Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-03-08
CAUSES OF DEPRESSION
Special House Committee Report on the
Condition Of Agriculture
The Reconciliation of Silver and a
BOanty ON Agricultural Staples
Among the Remedies.

The majority OF the special committee Of
the House appointed to inquire into the
causes of the prevailing agricultural de-
preston has prepared a report, in which
1t says:
TT Is unnecessary for the committee to
enter into or dwell upon the fact that
agriculture Is depressed in every branch Of
this most important industry; that the val
ues Of land and farm products, unless under
exceptionally rare conditions, have depre-
ciated steadily as the purchasing power
OF the dollar has increased But while the
value of property owned by the American
farmers has decreased in thirty years
from nearly one-half of the total wealth in
1850 to less than one-fourth in 1890, of
which 30 per cent is now under mortgage
taxes have steadily increased. and debts
now require four times the labor to be
paid on than was then required. The pur-
chasing capacity Of the dollar to secure
the farmers land and produce has in
creased four-fold. while the power to pay
his taxes and debts have remained at a
stand-still. In 1873 wheat sold from 81 55
to $2.2o bushel according to Spofford's
almanacl in New York; in 1894 it sold at
80 cents"
Discussing the causes of the depression
the committee says:
Glass legislation of the worst character
incumbers the statute books. and has been
carried on to the detriment of agriculture
and Its dependent Industries for thirty
years, eliminating in the crime of the age
the demonstration of silver In 1873.
The demonstration of silver was a bold
stroke In the interest of capital that has
reduced the value of every product in the
world: this is conclusively proven by the
FAC, Iact that Just as silver has deprecated in
In the scale. Silver bullion today has the
capacity to purchase as much wheat cot
ton. pork, corn and land and every other
hot a ~
depreciation of the white metal simply
means the depreciation of every article
under the sun with one single exception
the gold of Shylock.
The tariff system of taxation ia not
only unequal. but as for the past thirty
years administered in this country Is most
unjust to the consumer, and has built up
trusts. combines and gigantic corporations
that nave not only amassed immense
wealth at the expense Of the people, but
nave assumed to control and direct legis-
lation. SO as to perpetuate their power and
crafty their greed.
on the producer Of agricultural staples, as
II FORCES him not only to buy in the dear
est market. but to sell in open competition
with the worlds lowest prices
Agricultural depression Is still further
augmented by the sale of futures on our
stock exchanges, where the grain gamblers
grow rich by farming the telegraph wires
and selling wind, while the honest and in
dustrious toiler on the prairies raaps the
whirlwind. Food authorizations add mill
Ions annually to the farmers losses, and
compel compel him to meet in competition the
causes, but the principal ones, to which
agricultural depression and stagnation in
trade Is due, have been cited.
The remedy lies In remedial legislation.
and until that Is secured relief will not
come permanently.
ITO secure relief We suggest:
Il. That silver should be remonetized at
the ratio of 10 to 1.
'2. That so long as the present unjust
and unequal system of protection contin-
ues that agriculture should receive its just
proportion, and as this cannot be secured
by a protective tariff, that a bounty on ex-
ported agricultural staples should he al
lowed, similar to that on fish in 1913, and
for which John c. Calhoun voted.
80. That gambling In futures should be
prevented by law.
~. That a national pure food law should
be enacted s-.-
A minority report Is being prepared