The advocate and Topeka tribune., 1893-10-11

WN4AA
understand that very well know Of some
instances Of that kind, and it "a entirely
logical. But insist that the records Of
the failures today and for the last half
dozen years In the manufacturing estab-
hshments show that it is not fear Of being
closed by any prospective tariff policy, but
it is for want Of orders. The people In the
country have not money to buy with.
My own constituents are selling wheat at
from % to 40 cents a bushel, corn at no
more than the cost to produce it. horses at
0ne-fourth of their value and cattle at one
third less than their value. They ara una
bic to prosecute their accustomed marches
to the merchant for goods. The merchant
fails to sell, and the manufacturers do not
receive orders. That is the trouble.
By reference to the current newspaper
chronicles Of September, 1890, we find that
the secretary of the treasury then paid a
visit to New York city, and the cause Of his
visit was an alleged 'stringency In the
money market" Out in Kansas, In Ne
braska, in Iowa, in all Of that splendid re.
gion down in the Carolinas and in the Vir-
ginias and through to Texas-in all the
country west of the Allegheny mountains
there was the same stringency in the money
market.
On the 81st day Of March, 1890, the aver.
age market price Of corn in Kansas was 10
cents bushel when it cost 81 cents to raise
1t. We made known our wants. Our farm.
ers and those from every agricultural state
In the Union poured in letters by che thou
sand to the secretary Of agriculture and to
all the officers Of the government who had
any connection with the business Of farm
ing.
The secretary, in response to their ap-
peal, wrote long letter in small print, 90
Cupying four pages Of foolscap, in which
he conceded the justice of their complaint.
He spoke kindly about their condition, and
the only encouragement the secretary could
offer them was that congress was at that
time discussing the currency question, and
he thought in due time the same body
would increase the duties upon wheat and
corn and other agricultural products
brought in from foreign countries Then,
he thought, the farmers would have mora
money and they would have more protec-
tion. That was the condition of the farm
ing population at that time
The secretary of the treasury made visit
10 New York to confer-not with the peo-
pie. He paid no attention to the people in
the west or the south. He paid no atten-
tion to the masses of the people anywhere.
But this is what he did: He sent out cards
Of invitation to few bankers and other
capitalists to meet him at the subtreasury
building, and they met and discussed the
situation.
Now, if senators will turn to page 80 Of
the report Of the secretary Of the treasury
for that year they will find clear, succinct
statement of why he called upon those
bankers and other capitalists and what the
result of his call was
The result is put down In table on page
so Of the report of the secretary Of the
treasury for the year $780, 1t shows that
he purchased bonds from those bankers
and other capitalists at premium Of % to
26 per cent; that he advanced nine months
interest on large number Of bonds that
were not due, the total amount Of the dis
bursements being SOS, ,276, ,682. 10. Theamount
Of the advanced interest was 81, 2,009, ,951. 80.
The people who needed money In the
transaction of their business were not heard.
The back of the government was turned
upon them. The face Of our officers was
toward Wall street and the bankers and
capitalists there The secretary Of the
treasury could pay the money into their
pockets by the purchasing of bonds, the
premium of which amounted 81, ,000 900.
He could advance them nine months inter
est upon bonds not yet due, amounting to
12,0OO,O 1000 more, making in all over e97,-
100000 of the public money paid to the
bankers and other capitalists Of Wall street
without adequate consideration, while the
people were left to dig little deeper and to
raise little more 10 cent corn.