... . . 5 EDUCATION • 26 General conditions 27 Child Labor 26 Employment and Earnings 4 Earnings lost during the low Tar- iff periods 4 Employment is what counts .... 22 Labor statistics of Massachusetts 4 Results of Dingleyism 4 Samuel Gompers' estimate on men out of employment 4 What idleness means 4 Exports of Agriculture 6_ Exports of Gold and Silver 18 Exports of Merchandise 17 FAILURES • 1° Foreign Commerce • • 17 Exports double the amount under the Dingley Tariff ...... 17 Imports and exports of merchan- dise, 1890-1901 , 17 Leading export nation of the world 17 Our balance of trade 17 Why our imports increase 18 Foreign and Home Market 25, 26 GALLINGER Resolution, The 3 Gold and Silver 18, 19 Total value of imports and exports of gold and silver coin and bul- lion, 1893-1901 18 Gold in the Treasury 18 HOME Market 25 Plow we compare with the rest of the world 24 Greatest of all consumers' . . 25 Produce two-thirds as much as rest of the world . . 24 IMPORTS and Exports of Gold and Silver 18 Imports and Exports of Merchandise, ,1890-1901 17 Insurance 1^> 17 Low-Tariff times compared with Protection times 17 Iron and Steel Production 8, 9 Rolled iron and steel gross tons, 1892-1901 9 Wire nails in kegs of 100 pounds 9 31 PAGE | LOOKING Southward 27, 28 Protection and the South 27 Luxury, Age of 27 McKINLEY, President, on the need of a New Tariff Law 3 McKinley, President, and the Passage of the Dingley Law 3 . Manufactures 8 Beet Sugar , io Comparison of pig iron production for past few years 8 Exports advance under Dingley Tariff 9 How wages' in manufacturing af- fect value of farm products ... 10 Increase in establishments during last decade 8 In the territories 10 Iron and steel 8 Manufacturing output in certain industries, 1890-1900 8 Tin plate 9 Massachusetts, Labor Statistics of . . 4 Mineral Products 10 Comparison between 1896-1901 . . 10 NATIONAL Finances 23 Astounding statistics 24 Cash fund in Treasury 23 Estimated surplus 23 Our debt reduced under Protection 24 Tariff effect on 23 Uncle Sam not borrowing in Pro- tection times* 23 POST-OFFICE Business 14 Increased under Dingley law .... 14 Postal receipts from 1889-1902. . 14 Prices 21 22 Index of prices, January 1 22 Proportioned to consumption ... 22 Protection and . 22 Wage-earner and 23 . Prosperity is the Issue 29 (Prosperity, tired of voting against ... 29 -"RAILROAD Business 11 E During low Tariff and Protection times 11 I" Effect of the Tariff 11 Freight carried on the railroads of the United States 25 Owners of railroads , 12 PAGE and earnings 11 Revenue 3, 4 More than sufficient 3 Under the Dingley law . 3 Under the Wilson-Gorman law . . 3 SAVINGS and Surplus 15, 16 Average to each depositor in a few countries 16 New Hampshire's experience in the matter 15 Our deposits exceed those of Great Britain, France, Russia and Austria combined 16 Number of depositors and deposits from 1893 to 1902 15 Sheep and Wool 6, 7 Domestic production and imports' under the Dingley and Wilson- Gorman laws 6 Prices of Ohio fleece wool 7 Sheep and their value 7 Shipping 12, 13 Vessels built and total tonnage . . 13 South, Progress and Prosperity in . . 27 28 TELEGRAPH and Telephone 14, 15 Comparison of annual number of telephone messages in different countries .... 15 Increase in telephone business ... 15 Postal Telegraph Co.'s business . . 15 Receipts' of the Western Union Telegraph Co. since 1889 14 The Age of Luxury 27 The Foreign and Home Market 25, 26 Amount of our foreign and home sales 26 Value of our internal commerce . . 26 Tin Plate 9 Production and importation of . . 9 Toast to Prosperity 29 Tobacco Industry 7 Condition now as compared with the low-Tariff times 7 Production and consumption in the United States 7 WAGE Earner and Prices 22, 23 Wages in Manufacturing affect Value of Farm Products 10 Wool and the Tariff 6 7