The times. [volume] (Richmond, Va.) 1890-1903, 1892-07-03
,ir.o. action Of n. demon ,ti1atiOn:ot that

NNrFra
/ itv. Lands and the products Oh AK soul'ea 49, .
commanded good prices and were ia u ,es ~
but after few years they ispiv.y - $50
| value. many farmers who were in ni, ,J
ruined Others were serious,H d;.tress wa :
1 very few have prosDered. Inc distress VIZ
| then attributed by many to the legislation ~
! Conoress called. / eieye. resumption acis' ,
| and Mr. sherman was vigorously denounceu
! for a noliov under which greenbacks were TOO
rapidv brought 70 parity WIN goiu.
4 good deal Of uncertainty seems 70 ekls'
| ga 10 the amount Of paper currency IN clrcu-
go, ,mn'ediately after the war In the
| Congreasionsl Record of June u. 1917.
neges 4 057-'s9. some light is thrown on the
snIiect bv MFR. Allison in discussion IN the
senate of a report OF the Secretary OF inc
Treasury made in answer 70 resolution IN
troduced by Mr.. PETER. Mr. Ailis9n says
! / have frequently been confronted IA ny
| own State and elsewhere by the deluslohS
| that have been stated and repeated hero by
! the senator from Kansas. mourning thht
durino the war and Immediately following
| tho war We had currency OF ri.TVV,VoV'1'u'
when nothing IS further from the truth Wne VIZ.
we come % examine the history OF these Hans-
| aotions and Of the interest bearing Obligations
| of tbe oove,nmeut He states that interest,"
| bearing treasury notes were ma a"ny
| and we're not used as currency because .
man would be a 'gOosey VINO WOuiu Put a
debt with an interest bearing note WIEN 40 -
could DAY IL with note not bearing lh'eieSS
Rut both classes Of notes were legal-tehuer
notes and cannot see that the fact that the
treasury notes wer3 Understanding wonlu
ureyent them from circulating as currency
unless IL could be shown that the nolueTs OF
such notes bad always nOn-nterest- oeaIlne
notes 20 pay with. il - almost supeThuous 10
remark that interest on the notes could De
easily computed 10 the time Of the transfer.
IL seems 10 me rash TO wholly exclude interest,
BEARING legal tender notes from the volume Oh
currency because they may have been liable
to be boarded than other notes.
But all the legislation Of Congress on the
subject of the paper currency during H nu
since the war would have 20 be carefully
studied before we could safely undertake 10
estimate its effect upon the price OF farm pro
ducts, and this | do not propose 10 undeItake.
The protective tariff. while it has no DOUBT
indirectly played q highly important part III
depressing the prices OF lands ana agricuilI-
raj products seems 70 me 10 be qute HsuIl-
cient to account for the distress, ana We
must, 1 think. look further.
The paramount cause IS. J think, our pro
duction caused by the free land policy OF the
Republican party. Under the acts OF Con-
eress granting lands 10 railway corporations
who kept their agents abroad TO induce lor-
eigners 10 immigrate and settle upon their
lands under promises of low treights ana
under Homestead. Presumption aud other
munifcent acts of Congress. foreigners nave
poured into our rich public domain, and
with improved machinery suddenly
opened up % production an area 80 I'M
rnense that consumption Of their products
could not keep pace, IN any heaitniui degtee;
with production: hence prices dropped and
the farming interest was Frustrated. Certain
il is that misfortune to the agricultural inter
est cannot come singly It's abnormal develop
ment produced immense disproportlon be-
tween the advantages Of country aud citv
lie. rapid flow OF population from the
country q the city followed. which IN
its turn disturbed healthful relations
between production and consumption IN other
industries. 4 moderate reinforcement OF the
cities with country blood IS healthful but a
large influx is disastrous because II disturbs
industrial relations which have under econo-
MIXING laws 20 be slowly adjusted. In the
canon ''natura non fact saltum' IS proclaim
cd law tnat gradatiOn is a condition OF
heathful development. il was the sudden
leap" made in the development Of our agri-
cultural interest which Frustrated 1t.
1 believe that the unwse policy OF the Re
publican party with regard TO our public do
main for the last quarter of a century IN
stimulating an abnormal, mushroom develop
ment OF agriculture has been the predoml-
naut cause of the distress of our agricultural
interests.
10 harmony with this policy Republican
Congresses have appropriated over 1850. 600
for the survey Of the great American
desert, with view Of irrigatiDg it
at an enormous public expense. by it, ="
says General Miles, 10000 square miles Of
desert may be made favorable TO agriculture"
The desert improved by irrigation says
Senator Morrill," may prove the moral Of the
age in the production of food crops and in
stantly depress prices. and hence he argues
thrill protection should be vigorously main
tanned in order to create q larger body OF
home consumers 10 give agriculture higher
rewards"
What an amazing proposition! while the
country is suffering from an overprOduction
of food crops IL Is proposed TO tax the people
by irrigation TO increase and cheaper the
food supply and TO tax them by protection 10
diminish the increased supply. Under such
a system the farmer must be ground. like his
corn. between the upper and neither mill
stones.
The people should ever DO reminded in the
coming political canvass that the Republican
party believes IN increasing the price OF man
ufactured products by protective policy
aud IN Diminishing the price of agricultural
products by a free land policy
That plank in the platform of the Demo
cratic party which pledges the party rever-
sal of the policy OF the Republican party with
regard TO the public domain is Of the highest
importance and should DO firmly insisted on
not only for the reasons indicated, but be-
cause the best security TO the people of this
country against the evils of aQraliansm is the
safety valve OF q public domain. 5. T.. F.