The midland journal. (Rising Sun, Md.) 1885-1947, 1894-07-06

never had so large crops as we have
had in the last decade this country
has never produced so much wheat
as she has produced in the last de-
cade; this country has never pro-
duced so much cotton as she has in
the last decade never so much iron
as she has in the last decade; this
country has never produced as
much corn as she has in the last
decade; everything that ought to
make a nation great and prosperous
has been abundantly showered
showered upon us by the All Wise
Ruler of the universe.
In the last sixteen years has the
balance of trade been against us p
No. For the last nineteen years the
countries of the world have been
pouring into our laps in payment
for our produce treasure amounting
to nearly two billions of dollars
over and above the amount eXpen-
ded by us for foreign products.
The balance of trade has been in
our favor to this enormous extent
and yet we see suffering and misery
unparalleled. In face of the fact
that your fields have bloomed as
they never bloomed before in face
of fact that the earth has yielded
up its metals, and its treasures as
it never did before, in the face of
the fact that the balance of trade
has been unprecedently large in our
favor, yet all through this country
north, south, east and west there
has been the greatest distress, dis
appointment and despair. What
is the cause of it my fellow country
men ? Some fools tell us it is over
production. Overproduction has
never yet hurt a man and never
will. If a man makes ten bags of
cotton and can increase it to 20 how
is he hurt +? If a man makes 100
bushels of corn and can increase it
to 500 he is blessed and not hurt.
Our cotton men in New York
who juggle with our crops like
Chinese jugglers with their balls,
tell us that the statistical position
of cotton is right for high prices,
and yet the price of cotton goes
down and down, the price of wheat
goes down, down, down until wheat
today is cheaper than it ever has
been in the history of this country.
The question is, why! 1t is so
plain it does not n9ed discussion,
and a man that will read fourth
rate book on political economy will
find the reason. What is the rea-
son? 1t depends upon the law of
supply and demand. If there are
many horses, horses will be cheap.
If there are many mules, mules
will be cheap; if there is much
cotton, cotton will be cheaper than
if the supply is small. What is
the matter! | will tell you what
it is; it is the passage from BIZ
metallism to monometallism. 1t is
the contraction of the currency that
has been going on for twenty-ni
years and when there is little money
prices fall. AS the volume of money
is contracted values fall. The value
of land tumbles the value of stock
falls and the value of everything
that is produced goes down and
down and it takes more labor and
more stuff and more of all your
products to pay debts or to get
money with. x 4 [ saw the
cause of the present condition is
perfectly plain. In 1865 when we
had 80 900, 900 of people the paper
currency of this country amounted
to nearly two billions of dollars
besides the stock of gold and silver.
In 1894 there is a dispute about
the volume ofcurrency, and author
tiles tell us that it does not amount
to but little more than eight hun
dred million dollars, about two
and one-thirds times less than it
was in 1865. Some authorities tell
us that it reaches billion dollars.
And yet our population has
doubled business has more than
doubled.
From 1865 down to the present
time there has been a constant con-
traction of the currency and with
the contraction of the currency