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that of the creditor nations。 She； too； has become wise in the way of
producing surplus value。 She has been successful in her efforts to secure
economic emancipation。 Possessing but 5 per cent of the world's
population and producing 32 per cent of the world's food supply； she has
been looked upon as the world's farmer； but now； amidst general
consternation； she comes forward as the world's manufacturer。 In 1888 her
manufactured exports amounted to 130；300；087； in 1896； to
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253；681；541； in 1897； to 279；652；721； in 1898； to 307；924；994； in
1899； to 338；667；794； and in 1900； to 432；000；000。 Regarding her
growing favorable balances of trade； it may be noted that not only are her
imports not increasing； but they are actually falling off； while her exports
in the last decade have increased 72。4 per cent。 In ten years her imports
from Europe have been reduced from 474；000；000 to 439；000；000；
while in the same time her exports have increased from 682；000；000 to
1；111；000；000。 Her balance of trade in her favor in 1895 was
75；000；000； in 1896； over 100；000；000； in 1897； nearly 300；000；000；
in 1898； 615；000；000； in 1899； 530；000；000； and in 1900；
648；000；000。
In the matter of iron； the United States； which in 1840 had not
dreamed of entering the field of international competition； in 1897； as
much to her own surprise as any one else's； undersold the English in their
own London market。 In 1899 there was but one American locomotive in
Great Britain； but； of the five hundred locomotives sold abroad by the
United States in 1902； England bought more than any other country。
Russia is operating a thousand of them on her own roads today。 In one
instance the American manufacturers contracted to deliver a locomotive in
four and one…half months for 9250； the English manufacturers requiring
twenty…four months for delivery at 14；000。 The Clyde shipbuilders
recently placed orders for 150；000 tons of plates at a saving of 250；000；
and the American steel going into the making of the new London subway
is taken as a matter of course。 American tools stand above competition the
world over。 Ready…made boots and shoes are beginning to flood Europe；
the same with machinery； bicycles； agricultural implements； and all kinds
of manufactured goods。 A correspondent from Hamburg； speaking of the
invasion of American trade； says： 〃Incidentally； it may be remarked that
the typewriting machine with which this article is written； as well as the
thousandsnay； hundreds of thousandsof others that are in use
throughout the world； were made in America； that it stands on an
American table； in an office furnished with American desks； bookcases；
and chairs； which cannot be made in Europe of equal quality； so practical
and convenient； for a similar price。〃
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In 1893 and 1894； because of the distrust of foreign capital； the United
States was forced to buy back American securities held abroad； but in
1897 and 1898 she bought back American securities held abroad； not
because she had to； but because she chose to。 And not only has she bought
back her own securities； but in the last eight years she has become a buyer
of the securities of other countries。 In the money markets of London； Paris；
and Berlin she is a lender of money。 Carrying the largest stock of gold in
the world； the world； in moments of danger； when crises of international
finance loom large； looks to her vast lending ability for safety。
Thus； in a few swift years； has the United States drawn up to the van
where the great industrial nations are fighting for commercial and
financial empire。 The figures of the race； in which she passed England； are
interesting：
Year United States Exports United Kingdom Exports 1875
497；263；737 1；087；497；000 1885 673；593；506 1；037；124；000 1895
807；742；415 1；100；452；000 1896 986；830；080 1；168；671；000 1897
1；079；834；296 1；139；882；000 1898 1；233；564；828 1；135；642；000 1899
1；253；466；000 1；287；971；000 1900 1；453；013；659 1；418；348；000
As Mr。 Henry Demarest Lloyd has noted； 〃When the news reached
Germany of the new steel trust in America； the stocks of the iron and steel
mills listed on the Berlin Bourse fell。〃 While Europe has been talking and
dreaming of the greatness which was； the United States has been thinking
and planning and doing for the greatness to be。 Her captains of industry
and kings of finance have toiled and sweated at organizing and
consolidating production and transportation。 But this has been merely the
developmental stage； the tuning…up of the orchestra。 With the twentieth
century rises the curtain on the play；a play which shall have much in it of
comedy and a vast deal of tragedy； and which has been well named The
Capitalistic Conquest of Europe by America。 Nations do not die easily；
and one of the first moves of Europe will be the erection of tariff walls。
America； however； will fittingly reply； for already her manufacturers are
establishing works in France and Germany。 And when the German trade
journals refused to accept American advertisements； they found their
country flamingly bill…boarded in buccaneer American fashion。
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M。 Leroy…Beaulieu； the French economist； is passionately preaching a
commercial combination of the whole Continent against the United
States；a commercial alliance which； he boldly declares； should become a
political alliance。 And in this he is not alone； finding ready sympathy and
ardent support in Austria； Italy； and Germany。 Lord Rosebery said； in a
recent speech before the Wolverhampton Chamber of Commerce： 〃The
Americans； with their vast and almost incalculable resources； their
acuteness and enterprise； and their huge population； which will probably
be 100；000；000 in twenty years； together with the plan they have adopted
for putting accumulated wealth into great cooperative syndicates or trusts
for the purpose of carrying on this great commercial warfare； are the most
formidable 。 。 。 rivals to be feared。〃
The London Times says： 〃It is useless to disguise the fact that Great
Britain is being outdistanced。 The competition does not come from the
glut caused by miscalculation as to the home demand。 Our own steel…
makers know better and are alarmed。 The threatened competition in
markets hitherto our own comes from efficiency in production such as
never before has been seen。〃 Even the British naval supremacy is in
danger； continues the same paper； 〃for； if we lose our engineering
supremacy； our naval supremacy will follow； unless held on sufferance by
our successful rivals。〃
And the Edinburgh Evening News says； with editorial gloom： 〃The
iron and steel trades have gone from us。 When the fictitious prosperity
caused by the expenditure of our own Government and that of European
nations on armaments ceases； half of the men employed in these industries
will be turned into the streets。 The outlook is appalling。 What suffering
will have to be endured before the workers realize that there is nothing left
for them but emigration！〃
That there must be a limit to the accumulation of capital is obvious。
The downward course of the rate of interest； notwithstanding that many
new employments have been made possible for capital； indicates how
large is the increase of surplus value。 This decline of the interest rate is in
accord with Bohm…Bawerk's law of 〃diminishing returns。〃 That is； when