New-York tribune., 1893-12-14


ton the accuracy of the report as to prices ana
Il somewhat larger yield Of cotton and wheat
which is probable, would not alter the fact that
with Il smaller production on the whole than
that of last year there has yet been great 1ali
in priccs-6 per cent in corn, o per cent in oats
over Is per cent In wheat and II per cent Ill
cotton The loss apparently amounts to more
than S22O,OO0,O0O in value of farm products to
the producers. This loss is not due to the mac
c,iracy of the reports as TO farm prices, Tor at
New-YOrk, December l. the price of wheat was
more than II per cent lower than year ago,
the price Of corn over IL per cent lower, ana
the price of cotton over II per cent lower AS
crops are at any rate remarkably small com
pared with full yield. which would be for corn
2.1Oo. OO,OOO bushels, for wheat Gl2,0o0,OW
bushels, for oats 100000 bushels, and FOR
cotfori 100000 bales. the fall is not due to ex-
cess of production this year
Neither is It due TO loss of foreign demand,
whether from causes which tariff theorists al
lcge or from any other. The actual exports OF
cotton for the crop year thus fnr nave peeh
10000 bales larger than year ago. The actuai
exports of wheat for the four months ending
with October were 100000 bushels larger thall
last year. and the decrease in November does
not appcar TO have been 100000 bushels. The
actual exports OF corn and of oats have been
much larger than year ago to date Again.
the rates charged for transportation from the
interior to the scaboarl are generally the same
rs they were a year ago. and where they nave
been changed are shade lower. Finally IL Is
important to observe that the extraordinary de-
cline in prices does not appear 10 be the result
Of the panic in the summer. whether that WIS
due to the silver question or to some o'iler
agency, for the prices Of cotton were actually
higher in July and August. when the panic WAS
at its height, than they were ut the same time
last wear. but were lower December ]. The
average price of wheat at NcwYork in July
WAS 7OSl cents, in August 81 cents, in No
vcmbcr 666 cents, and the price December
was $50 cents. Corn and oats were actually
higher the 1st Of August when the stress about
money was worst, than December I, with money
markets fairly clogged with idle cash.
What does 1t all mean? This. beyond dis
putc that business men know, if tariff thcoristS
do not. that closed factories and idle hands
never afford a good market for farm products.
dav by day to square their business more close
" TO the effects Of the change that Is likely 10
be made. mills are closing or reducing wages.
This means that many mill operatives must
have less money or no money at all to spend
for products which they have been accustomed
10 buy freely They must buy fewer goods.
and there must be smaller demand for cotton
10 be used in domestic manufacture. and In fact
the mills are taking less than they took year
ago II means that people will consume less
freely even Of the ncccssarics of lfc buying
loss -four. less cornmell and oatmeal II means
that there will be- less demand for meats, and
consequently less for the grain used in feeding
animals. less movement OF products by wagons
and draws and so less demand for the feed or
hcrscs As business men know all these things,
they anticipate smaller demand for farm prod
nets rs the tariff agitation goes on and reaches
It's destructive end.
That was the verdict Of the plain people In
every Northern State in November. But the
tariff theorists at Washington refused 10 hear
The country knows. and most sensible Demo
crafts by this time see with painful clcarncss
that the reform II" they proposed means bad
busIpcss. Rut the theorists blinded by the
c0ulgcnce of their own insight. see nothing eX-
ccpt the pet notions evolved from their inner
consciousness They are sure that business l.
going 10 boom. II only they can get their thco-
rIcs nj work, and no facts can teach them any
thing.