The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-02
SOME HARD AGRICULTURAL DOC
THINE.

When w. 5. Corbin, ESQ., pIeslueht Vi
the State Board OF Agriculture, submitted
his annual report to that body day or
so back. for presentation TO the Governor
the board eliminated from it the follow
ipg passages. as Mr.. Corbin had prepared
them:
"No agricultural venture can show
profit # conducted on borrowed capital
at per centum annually. THIS IS inc
rate the average farmer has TO pay when
mo horrows money. Accumulated capital
must ACCEPT lower rates Of interest. diVl-
bends must lessen their demands, or all
Of the profit in the production of new
wealth will be lost to the producer.
Economic relations must adjust them
selves 10 the exigencies OF the times, or
the breach that now separates the holders
of accumulated wealth and the producer.
the workers, the developers OF the ma
lions resources. will widen and become
a Gulf that nothing will bridge save by
concession 10 equitable demand, or ulti-
mately by the sacrifice of human lie re-
sulting In anarchy and confusion or an
equal evil. established legalized tyranny,
creating a class of American poems ana
peasants held subservient and submissive
to a moneyed oligarcny.
We don't know whether to say that the
board was wise 10 make the el.mlna-
ton, or that Mr. Corbin was very I'M
wise to have ever included the passages
in his report. But however that may .De,
we have no difficulty in saying the pas
sages should not have been In the asrl-
cultural report. or in any other report
Mr.. Corbin may be. and, as a generS
rule. no doubt is perfectly right 10 say
that farming cannot be successfully con-
Quoted upon money borrowed at per
cent. He may be right too. though we
do not think he is, in saying the FARMERS
have to pay per cent. for all the money
they borrow He may be right too, In
thinking that il would be for the interest
of accumulated capital if it would put
its rates for interest below per cent.
He may be right. theoretically. In all
these propositions. But the correction
OF this high rate must be brought about
nv the voluntary action OF borrower ana
lender. though some have supposed that
II is possible to pass legislation 10 COM
pei capitalists 10 lend their money to
farmers at rates lower than per cent
We insist that the farmer shall have
the right 10 sell his sheep and his cattle
and his grain for all he can get for them.
and that tie owner of money shall have
an equal right to sell the use of his
money for whatever price he can get ior
IL. ANY attempt to coerce the owner OF
money into taking low rates for H. VIII
never secure the farmer cheap money.
Rut ~ the owners OF money are per-
mitted to compete amongst farmers ior
the best rates that can be obtained ana
10 the farmers will strictly observe their
! contracts. and return borrowed money
on the day it is due. that VIII secure
them CHEAP money, and nothing else in
this world will or can.
Failure to allow perfectly free compeu-
ton amongst owners of money for the
very best possible rates of interest from
the farmers, and failure by the Farmers
70 return borrowed money at the moment
a ,e due. may have tendency to produce
n discomfort amongst farmers. though we
have no sort of fear that that discomfort
/ will go to the length OF resulting III
anarchy. the sacrifice of human life, or
localized tyranny" We think Mr. Corbin
! has allowed his imagination 10 run away
with his judgment just little at this
point. But whatever bad tendency may
be involved in the case that tendency
will not DO checked or impeded by legis-
lation whose purpose il is TO coerce
/ nil, "A
money upon terms that are not perfectly
satisfactory TO himself. or 10 deprive him
OF a part of it unjustly by an unequal
I income tax that makes one citizen
nav one sum on a hundred dollars worth
of property and another citizen pay
GREATER sum upon the same amount of
property. That is perfectly clear.