Smyrna times., 1890-12-17

The farmers have the front seats
now on the great subjects of national
policy. The Grangers have had their
say for years but somehow have not
made any inrOad on the mass of the
people, their gatherings seemingly
composed of very respectable men who
had certain opinions to air and personal
grievances to remedy. Within the
past year the Farmers Alliance has
sprung up, and at one bound, but for
the cyclone that so knocked the Re-
publicans out, would have had the
balance of power in Congress. They
have the supremacy in several states
and the controlling influence in num-
Der OF others. Hence, anything they
now do or say commands attention. if
not respect. We give on our first
page the sermon of noted New York
Minister on the Alliance, and its prob
able outcome. We also give on the
same page a summarized account ofthe
sixteenth annual session of the Della
ware State Grange, the leading feature
of which was the address of Mr.. Z. H.
Bancroft, of Camden. AS to the right
fulness or wrOngfulness of Mr.. Ban
crOft's positions we will not say, as we
have not examined into them, but the
Morning Ners does take issue in long
article, part of which is as follows:
Mr.. f. H. Bancroft, in his address at
Dover on Tuesday as the presiding of
ficer of the Delaware State Patrons of
Husbandry, found almost all the world
outside of the farmers going wrong.
Whether his views was due to the fact
that the farmers are beyond criticism,
on account of the wisdom with which
they are ordering their affairs,
or to the fact that other people
have so many faults that he had no
time or space to deal with the farmers,
we do not know.
1t is undoubtedly true that some of
our other people - and perhaps all of
them-are bad lot. Yet it is possible
that if the other people had had rep
resentative at Dover to speak for them,
something might have been said in
their favor. Indeed. in that case,
something might possibly have been
said about the farmers-in respect, for
example, to the better and and more
wholesome, and therefore more costly
way in which they live now, as com.
pared with former times.
After showing that it is the rich who
are failing, the News goes on to say:
Mr.. Bancroft does say one thing that
strikes US as sound. He asserts that
scarce money means dear money"
But there is more than one way of
making money scarce Mr.. Bancroft
appears to think that the scarcity of
mOney-meaning Of course. gold and
silver, and bank notes, and treasury
notes-depends wholly upon law and
upon the policy of the government.
But there is something more effective
than these public agencies in driving
cash into hiding. We infer from what
Mr.. Bancroft says that he thinks that
money is scarce now. Yet during the
last twenty years there has been no re-
ductlon OF the per capital amount of
money in circulation except once, and
that was during president Cleveiand's
administration. When during the
nineteen months from March l., 1885.
to October l, 1885, there was net de.
crease in the circulating medium of
81 ,809, ,490 or about 40 cents per capita.
During the nineteen months from
March l, 1889, to October l, 1890 llast
October), there has been a net increase
IN the circulating medium of S93. 3.S66.-
ol3, or an increase per capita of about
Sl.5l. Compared by periods of ten
years the circulating medium has stood
as follows in 1870 the amount Der
capita was Sl997; in 1880, it was 500
~. and now in 1890 it is S23.96. Yet
Mr.. Bancroft says that money is scarce.
although all the while, from 1870 to
1890, with the slight exception during
Mr.. Cleveland's administration. the per
capita amount of the circulating me-
dium has been increasing. Mr.. Ban
croft has overlooked the fact that bv
frightening the people of the United
States very little circulating medium
can be reduced per capita more than it
can be increased by the exercise of all
the powers belonging to the govern
ment
The total circulating medium in use
IN this country on the lst of October
1890, was 81 ,498, ,O72, 7O9. We now have
population of 63,OOO,OOO. Suppose
that we all become frightened or timid
70 the extent of boarding $40 Der can.
lta-not very large amount. Bv that
process we would suddenly reduce our
circulating medium by the sum of
$3.50, 600 OOO-bring it down in the
turn of hand from 81, ,498. or, ,7O9 to
1865, ,O72,7 ,7O9. Perhaps something of
this sort has already happened. Mr..
Bancroft ought to be careful not to
carry the process further.