The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1893-05-13
SUPPLY AND DEMAND,

SUPPLY ANU DEmHNDi
An Essay Read at the April Meeting OF the
Cecil Farmers Club by Col Enoch Noyes
The question OF supply and demand bearing on |
our food products. First, what is supply? Second
what Is demand? First, supply is to fill up, as
any deficiency occurs,-to supply the poor with |
bread. Second, demand is to claim or seek, as
due by right The poor demand bread. The
laborer demands his pay. The supply should
equal the demand, over production no. the cause
Of the low prices and values OF our crops and
lands. What is production? What Is produced
or made. The labor OF the farmer or mechanic is
productive to the State. The labor of officers aud
professionals is unproductve to the State. Can
there be overproduction until all necessary de-
mands are met and supplied? l shall endeavor
to show in as concise and simple way as possible,
that no such condition can exist until the poor
are fully supplied with food and, furthermore.
that instead of overproduction OF food, we have
condition of under consumption. That while the
demand exists in millions of hall led people
throughout the civilized world, actually suffering
for food, owing to the fact that the supply of
money, under a gold basis, is insufficient for the
people Consequently have now, instead OF
supply of money, an ins lhicient amount for the
people to fully enable them 20 procure the actual
necessaries Of life. Accordingly the laboring
classes are partially unemployed, lessening the
demand. Nothing on record can be produced to
show that people enjoyed material prosperity
when the circulation was Insufficient for the
people, In 1856 we had $50 per capita in actual
circulation. When the war ended, tramps and
mi were m exppptOD mOrtYaXes
thing OF a novelty. Quoting Secretary McCulloh
GU people were comparatively out OF debt, pros
porous and happy. What is the condition now,
with a circulation OF 100 per capita, and two
third OF the real estate in the country rented
mortgaged.
The price of our products is established by the
amount of money in circulation. Without money,
without price, is scripturaly expressive when
growing GO cent wheat. Prices of our crops will
huctuate. year OF large crops or a season OF
small is only a temporary condition and affects
prices accordingly. Otherwise the price OF our
products is regulated by the volume of money in
circulation. The definition Of mOneyis convincing
evidence for this statement. Money being an
important instrument of association and combina
ton in society, it is almost impossible to overest
mate its power, or to exaggerate the disadvan'
tages which follow from its absence, or from
deficiency in its supply. 1t is the one thing which
Il; o,o.ntahla ,. oil mon and in exchanye for
which they will give any commodity which they
possess. Labor being the cause OF all wealth, the
advance OF any nation in material prosperity, is
dependent upon the extent to which labor is EN-
ployed (for instance raising wheat, cotton, &c }
and directed to productive results The presence
of large supply OF money in country must
therefore exert an important influence upon Its
.dyonoament in nrosneritv nv furnishing the
raans rborew;tb labor can he maid and then
,,-o,.o..,u,, a.. ,ros,o .morioon EncvcIonedIa
rorr,ars oan ve .xnect nrnsneritv when the
mica ot our nroducts ia regulated by a short
s,,,>,,, =, ,,onar tho money in tho hands NJ the
few
,,o,,,,o =, ,,,hor;,v oon h. ,ound n veritv
INV nosit,on Secretarv Rusk referrinp to the
,c,,ane,t,,,,o of s,Iror in 1879 cows that nroduc
t,or u, oil Iinss was axcaedinylv active nm To 1874
vben the monetary revulsion set in. contracting
.ho o;,,Io,,o, =, r,orar indrc;na tho boordinp
.,,ah,a oano raroIr,in,r husinos0 ond
,. 1870 ~ -. 49, sh,,t-
80, -. -, -, o,,a-a.;o,s t,,or;n,, az, az
Ne 80, .,-a - ..s,-,e,
sa.uaa,,atr,, ,o..o,,,1,- ,,o s.1,.nt to-
~,
5000 -,-..,.., -.-. g.. ,ooo
49, Wv 20 ,, -
f"ee '' " INV ' ~ %
e " N " ~
" VI " N "
~ -. ~ 49,, - - a. Tel 49,
80 " T., - r,a
- - ,ro,,ao, ., - =, -. a., ps.;
=. -. -o,.., a..
