The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-02-04
IN ZEE AMERIcAN SENATE.

Teller, of Colorado, before the u. >.
Senate a few days ago. The bill I'M
der consideration was No. lisa
bill to require the Superintendent OF
the Census to asce rtain what percent,
age of the people own their farms and
the number of farms under mortgage
and the amount thereof. 1t is full OF
facts and worth a careful perusal:
Mr.. Teller: Mr.. President, the
Senator from Vermont Mr.. Morrill,
has related what has been repeated
here often, that the failing prices are
the result O. overprodUction, and l
cannot let it pass without calling his
attention TO a few statistics. That has
been the answer for many years.
During~th the time | have been a member
of this body there has been a continual
dropping Of prices year by year; nay,
more han that, month by month there
has been a steady, continuous depres-
sion OF everything that was made by
men in this country. iii was simply
In this country alone that this state
of things existed, [ might imagine
that it was due to local influences
tirely; but, as l said before, it is the
condition everywhere all over the
world. There must be some cause
for it.
Wheat is lower to-day than it has
been previously Except nee or twice
within the last five years, when it
NAV have been as low in a hundred
years. The average price of wheat
over the country is lower to day than
it has been for a hundred years, un
less it was within two or three years
past. Now, there is no overproduc-
ton of wheat. The production of
wheat the world over is substantially
to-day what it was twenty five years
ago. If it has increased in n section,
it has gone down in another. Nobody
who will take the statistics and study
them will risk his reputation by stand
ing here and declaring that the price
OF wheat in this country, or anywhere
else in the world, arises from overpro-
duction. The simple fact is that
wheat, like every other product of
human labor, is on the downward go.
Mr.. Morrill,: The Senator will ad-
nit that We produce more wheat than
our people consume, and he will also
admit that there has been a very vast
increase from India, from New Zea-
land, from Australia, from Roumania,
and Russia, and various other coun-
tues.
MI. Terrell: The simple fact in
regard to that point is that the direc-
ton of wheat is changed. There is
no more wheat in the world now than
there was thirty years ago, but the
policy the Senator from Vermont has
advocated is what brings the India
wheat to Great Britain by giving them
a premium of % per cent. over the
American producer. That is what
has brought wheat 70 the low-priced
countries of Europe, where silver still
circulates at near its old, if not quite
its old, price. They have sold it for
silver bullion, and they have taken
that bullion back and coined it and
used it as money at the same price
that they used it thirty years ago.
Mr.. President, the production of
wheat in this country has not increased.
We have this last year raised AGO.
000, 900 bushels of wheat. For fear
l may give the figures wrong, 1 will
look at the table l have before me.
We raised in 1880 498, 900, 900 bushels
of wheat, less than 5000, 900 bushels
more than we raised last year, and
yet the market price of that wheat
Melted the farmer $3.50, 600, 900 more
than it Melted him last year. Twice
In the history of this country within
a few years we have had a greater
crop than we have now, and each year
the crop brought a greater price. In
1884 we had 512, 00O, 900 bushels OF
wheat, and the price of wheat then
was as $I.16 is to So cents to day.
Yet the Senator tells me that it is be.
cause there was too much wheat in
the year 1889, when there were IA.
coo, 600 bushels less than then, and
the price is % cents and a fraction on
the bushel lower than it was then.
! will admit that our market il
Great Britain has been somewhat de
stroyed by the India competition, but
the India competition has grown W
and been stimulated simply because
the man who had wheat in India coulC
bring it to London and sell it and ge
his silver bullion, and carry that bacl
and coin it, and make 20 per cent. OF
it, even if he coined it at the sam,
standard that we coin it at, and b
coined it at l to Is instead of l to I6
If the Senator from Vermont, with a
due respect, will take the statistic
published by this government, he vii
find that the u is mot an overprc
duction of wheat.
Mr.. Aldrich: What is it q?
Mr.. Teller: The Senator fror