The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-05-13

VI DElNO OI NCAA4GSA4N' -
these agricultural products would be
as great an impossibility as Leon Say
or John Stuart Mill affirmed it to be,
and for the same reasons. Demand
created by those seeking to purchase
any considerable portion of the crop
would be free to its natural tendency
to augment price, whereas the lever
by which corners are under present
conditions secured is, the inheXl lie
volume of money is reduced by hoard
ing large sums at the season and IN
the face of the great, sudden and I'M
perative demand Of agriculture for
money, and the power of money to
Cypress" by its comparative scarcity
is applied to depress prices, which 1t
does in spite of this tendency OF artl-
fetal demand to raise prices, and the
facts are that the farmer with his
produce, not to man who desires 1t
for consu mption as one would natur-
ally suppose, but to a speculator, the
implied understanding with whom is
that the farmer wants money worse
than the ~speculator wants produce,
and therefore sacrifices in price must
be made by the farmer. With the
backbone of this monster of oppres-
sion broken a money corner would
not be always available rs now to act
as a basis for pools, trusts and cor
ners 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 fa~r-reaching,
and therefore demand the most care,
full attention and study. For this
purpose it will be convenient to divide
it into four sub heads: First, safe !;
second, conservative; third, ferlbLe,
and, fourth, desirable.
1t is safe, because all the products
against which it is proposed to issue
treasury notes are demanded every
year for consumption. This is conclu-
sively proved by the fact that there is
no surplus of either. None of them
are ~perishable or liable in any way to
deteriorate during the time provided
for holding them, but if they occasion
ally should, the bill is still safe, be-
cause it provides for the rejection of
any product not in good condition,
and further provides for the collection
by the government of a fee for insur-
ance, and this will be made to fully
compensate for all losses. It is safe,
because the consumption of these
products does not depend on any con-
tingency, life itself demands them,
and guarantees that the treasury notes
will be returned to the treasury, and
the entire product consumed every
year. 1t is safe again because no in
vention of discovery can possibly OBJ
viate the necessity for the consumption
of these products or cheaper their
production so as to depress prices be-
low the margin allowed of 20 per
cent. In fact, there is no wav to
gainsay the proposition that the pro-
visions of this bill would be such a
stimulant to agricultural production
that its influence would be felt in all
legitimate branches of productive eff
fort, thereby guaranteeing a steady
advance in general prices for a mum
Der of years. 1t is safe, because
there is no possible chance for loss to
the government or evil effect upon
any productive or useful industry of
the country. 1t is conservative, be.
cause while it provides for an increase
in the actual volume of money in
circulation at a season of the year
when it is necessary to meet a greatly
augmented demand for money, it at
the same time provides for the retire.
ment of such increase as the necessity
for it's use ceases to exist. It does
not, therefore, increase the relative
volume of the circulating medium,
and is, therefore, in no sense of the
word an imitation. The cotton crop
is not IN article Of home consumption,
and is, therefore, practically all
marketed, and as its gross value is
| equal to either Of the others affected
by this bill, it has been chosen as the
basis for the following table, showing
at what rate of speed the crop of the
year commencing September l, 1888,
and ending September l, 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 excep-
ton OF the average local price for all
grades for the year, which is estimated
at nine cents per pound, a fraction
higher than the highest estimate OF
any reliable observer:
1880 PRO n Average local Value of Value net
and total value of am'tICons mn, product for