In many quarters this policy is
believed to be an unwise one. Experience has shown it to be a safe one.
The iron industry, as a whole, is on a very permanent foundation.
Manufacturers are hurrying to complete new works; lumber manufacturers,
especially throughout the South, are stimulated to the greatest exertion
by two new causes: First, a strong demand throughout the North for the
superior lumber-mill products of the South; and second, a wonderful
expansion of local demand in the South arising from the new industries
there. The makers of nearly all kinds of machinery are busy with new
work, fully one-half of which is for delivery in the new Southern or
Western States. The manufacturers of steam-pumps, the manufacturers of
appliances for new fuel-gas processes, the builders of heavy machinery
for steam and electrical purposes, the manufacturers of
hoisting-machinery and of machinery for mining purposes, as well as of
machinery for general shop-use, have been booking more business since
the 1st of October than their present shop-capacity will allow them to
execute. Consequently, a general system of enlargement is in progress.
Contracts have been lately given out for the construction of machinery
to make machines of larger than usual dimensions. Our industries are
being reorganized, and instead of engines of five, ten or fifty
horse-power, engines of fifty to five hundred horse-power are now
common.
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