THE FUTURE OF OUR COTTON MANUFACTURE. 295 



depression in the construction of railroads in this country, is now 

 active. The very rapid extension of railways, not only upon this 

 continent but upon other continents, has induced an enormous 

 demand for iron and steel for other purposes. Therefore, during 

 the last years, 1888 and 1889, although the construction of new 

 railways diminished from the standard of 1887 by fifty to sixty 

 per cent, yet the demand for iron and steel has gone on increasing, 

 and is now larger than was ever known before. 



Again, the new sources of supply in this country are rapidly 

 furnishing iron at low prices, but at such profits that the produc- 

 tion increases very rapidly so as to meet the increasing demand. 

 In spite of this, there are indications of an insufficient supply of 

 iron the world over, from which, of course, the present rising 

 prices have ensued. Now, the production of iron is a matter of 

 relatively small consequence, either in the value of the product or 

 the number of men employed, as compared with the consumption. 

 Gauged by my favorite standard, even the present large pro- 

 duction of iron in the United States is only equal in value to the 

 product of hens' eggs. 



Now, suppose for an instant that under these conditions of in- 

 creasing demand we were to remove the duties. New England 

 would at once supply herself with ores and coal from the vast and 

 easily worked deposits of Nova Scotia. The New England pro- 

 duction of heavy machinery would be resumed, and we should no 

 longer send to Milwaukee for our heavy stationary engines, but 

 should again make them either at South Boston or in Providence. 

 Even then it would be doubtful if the supply of iron could keep 

 up with the increasing demand. 



Then imagine, if you can, what would be the effect upon the 

 price of iron in Great Britain, if we were to call upon her only 

 for a million tons extra, or only for the increase which we shall 

 require next year. That would be a demand for about twelve and 

 a half per cent in addition to the present product of her iron- 

 works, and even the present product can not be kept up without 

 a great increase of cost. Witness the recent statements in the 

 London " Economist " to that effect. 



Finally, let it be assumed that, without any reduction in the 

 present low price of iron in this country, the consumers of iron 

 in Great Britain the machinists, the builders of ships, of loco- 

 motives, the makers of rails, and the like were called upon to pay 

 as much for their iron and steel as our consumers of iron now 

 pay, what would be the result ? They have had an advantage 

 ranging from five to ten dollars per ton of iron, and from fifteen 

 to thirty dollars per ton of steel, for many years, over our machin- 

 ists, engine-builders, and ship-builders. Imagine what the con- 

 ditions would be, if you can, if our relations were reversed, and 



