The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-02-20
ADDRESS
Of President H. L. Loucks to the Ma
tional Farmers Alliance and In
dustrial Union at Topeka,
Kansas, Feb. 6, 1894.

S@@ A4S 49,
Kansas, Feb. 6, 1894.
Since last we met the nation has
passed through a severe financial de
preston. The shrinkage in values has
been appalling. At no period in our
history as a nation have there been sc
many idle people, now estimated al
5000 600. This is the direct result OF
q money famine.
The position we have taken in the
past that the financial question was
paramount has been clearly vindicated
by the union of the two great >numer,
icallyl political parties in a special
session Of Congress to try to settle that
question, the tariff being relegated to
the rear as of secondary Importance.
Instead of settling the financial ques-
ton they have simply cleared the way
for a settlements, The position of each
political party has been so clearly de-
fined by it's record in Congress that no
one except the Wilfully blind partisan
can fail to see and know their inten-
tions. True the fight has been made
on a minor phase of the money ques-
ton, but our friends have kept the ad
vanced scientific solution we'll to the
front all through the discussion. Even
metallic basis advocates have been
compelled to take a broader view Of
the question which inevitably leads to
our position.
PERIODICAL PAEICB
One of the many propositions made
to hoOdwink the people is that we
must have these periodical panics be,
cause we have always had them" BE
cause is abous the only reaspn they
can give. l deny that any good valid
reason a be given for periodical pan
les during a time of great and general
production Cf wealth under a just dis
tribution thereof. For the ten a
ending with 1890 the nation increased
its wealth by the enormous amount Of
$18, coo, eco, coo, and because it did we
must suffer an unparalleled financial
eTashf NOnsensel a farmer increases
his wealth So, 600 a year annually for
. period of ten years and because" he
does be must suffer bankruptcy Just
because" the greater the prosperity,
the more certain is failureG Current
political economy leads to strange con
illusions. The present distress is world
wide, just as severe in the nations
which are almost at a standstill in in
dustrial progress as in ours with its
wonderful natural resources and in
domitable energy. Just as severe in
free trade England as in high tariff
Germany, or the United States with
our extreme protection.
Regardless of tariff laws it affects all
gold standard countries alike. Japan
with free coinage of silver passes
through the crisis without a tremor,
while India's trade is paraly zed through
the closing Of the mints to free coinage
private account, increasing its
hungry horde to 60. 900, 600, or about
one-sixth Of its population. The best
''object lesson" however is to be found
our own continent, where tariff is
on much the same basis, viz, high
protective. In the North, Canada has
a high protective tariff; we have a
higher, and Mexico to the South the
Canada is on a gold basis and
although her banking system is better
than Oura she is passing through a
severe financial depression. The num-
Der of our unemployed has increased to
over 200, 900. which with their Deepen
dents will bring the ratio in want here
very close to that Of India. Mexico
has free coinage Of silver and is re
quite prosperous. With natural
advantages Overwhelmingly in our
favor we should lead the world In pros
Tariff Legislation is not the
cause cf the depression.
WHAT IS THE OAUsEG
These periodical panics are legitimate
Of an insufficient volume Of
money in circulation, compelling a vast
credit system of doing business, and
the attempt to pay a higher rate of IN
terest than industry can afford. Dur
ing the special session of Congress it
was stated and not denied, that the in.
.1ebtedness of our people individual,
municipal, State and national aggre-
gated $50, 600, 900, 600. The mere
thought is app .lling. How is it to be
paidl The wealth of the uation Is less
than SO, 09O, 600, GOO. When we made
that immense gain in wealth Of $I8,
900, 600, 900 IN ten years u annual IN
crease was only about 3 per cent. If
the average rate Of interest on cur in.