The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-01
A GOTHAM CALAMITY HowLER.

published in Gotham, has been clamor-
ing for the repeal of the Sherman law
and declared that nothing else was
needed. Since the thin crust has been
crushed, the Times evidently sees
where we are at. On the 18th it con
tanned an editorial more than a column
long on 1.-THE Business Outlook" Lit
tie or nothing is said about the Sher-
man bill. That old soreback fraud
seems to have been laid on the shelf.
The editorial on the business outlook
surpasses anything ever done by THE
PROGRESSIVE FARMER along the calam-
ity bowling line.
The Times first describes the panic
Of 1884. 1t declares that money was
harder to get, rates of interest higher
than at any time during the past two
months. But soon after the panic was
over Gt was artifciaD money began to
accumulate in the banks rapidly. On
the first of July, less than two months
after the panic subsidized, the banks re
ported a reserve fund of SIG, 900, 900.
But the Times says mo such thing has
happened this year" Instead of hav-
ing a reserve fund on the first of July
they we're down to the Is per cent.
legal limit. Since the first of July the
25 per cent. limit has been cut into to
the amount of over S., 900, 900. Still
the Times does not once declare that
the Sherman law is responsible"
It next says the outlook is bad ''even
if the cause is removed" The trade in
mercantile and manufacturing circles
will be comparatively small for months.
The Worlds Fair will help certain rail
roads, but most OF the roads are already
preparing for dull times by stopping
further purchases Of cars or other i'm
provements and by reducing the mum
Der of employees. Manufacturers are
reducing their forces, mines are closed,
hence thousands of people will be out
Of employment. Next the Times makes
the following admission, something
rarely done by a plutocratic New York
paper:
LAS the great body Of consumers are
people who work for wages, whether
as Iaborers, artisans or clerks, and the
cutting down of their wages or lack of
employment diminishes their ability to
consume; and as the great farming
class are hurt in the same way by the
extremely low prices to which the
products they raise have fallen, it will
be seen that the shrinkage in the vari-
GUS departments referred to is a neces
sary consequence"
= After making this admission the
Times says: This appears like a
gloomy picture. 1t is not a cheerful
one, but the situation must be met,
and prudent people should prepare to
meet it."
After declaring time and again that
the repeal of the Sherman law was all
that is needed, the Times admits that
the repeal will not make matters right.
The truth is it will ruin the country, if
1t IS not already ruined, II repealed
without a proper substitute. The
Times admits further that there is not
enough money, that it is concentrated,
that underconsumption is hurting and
that the low price Of farm products is
another great cause, and does this,
too, without suggesting a remedy.
All this is strong testimony in sus-
tanning the position taken all along by
THE PROGRESSIVE FARMER. Reader,
will you longer doubt? Will you sit
down and see the country ruined or
will you join the reform ranks and
help save it?
Vance hits the bulls eye when he
IF the pledges are not kept the
Democratic party will walk out of
itself inside of six months" Hurrah!
for Vance.