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Rh 14,000,000 tons to be made by the rest of the world. The history 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 Britain 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, required 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 controlled 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 necessaries 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 production 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,