FORETOKENS OF OUR LORD'S RETURN
By Prof. George W. Rine
MARVELOUS FECUNDITY OF THE MODERN DOLLAR.
THE story of the magical growth of the world's wealth in recent years has often been told. Owing to the fact, however, that it is a living, breathing, growing story, it has not become hackneyed. Yea, rather, it grows more engrossingly thrilling as the passing months, and even days, disclose new and greater wonders in respect to the creation and piling up of riches. The very fact that it is a story which is universally talked about and written about is evidence of the supreme place it occupies in popular thought and interest. Nearly a year ago I contributed to this journal an article on this same general subject, but owing to the marvelous strides in the evolution of wealth since that time, I shall not need to repeat any of the facts and illustrations corroborative of my thesis, which I then employed. It may be that, for the sake of cogency and clearness, I shall have to bring into requisition some of the same phenomena; but I shall not bring them to view in the same garb or marshal them from the same point of view. Startling Economic Development since 1850, in the United States.
The Federal Census of 1850 shows that the United States then stood in wealth below England, Germany, Russia, Austro-Hungary, or France. Notwithstanding the unprecedented creation of wealth in all those countries since that date, our country has now far surpassed each of them in aggregate wealth. The total wealth and the per capita wealth of the United States were, in 1850, respectively, $7,000,000,000, and $308; in 1880, $42,000,000,000, and $850; in 1900, $94,000,000,000, and $1,236; and in 1905, it stands at $110,000,000,000, and $1,325. That our national wealth should have grown by such titanic leaps and bounds fairly staggers our powers of belief. Yet these herculean figures are the sober findings of the Federal Census Bureau. Marvelous indeed, that a nation, scarcely beyond the period of its infancy in mere age, should in just a little more than a half century increase its wealth almost sixteenfold! We have passed a trifle more than four years in the twentieth century; yet in that scrap of time we added the fabulous sum of $16,000,000,000 to our national assets. It should be remembered, too, that Alaska and Uncle Sam's island possessions are not included in this reckoning. During the same fifty years the country's population was multiplied by only three and one-half. For a comparison of the growth of the world's wealth in the nineteenth century with that of preceding centuries, we have no exact data. After much thought and research, the late Mr. Gladstone estimated that all the wealth produced during the first eighteen centuries of the Christian era was equaled by the production of the first half of the nineteenth century, and that as much more was produced during the next twenty years. The Rev. Dr. Josiah Strong declares that it is safe to conclude that for the enrichment of the world there has been more than three times as much wealth produced during the century just closed as during the eighteen centuries preceding. The wealth of the Old World represents the accumulation of centuries, but ninety-five per cent of our wealth has been produced and accumulated since 1840. During the second half of the nineteenth century, while the population was increasing three and one-half times, farm animals increased in value six times, wool five times, manufactured products twelve times, the production of pig-iron twenty-five times, railway mileage twenty-one times, and railway capital more than fifty times. In the ten years ending in 1900, the horse-power of our wealth-producing machinery increased eighty-eight per cent. Altho our eighty millions of people equal only five per cent. of the world's population, the United States produced, in 1900, 22 per cent. of the world's wheat, 30 per cent. of its gold, 33 per cent. of its coal, 33 per cent. of its silver, 34 per cent. of its manufactures, 35 per cent. of its iron, 36 per cent. of its cattle, 38 per cent. of its steel, 50 per cent. of its petroleum, 54 per cent. of its copper, 75 per cent. of its cotton, and 84 per cent. of its corn. In a recent issue of The World's Work, Mr. Charles M. Harvey writes that the city of New York has more wealth than was in the entire country sixty years ago. Tho the United States has only a twentieth of the world's population, it owns a fifth of the world's stock of money, and a fourth of its gold coin and bullion. Furthermore, this country possesses10two-thirds ($14,000,000,000) of the world's banking power—capital, deposits, etc. Mr. Harvey avers that our preeminence in these directions has been obtained during the past twenty years. Between 1890 and 1904 the banking strength of the United States increased 165 per cent., and that of New York City 190 per cent., while that of the entire world increased only 105 per cent. The value of the farm products of this country, in 1904, was $6,000,000,000. This equals the entire wealth of the nation in 1845. Our railways earned $2,000,000,000 during 1904. They now have in their employ 1,300,000 persons. Our output of gold is now more than double what it was ten years ago. Uncle Sam can now boast of having more millionaire subjects than have all the other nations of the world combined. The New York Journal of Commerce gives figures showing the astounding growth of the business of life insurance in this country in the last thirty years, and its tendency to concentrate in a few large companies. The assets of the life-insurance companies in this country grew from $387,000,000, in 1874, to $1,056,000,000, in 1894. Now note, however, that during the next ten years, ending 1904, these assets leaped from the latter figure to the stupendous sum of $2,550,000,000. In a recent number of the Philadelphia Press, its editor says that, in 1865, Mr. J. D. Rockefeller began business with a capital of $5,000. During the next twenty years this petty sum swelled to $100,000,000; during the next five years this vast fortune doubled, being $200,000,000, in 1890. He says further that the most conservative estimate now sets down Mr. Rockefeller's fortune at $600,000,000. Financially, Mr. R. is the world's supreme potentate. His yearly income is far greater than the aggregate income of all the kings and emperors of Europe. If he lives a few years more; declares the same writer, this emperor of oil, king of steel, banking, and railroads, and prince of several dominions of less importance, will write his fortune down at one billion dollars, and will enjoy the unique distinction of being the first billionaire that the world has ever seen. This mammoth fortune is simply his absolutely personal effects. His resources are incalculably greater, as he positively controls the capitalization of various enterprises of approximately $6,000,000,000. The conclusion of this article will deal with the marvelous growth of the Astor fortune, also of the great Tobacco Trust, and banking institution, and show how these are in direct fulfilment of prophecy.