war of the classes-第12章

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nations　are　capable　of　buying　them；　and；　further；　that　these　other

nations　are　busily　producing　surplus　value。



The　movement　has　become　general。　　Today；　passing　from　country　to

country；　an　ever…increasing　tide　of　capital　is　welling　up。

Production　is　doubling　and　quadrupling　upon　itself。　　It　used　to　be

that　the　impoverished　or　undeveloped　nations　turned　to　England　when

it　came　to　borrowing；　but　now　Germany　is　competing　keenly　with　her

in　this　matter。　　France　is　not　averse　to　lending　great　sums　to

Russia；　and　Austria…Hungary　has　capital　and　to　spare　for　foreign

holdings。



Nor　has　the　United　States　failed　to　pass　from　the　side　of　the　debtor

to　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　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。〃



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。



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　capital；　like　anything

else；　has　become　over…plentiful；　less　lucrative　use　can　only　be

found　for　the　excess。　　This　excess；　not　being　able　to　earn　so　much

as　when　capital　was　less　plentiful；　competes　for　safe　investments

and　forces　down　the　interest　rate　on　all　capital。　　Mr。　Charles　A。

Conant　has　well　described　the　keenness　of　the　scramble　for　safe

investments；　even　at　the　prevailing　low　rates　of　interest。　　At　the

close　of　the　war　with　Turkey；　the　Greek　loan；　guaranteed　by　Great

Britain；　France；　and　Russia；　was　floated　with　striking　ease。

Regardless　of　the　small　return；　the　amount　offered　at　Paris；

（41；000；000　francs）；　was　subscribed　for　twenty…three　times　over。

Great　Britain；　France；　Germany；　Holland；　and　the　Scandinavian

States；　of　recent　years；　have　all　engaged　in　converting　their

securities　from　5　per　cents　to　4　per　cents；　from　4。5　per　cents　to

3。5　per　cents；　and　the　3。5　per　cents　into　3　per　cents。



Great　Britain；　France；　Germany；　and　Austria…Hungary；　according　to

the　calculation　taken　in　1895　by　the　International　Statistical

Institute；　hold　forty…six　billions　of　capital　invested　in　negotiable

securities　alone。　　Yet　Paris　subscribed　for　her　portion　of　the　Greek

loan　twenty…three　times　over！　　In　short；　money　is　cheap。　　Andrew

Carnegie　and　his　brother　bourgeois　kings　give　away　millions

annually；　but　still　the　tide　wells　up。　　These　vast　accumulations

have　made　possible　〃wild…catting；〃　fraudulent　combinations；　fake

enterprises；　Hooleyism；　but　such　stealings；　great　though　they　be；

have　little　or　no　effect　in　reducing　the　volume。　　The　time　is　past

when　startling　inventions；　or　revolutions　in　the　method　of

production；　can　break　up　the　growing　congestion；　yet　this　saved

capital　demands　an　outlet；　somewhere；　somehow。



When　a　great　nation　has　equipped　itself　to　produce　far　more　than　it

can；　under　the　present　division　of　the　product；　consume；　it　seeks

other　markets　for　its　surplus　products。　　When　a　second　nation　finds

itself　similarly　circumstanced；　competition　for　these　other　markets

naturally　follows。　　With　the　advent　of　a　third；　a　fourth；　a　fifth；

and　of　divers　other　nations；　the　question　of　the　disposal　of　surplus

products　grows　serious。　　And　with　each　of　these　nations　possessing；

over　and　beyond　its　active　capital；　great　and　growing　masses　of　idle

capital；　and　when　the　very　foreign　markets　for　which　they　are

competing　are　beginning　to　produce　similar　wares　for　themselves；　the

question　passes　the　serious　stage　and　becomes　critical。



Never　has　the　struggle　for　foreign　markets　been　sharper　than　at　the

present。　　They　are　the　one　great　outlet　for　congested　accumulations。

Predatory　capital　wanders　the　world　over；　seeking　w