75 per cent. greater than the annual average during the Cleveland low-tariff administration, and in 1903 was about equal to that of 1901. The wool production of the country, which fell from 303 million pounds in 1893 to 209 millions in 1895, was in 1902 316 million pounds, and with prices fifty per cent higher than those of the low-tariff period when wool from abroad was being imported free of duty. The value of animals on farms, which fell .from 2,483 million dollars in 1893 to 1,767 millions in 1896, in 1901 for the first time passed the three billion dollar line, being 3,011 millions, and in 1903 was 3,102 millions, having doubled in value.

Prosperity Under President Roosevelt.

The prosperity which has been a feature of business conditions since the return of the Republican party to control and the enactment of a protective tariff has been quite as strongly marked under the administration of President Roosevelt as at any time in the history of the country. This fact should be of itself a sufficient reply to the cry of the opposition that "Roosevelt is an unsafe man for President." No factor in our national life is more sensitive to adverse or even doubtful conditions than business and finance. In order to test thoroughly the condition of business during President Roosevelt's Administration with that of former years a table has been prepared and presented herewith (p. 116), compiled in all cases from official figures, showing conditions in the various lines of business and industry in the last year of President Roosevelt's term, 1903, compared with the last full year of President McKinley's Administration, 1900, the last full year under President Cleveland, 1896, and the last year under President Harrison, 1892. This table shows, for example, that the money in circulation in 1892, the last year under President Harrison, was 1,601 million dollars; in 1896, the last year under President Cleveland, 1,506 millions; in 1900, the last year under President McKinley, 2,055 millions, and in 1903, the last year under President Roosevelt, 2,367 millions, and it may be added that at the present time the total exceeds 2,500 millions. The per capita of money in circulation in 1892 was $24.56; in 1896, $21.41; in 1900, $26.94, and in 1903, $30.38. This does not look as though capital or money, the most conservative of business factors and the most prompt in responding to adverse conditions, find cause for alarm in the administration of President Roosevelt. Savings-bank deposits, which were 4,781 million dollars in 1892, 5,065 millions in 1896, and 6,107 millions in 1900, were 7,305 in 1903. Total bank deposits, which were 4,619 millions in 1892, 4,916 millions in 1896, and 7,208 millions in 1900, were 9,673 millions in 1903. Bank clearings for the entire country, which were 61 billion dollars in 1892, 51 billions in 1896, and 84 billions in 1900, were 114 billions in 1903. Tons of freight carried on the railroads of the country, which amounted to 730 millions in 1892, 773 millions in 1896, and 1,071 millions in 1900, were in 1902, the latest available year, 1,192 millions. These are a few of the more important items, any one of which may be considered a fair index of business activity and prosperity. But each of the forty-odd items composing the table tells its own story of the prosperity of the particular industry to which it is related.

Single-year statements are, however, sometimes misleading, and in order that there may be no doubt as to the perfect fairness of this comparison another table is presented showing the annual average of each of the forty-odd articles included in the above-mentioned table during the four years of 1893, 1894, 1895, and 1896 of President Cleveland's term; 1897, 1898, 1899, and 1900, the four full years of McKinley's first term, and the years 1901, 1902, and 1903, under President Roosevelt. Attention is especially called to this table showing the annual average in business conditions during the three presidential periods, which while it fully confirms the table above referred to, strengthens the general statement by its indication of the steady upward movement of business conditions which has characterized the entire seven years since the close of President Cleveland's term and maintained its upward movement down to the latest date for which figures are available.

These tables have been prepared with great care from official records in every instance, and their accuracy and fairness cannot be called in question. Attention is especially called to their value not only as an evidence of continued prosperity in every branch of our industries and business but as a complete refutation of the attacks made upon the administration of President Roosevelt in its effect upon the business and industrial conditions of the country.

Prosperity vs. Adversity.

Table of Annual Averages of National Financial and Industrial Conditions During the Administrations of Presidents Cleveland, McKinley and Roosevelt.

[Annual average for periods named.]

[Compiled from the Statistical Abstract of the United States.]

It is foolish to pride ourselves upon our progress and prosperity, upon our commanding position in the international industrial world, and at the same time have nothing but denunciation for the men to whose commanding position we in part owe this very progress, and prosperity, this commanding position.-President Roosevelt at Cincinnati, Ohio, September 20, 1902,

SAVINGS BANK DEPOSITS.

