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

@OA4C4Vb 46h0 A140EICdu railways i
hope in Scotland there is not much
money invested in American railways
Naughter.) What about the shares of
the Union Pacific Railway, extending
over 5000 miles9 They used to be above
par; today, / am told, they are $14.
And, more than that, l hear that one
third Of all the railways In America are
at this moment in the hands of the re-
ceIver. How much have the people of
this creditor nation invested in Ameri-
can railways, l should like to know.
DO they benefit by the present state of
thlngs9 Well, what about American
mortgages upon land7 Are investments
n that quarter particularly fourishing
just now9 From ali | hear of American
land and the condition of American
farmers, particularly in the West, ow-
ing to the fall In prices, I should not be
very satisfied abCut any investments of
my WI In American mortgages upon
land If l had any, which, happily, /
have not. daughter Again, look
at the position in Auststralia. You
know what has happened to investors
there. I doubt if they perceive Just
now the advantage to the creditor
nation of constantly approaching gold.
In fact, creditors at this moment in all
parts Of the world are in the greatest
danger, where it is not gone already, of
losing their capital, or much of their
capital, altogether, and Why's Because
OF the great and general fall in prices
all over the world, due to the apprecia
ton of gold, which has made so many
different enterprises Improbable and
some OF them bankrupt altogether in
recent years.
THE BANK RESERVE.
There is one other question only to
which I think it necessary or desirable
to refer, and that is the argument de-
duced from the unusually large amount
Of gold at present in the Bank of Eng
land. What is the meaning, l am
asked, of scarcity or appreciation
when, as a matter of fact, there is a
plethora of gold lying idle at this mo-
ment In LondOn7 So there may be. 1t
is the strongest confirmation of my
view. (Hear, hear) And if I am
asked how the conditions can exist to
gether, / say that the one is to a large
extent the consequence of the other.
Clear, hear.) People do not invest
their money in industry or enterprise
today, because in the face of constantly
falling prices, the return is 80 uncertain.
Gold itself is steadily increasing every
day in value, and it is better and safer
to sit and hold it, tight unless you can
lend it upon the very best security.
applause Very many years ago Lord
Bacon wrote as follows-and it may not
be inappropriate to quote it at an agri-
cultural meeting like the present:
Money he wrote, 's like muck-of no
use unless it be spread Laughter and
applause } Every farmer in Scotland,
I am sure, will understand the simlle.
If you leave your manure gathered IN
a heap, it is useless and barren and fer
tilizes nothing until is is spread upon
the land. But with wheat at 19c. a
quarter, you do not o your way to a
return if you go to great expense in
manuring heavily for your crop; and
so with the plethora Of gold in London
lying idle in the Golfers Of the rich. 1t
is barren for good as long as it remains
there. But it never will be spread in
promoting and fertilizing industry and
enterprise as we remain confronted
with perpetually falling prices, and,
therefore, an absolutely uncertain
future. (Applause.) Nov, gentlemen,
l must bring my observations to close
as quickly as l can. l really cannot
thank you sufficiently, gentlemen, for
your attention, and the extraordinary
patience and kindness you have shown
me during what must necessarily have
been, I fear, a long and very tedious
statement-(no, noon q naturally
dry and u~ninviting topic. 1have done
my best to put the merits of the ques-
tion as clearly as can before you. Zap
plause) What are it's prospects for
the fnture9 Iregard them, gentlemen,
for my own part, as fullof promise and
as full of hope. It is no small matter,
in my Judgment, that you have begun
to show interest in this question here
in Scotland. l know, and l am certain,
that great progress has recently been
made in London.
I'VE had a most important interna-
tional congress on this subject in the
city not many days ago and a much
less important matter in the House of
Commons, namely, a count out the
same evening on this question-Qaugh-
ter)-end, in order to allay the appre-
tensions of friends abroad and to dis
appoint foes at home, I wish to say
one single word on this incident. To
people who understand the House OF
Commons, it is Of absolute insignif
canoe. A second place at an evening
SlGG1uSS Wu0u uO U4N4SIOu CO0AQ No O@A0u,
was not a fitting opportunity TO pro,
ceed with an important motion. To
any one acquainted with parliamentary
tactics il was an occasion which in.
vited a count out. 1t was against the
wishes and advice of many good friends
of the movement that the discussion
was attempted, and it ended with q
result which was inevitable and which
most people might foresen. But, from
all l hear from every quarter The in,
terest in this question most undoubted-
~ is steadily and widely spreading.
The city is beginning to listen with at
tentiOn. Lancashire and her artisans