The herald., 1895-06-02
The Past and Present Financial Condition
of the Country and Its Recent Indus
trial Depression and the
Reasons Thereof
And He as Felt the Shinkage Values uh
Banker Railroad Stakeholder Great Greenback
Issue Of ls62--The Result hat
Would Want Today
BY JAMES T. VAN gussELAER

After twenty-five years OF almost unex-
ampled prosperity the people of the
United States find themselves faced with
the problem of how to make both
ends meet Wages have fallen cl.77 per
cent, and in two years the wage earners
of the country have lost no less than
"a, $50, 600. The savings banks, which
during years of prosperity increased their
deposits at the rate of 800. 900, 900 yearly.
now report losses instead of gains. except
for interest on previous deposits. The
average price of railway stocks has de-
clined So per share since January. 1898, or
in round numbers about ST. 900. 900. 900.
and railway bonds half as much more; in
fact the shrinkage in this kind Of prop
eity alone, not far from sixth OF the
property in the country, has been more
than quarter Of its former value. Two
years aso the entire addition to the
wealth OF the nation was more than
81. $50. 900. 900 yearly. but there is every
reason to believe that since that time
there has been no addition, but a arge
actual decrease in all other as well as rail-
way property. Nor is the position OF the
farmer different. otherwise, perhaps. than
peing little wJrse than that of any
other class. for the farming community
is estimated to have lost during the year
1894 no less than 81 ,0O0 600 on the wheat
crop alone.
1t would. of course. be unfair to attrb.
ute so sudden and Unprecedented dis
aster to one or two causes only, for
thousand and one things must have
tended to bring about the cnange. but there
can be no doubt that it is mainiy to three
great and principal reasons. These are
U) to the evil effects OF high tariff
which has at last become very generally
felt by all classes but more especially by
the farmer; CD to the general fall in
price of all farm commodities; t3l to
mistake on the part of the agricultural
class in lending their support to the ad-
vocate of cheap money.
Why we refer to the farmers, rather than
to any other class. is because the tillers
of the soil number something over three
quaters Of the whole working population
of the United States. 1t must therefore
follow that whatever in uers the famer re-
acts on every other class. and consequent
ly endangeis the credit of the govern
ment. II the farmer cannot make enough
from lis land to pay his living expenses
he will sooi become bankrupt, and if he
become bankrupt. thcn to use the words
of Jefferson, will come the maelstrom
to sweep away our republican institu-
tIons.'
The case OF the farmer ,is a peculiarly
hard one. AS tims goes on his condi.
tion seems to become worse and worse.
His land, originally so fertile. has year b.
year become less so. The heavy increase
in the grain yield OF Russia, India and
the Argentine Republic has little by little
sapped the price, until for the wheat
which at one time brought him S5 per cen
tai he now receives less than | cent per
pound. All the things which he has had
to buy have been heavily taxed, while the
other words, he has been forced to buy at
the higher prices OF restricted home
market and to sell at the prices set in the
unrestricted markets of the world. Add
to this that in times OF prosperity he had
assumed standard of living unsuited to
his present financial condition. and it may
readily be believed that he now finds him
self overburdened with debt and his land
heavily mortgaged.
In this helpless condition one cannot be
surprised that the farmer is prepared to
give ready ear to the tempting allure
mcnts placed before him by the ealthy
and plausible men who represent the
mining camps in congress. On the one
hand he sees his land slowly but surely
leaving him. He finds it harder and
harder each year to provide the necessary
comforts which his wife and children
have learned to expect. OverwCrked in
body. he is in no fit state to fight against
the distressing mental condition brought
about by rum staring him in the face
on the other, he is told that all human
woes, and more especially his own. spring
from detective currency. He is told
that the banking ard capitalist classes
have some wonderful hold on the govern
ment. and through governmental agency
are taking his very life blood. drop hy
drop. lie is told that gold is becoming
year by year more and more scarce, and
that in proportion to its scarcity the more
will be his loss and the greater the gain
to the banker and the capitalist. Ee is
told that gold is daily. hourly appreciat-
I'M inv oil nI lc nj bnr
ductions are denreciatng, as their value
is estimated in this, the most common
medium OF exchs nge Lastly he is told
that all he has to do is to force congress
to rehabilitate silver and all his woes will
be at an end.
1t is obvious that n man producing a
commodity worth say 50 Gents in the