The tables which follow relate to savings banks and savingsbank deposits in the United States and show conditions from 1820 down to the present time. They are prepared by the Comptroller of the Currency and may be accepted as an official and reliable statement of the condition of the savings banks of the United States during that period. A careful study of these tables will develop some startling facts with reference to the growth of savings banks under protection. During the long period of almost continuous low tariff prior to 1861 deposits in the savings banks of the country had never reached so much as 150 million dollars, the highest point being 149 millions in 1860. By 1870 the deposits in savings banks had trebled, being in that year 549 million dollars, the increase during the decade ending with 1870 being 400 million dollars, or nearly three times as much as the growth during the 40 years from 1820 to 1860. In the next decade, ending with 1880, the increase was 270 million dollars; in the next decade, ending with 1890, over 700 millions, and in the decade ending with 1900 more than 800 million dollars. Attention is especially called to the contrast between conditions during the recent low-tariff period and those under protection. In 1893 the deposits in the savings banks of the United States were 1,785 millions, and in the following year dropped to 1,747 millions, an actual decrease of 38 million dollars. The average per capita savings bank deposits in the United States, which in 1893 stood at $26.63, fell to $25.53 in 1894, $25.88 in 1895, $26.56 in 1896, and $26.68 in 1897, the per capita being thus less on July 1, 1897, at the close of the Cleveland low-tariff period than it was on July 1, 1893, practically the beginning of that period. Immediately following the return to protection, however, the total savings-bank deposits and the per capita of such deposits began to increase, and the per capit of savingsbank deposits has grown from $26.56 in 1897 to $36.52 in 1903, an increase of 37 per cent.

Attention is also called to the table which follows that above alluded to, which shows the deposits by States, and to another table which shows the deposits and number of depositors, etc., in each of the principal countries of the world. It will be seen that the total deposits in savings banks in the United States exceed those in any other country of the world, and that the average for each depositor is also greater in the United States than in any other country. A comparison of the figures of this last-mentioned table with those of the table showing deposits by States shows that the total amount of deposits in the single State of New York, with its 72 millions of population, is greater than that in all the United Kingdom with its 42 millions of people; while a comparison of other States with the less important countries is also interesting.

The table which shows the total bank deposits in each State may prove convenient for reference, especially in considering the effect of manufacturing industries upon the business activity and prosperity of the States in which they are located.

The table on pages 107-108 are especially interesting in their showing the conditions relative to prosperity during recent years. It will be noted that although the number of savings banks depositors and the amount of their deposits. was rapidly increasing prior to 1892, there was but little increase in 1893 and an actual decrease in 1894 in the number of banks, the number of depositors, the amount of money deposited, the average amount due each depositor and the average per capita of deposits in the United States. The falling off in amount of deposits in 1894 compared with 1893 was nearly $40,000,000. This is a marked contrast with conditions in more recent years in which the increase in deposits in the savings banks has averaged more than $100,000.000 a year since 1897. The total amount of deposits in the savings banks of the United States has increased 50 per cent since 1897.

Attention is also especially called to the table on page 108 which shows the number of depositors and deposits in the savings banks of the principal countries of the world and shows a larger sum deposited in savings banks of the United States than those of any other country and a larger average deposited per individual in the United States than in any other country.

Number of savings banks in the United States, number of depositors, amount of savings deposits, average amount due each depositor in the years 1820, 1825, 1835, 1840, and 1845 to 1899, and average per capita in the United States in the years given.

[Compiled in the office of the Comptroller of the Currency.]

Number of savings depositors, aggregate savings deposits, and average amount due to depositors in savings banks in each State in 1901-2 and 1902-3.

[From report of the Comptroller of the Currency.]

Total New England States. 2,627,056 1,000,175.255 380.722,758,336 1,048,322,344 380 74

California, total Pacificstates a256,467 180,438,675 703.55 a288,101 211,475,012 734.08

Total United States..........

6,666,6722,750,177,290 412.537,035,228 2,935,204 845 417.21

a Estimated.

b Partially estimated.

c savings deposits in State institutions having savings departments; abstract of reports included with State banks.

Depositors, amount of deposits, and average deposit in all savings banks, and average deposit per inhabitant, according to latest available information.

[From 1903 report of the Comptroller of the Currency, and the Statesman's Yearbook for 1904.]