The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-10-02

. w.,Iand at q prOH"' O'
EnE Dos, q quarter. (Applause.)
US, 70 the countries which use silver
IH0y soir standard, like India, for In
with the rupee. And the first
sssnC' vou must bear in mind is this,
tn4 although the rupee has fallen so
tpSoI in relation to gold, in relation to
~%modities in India, it has not fallen
.T In other words, the same num-
~ rupee will exchange no longer
tba same amount of gold, but they
vi exchange for in India. e., they
III purchase as much-of any com
"o1itv or commodities in India as
.Lo1 aver did before. (Applause.) You
I'll see the effect of this upon your
%baat in Great Britain in a moment.
When the price of wheat was 92 a
ararter and the rupee was worth Is.
sbo Indian grower of wheat got 20
.1nAeg for his quarter, because 90
noes at that time exchanged for 40s.
Now the price of wheat has dropped
wi a quarter, but the Indian grower
still gets 20 rupees, because the rupee
hos also fallen to Is and at that rate
Fl in gold will exchange for as much
40 60 did before. (Hear, hear.) The
same thing happens in the case of
every other article which we produce
IN England which is the subject of
competition with silver using countries.
Its the exchange, as it is called, which
enables the silver using countries to
make the present prices, and if silver
continues to fall further, I say to you
tnnight, as l said to the conference in
Ct James hall, 1 see no reason in the
world why the price Of wheat should
not continue to fall indefinitely in the
future. Hear, hear.) You will per-
ceive, then, that, according to my
vie rs. you are suffering from two
causes. both of which I trace to the
great monetary changes of twenty
years ago, and which are becoming
more and more injurious every day.
The appreciation of gold is the first
cause the wide divergence which has
taken place in the relative value of the
metals is the second cause. The former,
as l have already stated, is another
word Tor general fall in prices. The
second means an addition al and further
in the case of those particular articles
which are the subject of competitor
with silver using countries. ZAP
plausso.) Now, l do not know how
far you have been able to follow me In
this, or if l have convinced you, but at
least I think you will agree that I have
said enough to show that this is a
serious question which deserves your
most earnest and thoughtful considera-
ton lApplause.)
THE QUESTION OF RENTS.
And now, gentlemen, l leone to the
final proposition-namely, the remedy
which we propose the remedy for agri-
cultural depression. 1 know quite well
that in some parts of Great Britain
there are those who think that relief
can only be given and must be given,
By a further reduction of rents, and in
Individual cases, and where the land is
good, l AN not prepared to say that,
that would not give the relief, or part
Of the relief that is required. But
there are two things you must bear in
mind in connection with that question
so far as general agricultural depres-
sion is concerned all over the country.
IN the first place, enormous reductions
OF rents in some parts of Great Britain
have already been made. On the agri-
cultural commission we hear of reduc-
tons varying from 20 to 40, and so,
even so per cent, and of other cases
where there is no rent at all, and
where the land has gone absolutely out
Of cultivation altogether. Hear, hear
The second thing l want you to bear in
mind is that these reductions in rent
might possibly be a general remedy to
some extent If all the land throughout
Great Britain was land of the same
quality. But that is not the case.
Land in Great Britain, generally speak,
Ing, may be roughly divided into three
classes. There is good land; there is
the good land; there is the moderate
land there is the bad land. Well, the
bad land has ceased to pay rent alto
gether- (applause)- and much of il
now has gone out of cultivation. The
moderate land, I am sorry to say, in
some cases is beginning to goat present,
and we have arrived at such a pitch
mat any further reduction of rents al
the present moment means merely
this that nnnro nnd rnnro land nood