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MESSAGE.

To the Senate and House of Representatives:

In submitting my annual message to Congress, I have great satisfaction in being able to say that the general conditions affecting the commercial and industrial interests of the United States are in the highest degree favorable. A comparison of the existing conditions with those of the most favored period in the history of the country will, I believe, show that so high a degree of prosperity and so general a diffusion of the comforts of life were never before enjoyed by our people.

The total wealth of the country in 1860 was $16,159,616,068. In 1890 it amounted to $62,610,000,000, an increase of 287 per cent.

The total mileage of railways in the United States in 1860 was 30,626; in 1890 it was 167,741, an increase of 448 per cent; and it is estimated that there will be about 4,000 miles of track added by the close of the year 1892.

The official returns of the Eleventh Census and those of the Tenth Census for 75 leading cities furnish the basis for the following comparisons :

In 1880 the capital invested in manufacturing was $1,232,839,670.
In 1890 the capital invested in manufacturing was $2,900, 735,884.
In 1880 the number of employees was 1, 301, 388.
In 1890 the number of employees was 2,251,134.
In 1880 the wages earned were $501,965,778.
In 1890 the wages earned were $1,221,170,454.
In 1880 the value of the product was $2,711,579,899.
In 1890 the value of the product was $4,860, 286,837.

I am informed by the Superintendent of the Census that the omission of certain industries in 1880, which were included in 1890, accounts in part for the remarkable increase thus shown. But, after making full allowance for differences of method and deducting the returns for all industries not included in the Census of 1880, there remain in the reports from these seventy-five cities an increase in the capital employed of $1,522,745,604 ; in the value of the product of $2,024, 236, 166; in wages earned of $677,943,929, and in the num

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