New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-29
DEMOCRACY AND FARM PRICES.

The lowest prices ever known for wheat ana
cotton affect the prosperity OF mnltitud"s. OPP
rion prices for both products have gone lower
the past week than eyer before. though me cash
pricc Of wheat was lower in July. and the cash
price Of cotton IL only rs low as ii was In March
1892 Back I'm 1853 some records say that
cotton sold at to Il cents per pound but some
Of the best financial publications OF that day
give no such prices. and there Is So much unc"r
! tainty about cassitCations and quotations men
that the record sine. lSi9 may be fairly taken
~ ,he only one worth considering II embraces
no u,lotatlon lower than the present. \ crop far
beyond the worlds consumption or American
cotton did indeed cause very low prices III IN'-'
but even at the beginning OF this crop year
nrIccs os low a. realized with the size OF the
coming crop vet undetermined. At 10 cents per
Mound q crop II 9OOOOOO bales would BE- worth
about S45O.OoO.OO, but NJ current prices IL II
worth sljOOOuOOO less Al 81 per bushel crop
Of JOoOOO.oo0 bushels Of wheat would b" worth
s2l5.OOO,WD more thln the same quantity al
present NewYork prices.
The general condition ~ business obviously
affects the prices of these staples To some 'N
tent Democratic change has mad" business pa"
and that inevitably makes prices lower than
they otherwise might be-. When millions "i
working people Obliged 10 buy less food an"
clothing or less expensive articles. It cannon p'
expected that prices ~ wheat or cotton VIII De
strongly supported. The Obvious dlf'iculiy Is
that there are too large crops, but the dstinct
tendency. IL not the declared purpose, OF the
Democratic party and It's policy Is To turn the
people out ~ some branches Of MANUFACTURES
and thus 10 increase the number Of thoS" WI"
are obliged TO depend upon agriculture, ana par
tcularly upon wheat and cotton growing for n
livelihood Thus in many ways the Democratic
policy tends very directly 10 depress prices "i
the great farm staples. both by stimulating
larger production Of them and by lcSSening the
domestic demand FOR consumption.
The. cotton producers Of the South. a. well as
tbe wool producers Of the North feel The effects
Of n prolonged depression In manufactures
Wool sold last July at the lowest average ever
known In this country, and although there was
a little recovery IN August the average is now
less than ; Der cent above the lowest TIL" con
sumption In this country does not yet appear 10
be more than 60 per cent If the full consumption
attained I'm 1897 and the fall Of 30 per cent In
average price is a natural result The decrease
I'm consumption Of cotton Is not relatively rs
great. nor Is It exactly known, but 1t is certainly
great enough to account for much decline In
price irrespective Of the production
The growers Of cotton and wheat have reason
10 think Of these things seriously this year. b~
cause 1t rests largely with them TO uphold or to
defeat the policy OF the party In power. II Is
for them to decide first of all, whether they
want policy which prosratcs the general bust
ness ~ the country. which so stimulates II
that In October. 1892. II was greater than ever
before Next. they have to consider whether, ir-
respective Of the general progress, they desire
10 have more people driven into agriculture, and
so into the production OF cotton and wheat by
the closing Of many hundred factories ana
mills. furnaces and mines. which protective du-
ties have made II possible TO open and keep In
operation The farmers II they see things right
~, would feel that 1t Is Of the last Importance
10 them that the number Of persons who con.
sumo their products being engaged In other
avocations. shall increase faster than the num-
Der or the products Of farms. Finally, they have
To consider whether the encouragement which
the protective tariff gives 10 manufacturers Of
cotton and wool leather and other products
which come originally from the farms. Is not cs
scntial to the maintenance OF an adequate mar
kct for those products.