IRON AND CIVILIZATION. 341 



1 4,000,000 tons to be made by the rest of the world. The hist*, ry of the 

 trade, as well as the natural resources of the several nationalities, prove 

 that the bulk of this additional product can only be made in the 

 United States. We are, in fact, the only people who have kept pace 

 with Great Britain in the ratio of increase. In 1855, when Great 

 Britain produced 3,500,000 tons, we produced 1,000,000 tons. In 1872, 

 when Great Britain will produce 7,000,000 we produce 2,000,000 tons 

 the quantity produced in Great Britian in 1847, showing that we 

 are only 25 years in arrear of her magnificent production. At the 

 same rate, therefore, we could make 7,000,000 tons in 1897. But, as 

 Great Britain cannot possibly maintain her rate of increase, there does 

 not seem room for a doubt that our annual production will reach at 

 least 10,000,000 and will probably amount to 15,000,000 tons before 

 the close of the present century. This means that 25,000,000 to 

 40,000,000, tons of iron ore shall be annually extracted from our mines, 

 and that our coal-production will exceed 100,000,000 tons per annum, re- 

 quired for iron and other branches of industry. It means that an 

 investment of capital to the amount of $500,000,000 at least, and 

 probably $1,000,000,000, shall be made in opening mines, erecting works, 

 and supplying the requisite machinery of production. New York is 

 already the financial centre of the American Continent, and is destined 

 to be the main distributor of capital for the world. This vast sum of 

 money will therefore be drawn from the accumulations of capital con- 

 trolled in New York, and its productive results will depend mainly upon 

 the judgment and skill displayed in its expenditure. Here, then, is the 

 common ground on which Capital and Science must meet and shake 

 hands, and be henceforth inseparable friends. But, if it be the mission 

 of science thus to reconcile capital with industry, it is the still higher 

 and nobler mission of science to reconcile industry with capital. The 

 world is full of the conflict between capital and labor. Where there 

 should be peace, there is war. Where Nature intended an absolute 

 harmony, there is utter discord. For one, I am free to say, after the 

 most careful investigation, and very extensive observation, that iron 

 has heretofore been made at too low a cost in foreign countries to 

 allow the workmen engaged in its production a fair share of the neces- 

 saries and comforts of life. This is due to the fact that the possession 

 of virgin resources in coal and iron made it easy to increase produc- 

 tion beyond the present wants of society. The resulting competition 

 has had the effect to reduce prices to so low a point that proper wages 

 could not be paid, and mankind has been enabled to get cheap goods 

 at the expense of humanity itself. 



I thank God, reverently and with gratitude unspeakable, that this 

 day has passed, I trust, forever. These virgin resources are mainly 

 exhausted, and it is no longer possible in Europe, at least, to produce 

 more iron than the world requires ; prices have risen ; the workmen 

 are demanding and receiving a more reasonable reward for their labor, 



