The patron of husbandry. (Columbus, Miss.) 1875-1883, 1879-08-09

and enterprlsing he is the better he il oe
The manufacturer avoids loss by dan
;no down furnace fires and SLOWING -
chinery.
The mining companies would find nroe
in inactivity, and would probably suspeD3
onerations, were it not for the great l.
thev would sustain in doing so. Nj
can be properly opened only through !
great outlay of capital, which womb l.
practically lost if they were closed down
for any considerable period of time. nj.
filling up with water, the caving in of o.
Ieries. the cruising in of shafts, and rustin.
of machinery, and the general disarrangs
ment of their interior workings would ;.
duire for their repair not much less q,
penditure than was necessary for the.
original opening. Hoping for better time,
they therefore struggle on against an al
verse current, without profit and general,
only without loss by reducing their nj,
cellaneous expenditures to the lowest Do,
sible point and wages to starvation lev,
The miners ascend from the dark an
gloomy depths of the mine to find in far
ishing household gloom that is profourl
They await with heroic fortitude and !,
sometimes impatient hope the adyen, q
another Sir Humphrey Davy with a lam,
capable of shedding light on the cause z
existing evils, and of protecting them an
all others who depend on their labor 70
! their daily bread against lingering ms
cry more to be dreaded than the dead
danger that turks in the treacherous Fin.
damp.
The stockholders of railroads have sri
fered a vast shrinkage in the value q
their property and in the volume of the
| traffic and in rates of transportation. viii
| their debts have remained nominally IL
same but really increasing. In order.
make their decreased receipts meet h
interest, they are forced to reduce the-
| operating expenses to the lowest possibs
point. Their struggles seem to be in val,
| and unless that system can be change
which is making each dollar which the
own more valuable, and at the same tina
causing a shrinkage in their bushes
and which is claiming labor and all oths
form of capital to the chariot-wheels q
money-capital, they will, one after anot
er, be swallowed by the bondholders. I
the end the stockholders will be entirl
out of the account, and the contest wi
| be between different classes of bondhot
ers, if that can be called contest wher
victory is assured in advance to the lien
which have priority.
Farmers whose lands are not mortg,
ged, and their employees who at lea
are insured against absolute want
best escape the evils of the times. but tn
prices of agricultural products must final
decline with the reduction in the numbs
and means of the consumers. The ten
dency of falling prices is to break dow
the vast diversified interests of the couH
try, and to force a constantly increasl.
production of the population into the on
single primitive industry of cultivatE
the soil. The United States, instead
continuing highly commercial and maH-
ufacturing nation, will, until falling pr.
ces are checked, become more and mOH
exclusively agricultural and pastoral
Securities have already become SO i'm
paired through falling prices that loanabf
capital has fled affrighted from the rews
and more sparsely settled sections Of III
country and accumulated in large amour,
in the great financial centers where sec
rites are more ample. The personal pro,
erty securities of individuals have gene
ally ceased to be available, except at tn
highest rates of interest, or at run
ously low valuations. Money can be bC
rowed readily only upon such securitt
as bonds which are based on the unlimits
tax-levying power of the Government @
upon the bonds and stocks of first-cla
fr,,r l. &c
whose freight and fare rates are practice
ly tax upon the entire population an
resources of the regions which they tray
erse and supply. The competition amon
capitalists to loan money on these amp
securities has become very keen, and SUI
securities command money at unprecel
emily low rates. These low and loweri1
rates of interest, instead of denoting final
cial strength and industrial prosperity, az
gauge of increasing prostration. Lar.
accumulations of money in financial Ger
tiers, instead of being caused by the owe
flow of healthful circulation, or even
proof of a sufficient circulation, are unmr
table evidence of condition, caused By
decreasing and insufficient circulatiO
The readiness with which governme
bonds bearing very low rate of int
est are taken, instead of showing that o
credit of the Government has improve
is melancholy evidence of the prostras
condition to which industry and tras
have been reduced. There need be
haste in refunding the public debt at d
rates now proposed and considered loV
Unless the progress of the commerce
world in the policy of contracting NOR
by demonetizing silver is checked, bon.
bearing a much lower rate of interests
any yet Offered will be gladly accepted
capitalists here and in Europe WIZ
the money stock is diminishing and prs
are falling, the lender not only receives
terest, but finds profit in the greatly
creased value, of of the principal when
is returned to him. A loan of mon
made in 1909, if repaid in 1913, wop
have been repaid with an addition of I
per cent in the purchasing power of pr
cipal and interest, besides all the inters
paid. Those who have loaned money