The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1893-09-23
TO HOLD THE WHEAT
PETITION TO COAST MERCHANTS
The Farmers win Re Greatly Benefited
Creditors Can He Insiueed to
Wait Short Time.

PKSpLELoS, Sept. l5.-To the Whole
sale Merchants and Bankers of the Pa
cifc Coast States, Greeting Aconven-
tion of 500 wheat-raisers, representing
eastern Oregon and the Walla Walla
district of eastern Washington, met at
Or, September 10, to consult upon the
interests OF the wheat-rlisers of the
Inland Empire in the presen, money
stringency.
The convention resolved by unani-
nous vote, that TO compel whea,-grow-
ers TO sell their crops Al the present
prices would result in universal ruin 10
them; that If they could hold their
wheat till December Il the price would
appreciate above the cost of production,
and the crop would sell for enough TO
pay on the debts due country merchants
and banks, and leave 4 slight margin for
the farmers TO live upon during the com
ing winter.
A committee was appointei by the
convention TO lay these facts before the
wholesale merchants and bankers Of the
Pacific coast and TO urgently request
them to refrain from pushing col!ec-
lions against country retail merchants in
eastern Oregon and eastern Washing
ton until after January l, 1894.
In pursuance of the duty assigned
sham eha
statement OF facts and conditions, and
respectfully urge you, so far as in your
power, to give your country debtors Of
the mercantile class until January
next 10 settle their indie btedness 10 You
This request is unusual. but conditions
are extraordinary. A merchant should
not be compelled TO sell his goods for
less than cost, nor should the farmer be
forced to part with his whel II for i price
less than the cost of production.
There is 40 real price for wheat in
this section now. Small lots have been
sold for IS, 81 and 81 cents per bushel-
figures below cost of raising il, be-, farm
ers can not sell az these prices without
absolute ruin. We believe prices OF
wheat will rise 10 to 20 cents bushel
within 9o days because:
First-The government crop report
for August places the wheat yield for
the United States 1t g. per cenr.-the
lowest percentage for several years.
Second-Shortage of European crops
Third-The large tonnage chartered
for Pacific coast ports.
Fourth-The general opinion Of wheat
buyers that prices will rise materially
in 90 days.
Fifth-Recent heavy rains in this sec
ton have greatly damaged large guam
titles of wheat
Sixth-The general loosening Of the
money stringencY, which is already in
dicated by reopening of suspended
banks, starting upof factories, increase
Of bank deposits and reserves, and rapid
return of public confidence.
Seventh-We believe that the present
stringency is artificial in character and
in no way the result of natural causes.
As the motive for proIonging the panic
has disappeared, we expect to see the
panic itself disappear speedily, though
1t may De long before the wreckage is
cleared away and business in 4 normal
condition.
In view of these facts and beliefs the
committee feel confident that you will
respond favoraoly to the request OF the
wheat-raisers, cooperate cordially in
mitigating the blightiug effects Of the
recent panic, and, by refraining from
distressing country merchants. save the
farmers from the greatest evils that
have ever threatened them in the mem
DRY of men.