The farmers' union. (Memphis, Mo.) 1891-1895, 1891-11-12

stand tho dreadful meaning of their
plain words. Prices and wages fall
with the reduction of the volume of
currency. Such is the teaching of
these philosophers whose books are
standards and will be studied for CEN
turies. They are not words hastily
written. They are the matured judg
ment and the doep conviction of life
long students, with no other objects
than the discovery of truth. Prices
and wages falling mean mortgages to
farmers, because their sustenance and
prosperity come from the prices of
products. and when these fail the nat
urat and easy resource is to borrow on
their lands. This is like postponing
of the evil day, only q postponing, for
the shrinkage in prices continues and
the added interest burdens only hasten
the inevitable day when disaster cul-
inmates and TIE landowner becomes
renter. The only cause of the stag
nation, of falling prices,
is a shrinkage in the volume of money"
Such is the Judgment of a commission
whose duty it was to investigate the
causes of the era of panic and depres-
sion which began in 1872 and is not
concluded yet. Reader. unless You
have investigated the matter for your
self whose verdict will you accept,
that Of this official commission or the
petty party orator or journal whose
only appeal is to party prejudices and
whose only argument is based on lies
", NE 10
compare them with the words we have
quoted and think. The lies will not
prevail then.
Contraction is the real reason of the
mortgages on Americas free soil.
Those mortgages under present con-
dit;ons cannot be generally paid off.
The same powers that began contrac-
ton continue it. When popular opin-
ion forced -monotiZation of silver,
and its partial coinage. the certificates
which were issued as money on that
coinage, were made of denominations
of 81 900 for no other purpose than to
prevent any real addition to the circu-
lating medium. There has been
stea !y reduction of national bank notes
for some years, there is constant loss
of money by wear and tear, of fire and
flood, while the increase in business
and population of itself acts as a re-
| ducer of the currency per head as well
as per cent of business and there has
been no measure equal to offsetting
this constant shrinkage of currency
except by the issuing of $1,000 silver
| Certificate notes. Thus it will be seen
4, u,
| continue; the shrinking in volume of
currency going on the fall in prices
will go on. the difficulty in paying off
debts will grow greater and the con-
| centration of wealth in the hands OF a
few continue. Farmers can make no
greater mistake than to ignore the
teachings of philosophers and the ex-
| periences of the past. Unless some
very great change in trade circles
arises the bulk of the corn crop of 1891
will be sold in Iowa at about 20 cents per
bushel. Hopes built on other expecta-
tions are fallacious. The recent de-
cline in corn from above so cents per
| bushel to about 33 cents per bushel is
the beginning. AS the new crop move
ment begins and goes on, the bed rock
| of low prices of corn and hard times
will again be reached. Contraction
price of Iowa's chief crop will rule
again and politicians will once more
prove that Is or 20 cent corn is profit
able to raise. Speaking Of contraction,
United States Senator said on the
floor of the Senate, Such legislation
is an example of folly without par
allel in evil IN the history of the world.
Can it be that farmers of Iowa will
once more endorse it by their ballots
We trust the farmer readers of this
paper will not do SO.
Fall of wages goes with reduction OF
prices, and as the latter has caused tho
mortgage Indebtedness of the land the
former has caused the numberless
strikes with their loss of life, of prop
erty, and suffering. John Sherman
referring to contraction. said In 6
speech in the Senate, ''It will be 6
period of loss, danger and fall ol
wages" Said that great soldier, Johr
A. Logan, in Congress: Il can see as
result of of this legislation our bust
ness operations crippled and wages fol
labor reduced" Here the working
|
tinuel efforts at cutting down hi!
wages. Let him join the farmer il
learning the lesson of effect on price,
and wages of contraction, and at thu
ballot box stop the policy that cal
only end in ruin. A late writer wht
is not q politician expresses the belle
that the decentralization of public opin
ion which results from the connection
of the government with bankers plan:
to make gains out Of the public wrong
fully is even a greater evil than tha
of monied losses. That Decentralization
will, in the language of Abraham Lin
} coin, destroy liberty itself unles
stopped.
: Reader, the old parties are commit
ted to contraction. The Peoples part.
and the Alliance measures are agains
! it and for ample currency. Whic]
will you have? Better times or hardc
times are in your decision.
T.. SHEARER.