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

lance of this question cannot be exag.
gerated, for it touches, and it must and
will affect every industry and every
other question you can think of. (Hear,
hear.)
THE CAUSE OF THE DEPRESSION.
"And now, gentlemen, without fur
Their preface I will turn to the consid-
GRAFTON of the subject on which you.
have invited ne to address you. 1t is
entitled 'Bimetallism in Relation to
Agricultural Depression That is to
be the theme Of our discussion to-
night, and, I hope, of many subsequent
discussions in your association. Think
that 1 shall best be able to explain my
general views upon the subject by sub
hitting to you the following PROPOSE
tions. They are three in number, and
my contention is as follows: l.. Thas
the cause of agricultural depression it
chiefly to be found in the heavy fall
which has occurred in recent years,
and which is still progressing, in the
prices of agricultural produce of almost
every description, and so long as this
decline in prices is continued and real
and permanent return of agricultural
prosperity is practically hopeless for
the future. 2. That this continued
drop in prices has been consequent
upon, and is mainly due to, the great
monetary changes on the continent,
1 -,LSoL na1Vr1ko1 - Ahn ohoDIOnnonnt Of
the bimetallic system, under which,
and under the full effects of which, the
entire business of this country and the
world was carried on prior to 1873.
And lastly, that in order to arrest this
continuous and progressive fall, it ls
desirable to revert to the system which
prevailed up till 1873, and under which
the summit of agricultural and indus
trial prosperity was reached and sue
cessfully maintained throughout the
whole of the united kingdom. Gap
plause) Now, gentlemen, that is a
summary of the views which I intend
to submit to you, andi is onmy ability
to make good the several propositions
which they embrace that l shall rest
my claim to your support for the opin-
ions which I hold.
EXISTENCE OF AGRICULTURAL DEPRESSION
Now, as to the existence of agricul-
tural depression. 1 a%pprehend that
there is no difference of opinion. Ii is
apainful and undoubted fact which too
nonnu Of -nVV 7 ennR hnun ~on1SwoI h-
practical experience already, and
which, 80 faras l know, is not disputed
or denied by any one. There are other
subjects, 1 I'M we'll aware, that very
properly engage the attention of agri-
culturists at the present time, in addi
ton to the question of prices. For in
stance, there is the question of land
tenure for one; there is the question of
the amendment of the agricultural
holdings act for another (hear, hear
and then there is another very i'm
portantsubject, viz. the undue burden
of the rates and taxation upon land
(applause)-ands SO on with many others.
Many of them are very important and
deserving of careful consideration and
with regard to one and all of them /
hope that you will always find me fore
most among those who are ready to
lend a willing ear to any well-consid-
cred propositions for their amendments
or alteration. (Applause.) But 1 do
not think that any one has ever cited
any of them as direct causes of agricul-
tural depression, and probably for this
reason, that they know from past ex-
perience that they have been co exis.
tent with periods of the greatest agri.
cultural prosperity. 1 submit, then,
gentlemen, to begin with, that 1 am
right in tracing agricultural depression
in the main to the general fall in prices
of your produce, and that it is an opin-
ion which at all events is very widely
shared. 1t was the purport and effect
of the main and principal resolution
which was unanimously adopted by
the great conference which was held
at st. James's hall on the 9TH and 9Th
of December, 1892, and in my recollec-
ton there has certainly never been a
gathering of agriculturists of like i'm
portance. For that conference, of
some 1,5OO or 1000 people, was com
posed Of delegates from no less than
$50 agricultural associations assembled
together from all parts of the kingdom.
And 1 may tell you this besides, that
it is also the unanimous testimony of
every witness who up till now has
come before the royal agricultural
commissioned Mr.. Gilmour and Mr..
CLAW will bear me out in this-which