The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-01-01
THE MACHINE AGAINST us.
How the Great News Engines Favor the
Powers That BE.

l. lie SuE}TcIu0 COuuCll OI Lie NdC1Ondl
Farmers Alliance, at it's Indianapolis
session, took some steps with reference
to the cotton question. The price of cot
ton for some time past has been lower
than for u generation past-in fact, lower
than ever before, and is far below the
cost Of production.
Trying to look after the interests of
the cotton producers of the country, the
council adopted certain resolutions as
basis for operation during the present
and future. In effect, one set of these
resolutions presented the facts concern
ing the depression,in the price of cotton,
and as a means of relief petitioned con-
gress to relieve manufactured articles of
cotton from any tariff duty whatever on
the free list of American products.
Another resolution was as follows:
THAT being in possession of facts that
are thoroughly reliable which warrant
US in the belief that a false estimate has
been purposely made of the present crop
of cotton, we feel safe in guaranteeing
better prices if cotton be held for sixty
days."
Of course these resolutions with ac-
companying explanations were utterly
useless and worthless unless they could
be put before the public and the atten-
ton of the people directed to them. In
order that the people might know of the
action of the Alliance, these resolutions
with some explanatory notes were Of
fered to the Associated Press in Wash
ington with request that they be pub
lished. But they were declined, and no
good reason given. The object Of the
Alliance in having them made public
Was to call the attention of the farmers
to the fact that indications were favor
able for rise in the price of cotton, and
the benefit of the advance might be OBJ
tanned by holding on to the cotton for a
few days.
But the Associated Press refused to
give them publicity. Perhaps it had a
perfect right to do SO: but this was news
fresh news so far as the public was
concerned having been made public
in any way. But it was small effort
in favor of the producers. and met with
no favor.
T.
The very next day the great financial
and banking systems of the country had
the voluntary support and sympathy of
the Associated Press. That colossal in
iquity was doomed and lauded, and
very sweet and subtle apology was made
for the bank failures which had occur
red. The following is the dispatch:
WASHINGTON, Dec. 2.-The report of
the comptroller Of the currency shows
that during the year ended Oct. 81, 1891,
1913 new n.tional banks were organized
possessing an aggregate capital of s., 100,
600. thus exhibiting growth largely in
excess of the annual average for past
years. Of the new banks established,
ninety mine are located west of the Mis-
sissippi river and fifty-nine in the south
e1n states In number of failures the
present exceeds any previous year, but
others have been more disastrous in
point of capital and liabilities.
1T lis noted that more than one-half
in number of the banks which became
insolvent during the period covered by
the report we're located in two western
states. and that these failures were
chiefly due to the effects of four success
sive crop failures. 1t is shown that of
the total number of national banks Or
ganized only 81 per cent. have become
insolvent during period of Twenty-Five
years. and that the annual average loss
to creditors during that period has been
only one twentieth of per cent of their
average Liabilities.
1.-The failures recorded are looked upon
as the result of the collapse of the spec
ulative spirit which has been generally
prevalent for the past five years greatly
aggravated by the monetary stringen-
cies experienced by most of the nations
with which we sustain commercial rela-
tons. On the whole. the banks in the
national system have met the disasters
Of the year with commendable courage
and success. and have demonstrated
their ability to meet the exigencies of a
general liquidation with SO small loss to
creditors as to make it seem insignificant
when compared with the vast sums
which have been Entrusted to their care
and management.
This dispatch docs not need analysis.
Where the failures were most numerous,
the failure of agriculturelis given as the
cause. Yet nothing can be done by the
Associated Press to start the farmers on
q plan by which they may .eounteract
their losses. Banks seem to fail when
crops fail. Farmers seem to fail when
crops are bountiful. Witness khe de-
preston of the southern farmers. who
have produced the largest cotton crop
on record. Witness the depression of
the western farmers. who two years
ago produced such immense crops that
they were consumed for fuel because
the pIce Of products went SO low as to
make corn cheaper than coal.
What would the condition of those
western farmers be today had the crops
of Europe been sueeass? Are these