The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-04-21

~ a. A@ 49,
only from one-fourth to One-haf as
much for them. Must we be told that
the law of supply and demand regu-
lates prices9 How, then, may we ex-
plain that we produced nine and one
half bushels of wheat per capita IN
1881, and it was worth $1.15 per
bushel, while we produced in 1889 only
seven and one-half bushels per capita,
and it was worth only 70 cents per
bushel? The operations of this ancient
law in trade have been practically an
nulled or supplanted by the ore I'M
perious law of greed as now enforced
under the mandates of monOpolistic
combinations for the pillage and rob-
berry of honest labor.
In the great State Of Illinois the corn
crop of 1889 cost it's farmers SO, 935, S23
more than the crop was worth after it
was harvested.
The mortgages on land lots and chat
tells in that State in 1880 we're $204,-
461, 1874. In 1887 they were $416, 379,-
O68-an increase of Indebtedness in
seven years of $211, 917, 734-or 1O3 per
cent.
On land alone the increase was $44,-
953, 900, or 40 per cent.
If every surplus bushel of wheat
and corn of the crop of 1889 in that
State had been applied to the mort
gagged indebtedness on the farm lands
in 1887, there would still remain Sly
784, 977 to be paid out of other crops
or earnings, or it would have fallen
short So, 875, $50 of paying the interest.
In the great State of Michigan, with
all it's diversified industries, the farms
are mortgaged to the amount of
$13O, OOO, 900 at an average interest of Z
per cent. And to pay the interest on
the farm mortgages for n year would
require 455, 544 bushels more of wheat
than the entire net crop of the State in
1889.
In the great State of Iowa $199, OOO,-
600 of mOrtgaged Indebtedness hangs
owe it's farms-a sum equal to S1O4
for every man, woman and child in the
State. And this is exclusive of farms
occupied by tenants. All over the face
of this broad land, the most princely
heritage eve given to man, may be
read the same sad, sad story; and if
you would read the fearful record of
the frightful ravages of money power
on the industrial energies of our people,
go to your Census Bureau in this city
and you will find piled up the abstracts
of 5000, 600 of mortgages on their
homes-a mortgage for every seven of
our population, or averaging about one
mortgage to every family in the whole
Union.
But this law of supply and demand
is memorable and unchanging in it's
effects and operation as applied to
money. Scarcity of money means
high-priced money; a plentiful supply
of money can cheap money. The
high-priced dollar lessons the price of
labor products, the cheap dollar raises
the price of labor products. Look at
our public debt. In 1886 it was So
783, OOO,O 900. We have paid in princi-
pies, interest and premiums on that
debt the vast sum of 81, 1913, 931, 361,
and yet, it would take more of labor
products to-day to pay the remainder
than it would have taken at the prices
in 1886 to have paid the original debt.
Again, two farmers each had 81, 900
in 1870. The deposited his money
in a vault, the other invested in wheat
and bought 500 bushels. To-day the
cash farmer "a buy with his money
1, 800 bushels of wheat, while the wheat
farmer, with his 500 bushels, can buy
only 1888 in money. That is to say,
the capital of the one has increased
without interest so per cent, the other
has deprecated Sc per cent. If this
money, lying idle and drawing no in
terest, al thus increase it's power so
alarmingly ove the products of labor,
what mind can grasp the enormity of
the evil that is inflicted in the indus
trial energies Of the people, when
money is loaned out at ruinous rates
of interest?
In 1866 we had $52 per capita in Cir
culation. During that year we had
632 business failures, involving liabili-
ties to the amount of $47, 1873, 900. In
1889 we had less than 81 per capita in
circulation, and during the year we
had 1927 business failures, involving
liabilities to the amount of 1912, 1876, 742.
The farmer sees United States 4-per-
cent. bonds, which would be utterly
worthless but for the sturdy blows of