The advocate., 1890-04-30

applied 10 depress prices, which II does In
spite OF this tendency OF artificial demand
30 raise prices, and the facts are that tho
farmer parts with his produce, not 30 a man
who desires 10 for consumption, as one would
naturally suppose but 10 n speculator, the
implied understanding with whom Is that
that the farmer wants money worse than tho
speculatOr wants produce, and therefore sac
rifices In price must be made by the farmer.
With the backbone OF this monster OF Op-
preston broken money corner would not
be always available as now 30 act as a baaig
for pools, trusts and corners In agricultural
products, and the farmer would realize for
his produce all that the consumer pays for
the same, less the necessary expense of
handling and transportation.
The financial features and effect of this
bill are positive and far-reaching, and there
fore demand the most careful attention and
study. For this purpose II will be Conven-
lent 10 divide 10 into four Rub-heads. First,
safe; second, conservative, third, flexible.
and fourth, desirable.
II Is safe, because all the products against
which IL is proposed 10 issue treasury notes
are demanded every year for consumption.
This If cOnclusiyely proved by the fact that
there iA no surplus OF either. None of them
are perishable or liable In any way 10 deteri-
crate during the time provided for holding
lhem but II they occasionally should, the
Dill Is safe, because IL provides for the re-
lection OF any product not In good condi-
tiOn, and further provides for the collection
by the government of fee for insurance,
and this will be made 10 fully compensate
for all losses. II is safe, because the con
sumption of these products docs not depend
upon any contingency; life itself demands
them, and guarantees that tho treasury notes
Will be returned TO the treasury and the en-
tire product consumed every year. It's safe
again, because no invention or discovery can
possibly obviate the necessity for the COM
sumption OF these two products or cheaper
their production 80 aB TO depresB prices be-
low the margin allowed Of 20 per cent. In
fact, there is no way TO gansay the propo-
siti0n that the provisions OF this bill would
be such a stimulant TO agricultural produc-
tion that It's influence would be felt in all
legitimate branches OF productive effort,
thereby guaranteeing a steady advance in
general prices for a number OF years. lt s
safe, because there is no possible chance for
loss To the government or evil effect upon
any productive or useful industry Of the
country.
II is conservative, because, while Il pro-
Vlubh AoT hil lucfehbe III the actual volume or
money in circulation nj n season Of the year
when II is necessary to meet greatly aug
mented demand for money, il at the same
time provides for the retirement OF such in-
crease as the necessity for It's use ceases to
exist. II does not therefore increase the
relative volume Of the circulating medium,
and is, therefore, in no sense Of the word nm
initiation. The cotton crop is not an article
Of home consumption, and ia, therefore,
practically all marketed, and rs it's gross
value is equal TO either of the others affected
by this bin, II has been chosen as the basis
for the following table. showing at what
rate Of speed the crop Of the year commenc-
ing September /, 1888, and ending Septem-
Der /, 1889, was placed upon the market.
This table is compiled from the statistics
found in the annual report OF the cotton
crop by Messrs. Latham, Alexander % Co.,
of New York, with the exception of the aver
age local price for all z rades for the year,
which is estimated at cents per pound, n
fraction higher than the highest estimate OF
any reliable observer;