The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-03-13
A MOVEMENT TOWARDS BANK
RUPTCY.

The following editorial appeared IN
the Manufacturer Of January goth.
We reproduce it in proof of assertions
made in this paper every week:
THE most serious matter presented
20 the attention of the American PEG
pie at this moment is the continuous
decline of the prices OF the common
ties produced by the agricultural pop
ulation. The downward movement
has persisted for a period of twenty
years. 1t was at first regarded with
indifference. 1t has now gone so lar,
with a distinct promise that it Will go
farther. as to excite the apprehension
of every thoughtful and patriotic a
Even the New York EUentng Post, a
journal that is usually hostile to Amerl
can interests, always representing
British theories and policies, has con
fessed that the wheat growers of the
country are selling their product below
cost.
''The measure of the loss to them and
to the nation may be estimated from
the following facts: The average farm
price of wheat on December 1st was
not only the lowest ever known, but
To- cents below the lowest ever re
ported. The average for corn was IL b
cents below the price in 1890. The
average for barley was 40 6 cents, the
lowest figure upon record, as against
"a cents in 1891. The farm value of
cotton was the lowest ever recorded,
being 6 SO cents per pound against 8 4
cents in 1892.
''These figures, however, only show
the decline within recent periods. The
average value of an acres product of
the leading staples in 1873 was Sl5 %
In 1893 it had fallen to So Is. This Is
q decline of not much less thar so per
cent. Wheat fell in the twenty y ears
from $13 16 an acre to Sc, or more than
81 per cent. The value of an acres
product of cotton within the same
period tumbled from $2S Oh to $40 IS, a
fall of 81 per cent. These statistics are
representative of the whole case. They
stand for a decrease of value along the
whole line of commodities. They can
not be explained upon the theory that
there is Overproduction, for In many
years the crops have been short, while
she price, although advancing slightly
for a time, has never failed to resume
it's downward movement. Slmultan-
eously with the fall of prices there has
been, of course, great shrlnkage OF
farm values. The farms Of PennsYl
vania, for example, were worth S65,
600, 600 less in 1890 than in 1880.
1.-The decline of values means simply
that the farmers of the country get a
continuously diminishing return for
their labor, They constitute 40 per
cent. of our population. They keep
our mills in operation. They supply
the great market for American fabrics;
their wants create the bulk Of the
merce of the nation; when they are
prosperous everything prospers; when
they become poor, business of every
kind must languish. The farmers are
IN debt. The dimensions Of their in
debtedness enlarge as prices 60 down.
That which they could have paid with
SO bushels of wis a In 1873 now re
4uires 100 bushels. The more they pay
the larger the debt becomes The PEG
pie in the great Eastern communities
have been accustomed hitherto to re
gard lightly, perhaps even contempt
uously, the complaints Of the farmers.
But now, with hundreds of millions Of
farm mortgages, here held, in default
for principal and interest, perhaps the
bitter cry of these unfortunate people
will be needed.
"It is useless to look for payment
from a debtor who loses money upon
every crop he raises. 1t is useless 10
talk of foreclosure upon a farm which
will bankrupt any man foolish enough
to buy it. Some people IN the Eastare
at last learning that the interests of
Our fellow citizens In the West are
closely bound Up with Our interests.
The manufacturers are learning also
that the American market, for which
they eagerly Contend. Will never again |
be SO good a market as it was, unless
prices shall go up instead Of going |
down. When they are fully awake 10
the nature of the situation, they will
join with investors, with merchants, |
with the railroad companies, In try ing
to stop a movement which must infict |
injury upon the whole
country.
"Whoprof1ts by the decline of prices?
chiefly. Wepay, probably,
81, O0O, 900 a day TO them for interest.
put most of the obligation in food
and other raw products. While the
debts, named in dOilsrs, remains fixed,
the a ments made in foreign com
mOdities grow larger month after
month. We have permitted England
to control our financial policy, and she
g. controlled 1t that every payment
of debt to her practically enlarges the
She feeds her people cheap
" at the expense of American farmers
who sell their products without profit
She runs her mills with American cot
lon bought at half tsreal value because
she has fixed the price. We have sent
enough material to her shores to cancel
much of our debt to her, but the debt
is as great as it ever was, probably
greater. And, while we permit her
thus to rob and ruin our business, her
representatives at Washington are now
engaged in trying to destroy our manu-
featuring Industries for her further
The American people must grapple
With this problem of falling prices.