...,,,s $50, q, 100, .o-,,,o-,,.
.,, rIr - ,,,-,,..o,
-, - ~. a,, T.. -. 49,,
$50. 49, =, .,.,. ,,,aa,a. =. TO-, b., 81.
.r,,,a,;a.,o, -, s;1,o, IN .hoso oo,n,,,a. :. :.
20 ,borotoro % exnoot mr.b he,,or nrices
,,... 49, g, -. - -. -, j.
800, W. ,o.. b., ,ho t,;,,,,o ~ ,,or,r,os.
:. 49,. ~ =, ,,,-..-a mn =. -. -,
conso,ran,Ir si,.r d.orao,at.d ond our ,,roduo,s
followed If Our cron, grown in comne,ition with
Eas,arn countr,es arc now oeneroliv raised NJ
loss n the nroancer India In 1s73 was no,
wbaot rrowina oountrv ,o onv ex+ant ION ooo
bushels was about her ave,aye cron An ounce
of silver. say worth l2s cents, is equivalent to a
bushel of wheat. Since silver was demonetized
our wheat cotton &C. have fallen in price as silver
has deprecated and risen In price as in 1890 as
silver has appreciated Anticipatiny bimetallsm
free coinage In $780, see Secretary Rusk's report
silver advanced to 81 81 an ounce wheat followed
it at 81 is busheI Free coinage failed. silver
fell below dollar an oun e. wheat accordingly,
and we find in 1898 silver SO cents an ounce wheat
20 cents bushel the difference being the cost OF
Transporting the wheat to Liverpool where the
price of wheat is reg ulated by the cost of silver
This is why England wants cheap silver.
Free coinage of silver will raise our silver to its
constitutional value 81 20 an ounce consequently
advance the price Of our crops, whether over
production or under production. Over production
is the cry OF the exploiter 1t is an illusion like
the tariff question. Wall street Jew scheme to
hide the money question
See Stewart on the Silver question. He saws
what and cotton corresnond with the nrca 81
silver. An Investigation of the question of the
aver,ue prjce Of Commodities for the last twentv
vears will show that ths nrice ot wheat cotton
opd oil o,bar firm rrodncts bora rasnon,o, 90
on, oorrssnondsd with tho ,,r,oo NJ .urar S,,ro,
,os NO, aarra,,,ta5 In ,,aI,o os oor,n.uo, IT,.
oornmo,i,iao II &c ,,o,d Which hos arhoro., l.,
- IT, ,oso;,,., = q, ,, a, -. ,,,
r,;no.t b., ~ ..-,,r,,x,os 9, go, -,
,..,,,,,,;o,, g.. a.. .i,.,1t-o, ,u.I, . -,
4. 49,. -. -. ,,- o
- ~ a.. sNa.s.F -
49,, -, M ,o,,,a.o ,,.at,or en,,e's
a,-oa',,l o,,a, A., 80, ~ =. A-
..,,n eo,,s,.,a1,i,,aa I'll 20 So "s
or oo,,roo,io, q. ,,, $40, bo,x,, MI. ..-t.. -.
., P''e "
oo"niou,'i.' nus. uee'H' ~ ions "s .ne soiu
s.AnuAlu &c main ,a 'n1u - ~ 10 ueshaoie 'ha'
nv -.i snu Ian oe'ei pi,oe 'of n''
.ila. Ao 'l'ou,u p' aoie
80, n ,s',N -tOni nioi,sas' "ni'h nave
o :. s-n'1 my "ei' eAeou'eu
~ 10 'N"' sn'u'u 10 independent
,eAi 's.a'e o"ne'' 'ui'i'"'ihe Inc soii' IL IL Is
'''ie mat oui 'alnefs shouid hot DC con-
'eileu in'o tenahts Vi the soid rings; II IL Is