The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-07-31
HOW FALLING PRICES HURT,
philadelphia American.)

standard profess much solicitude for the
effect upon farmers and workingmen Of
any successful attempt to remonetize sill
vel Thus the Philadelphia Record, in
al mt issue, undertakes to show that If
after reconciliation farmers shout get
more for their wheat and cotton, hey
would also have to pay more for their
dry goods, groceries, farm implements
and furniture" If, also, workingmen
should obtain high wages, the higher
prices Of the necessaries of life would
completely offset the apparent gain in
earnings. This kind of reasoning,
plausible, and to unthinking people for
chile, may possibly have some influence
upon the minds Of those to whom it is
addressed. The Record, however, care
fully avoids reference to some of the most
important considerations attaching to the
subject
As gold advances under the system of
gold-monometallism prices of commodi-
ties must decline, and there can be no
real prosperity for any country in which
prices go steadily downward. Such dec
lination is am evil of itself, without re-
gard for its effect in discriminating val
ues. While it is in operation men will
not buy beyond their immediate neces-
stiles; dependency and fear take the
place of hopefulness and courage; CAPT.
fQ1iCfc rofroin from fnuoctiru i'm
productive enterprises and in the ex-
pa'nsiOn of industries already in opera
ton. To put money into new under
takings is to insure loss through depre-
citation; but to invest in securities, is to
make sure of gain through appreciation;
and SO men who have money refuse to
place it where it would produce new
wealth. Few greater misfortunes can
befall workman or farmer than that such
policy as this should find general favor.
In nearly every part of this country
taxes are increasing; first, because ex-
travagance rather than economy is the
rule Of the governments; second, because
the assessed and actual value of most
taxable property shrinks as gold goes up.
Public and private and corporate indebt-
edness also is enlarging-all of 1t debt
WuACA Illus NO paul NY Lu0 uCu WIZ pro-
duce the wealth of the country. As
prices fall the debt would grow heavier
even If the number of dollars in which it
is expressed did not increase; but while
values shrink, the debts in numbers of
dollars also become greater, so that, in
both directions, the weight of the bur-
den grows. The ability of the farmer
to buy dry goods at low rates does not
compensate him for his inability to nay
with two bushels of wheat the taxes and
| debt which could have been paid few
years ago with one bushel. Just how the
| farmer is affected by the operation of
| this destructive force may be Indicate
| by two facts: Between 1870 and 1890 the
value of farm land in the rich agricul-
| tural state Of Pennsylvania shrank to the
extent of $121,OOO,O0O. In the decade
| 10000 the number of men farming their
| own land in Pennsylvania decreased by
more than 1000, while the number of
| tenant-farmers increased by more than
| $1,000 The land, under the British gold
! system, Is passing from the hands of the
| plain people.
! The farmers of this country comprise
about 40 per cent of the population. Upon
their prosperity, upon their ability to buy
literally, depends the prosperity of the
nation. The only great market to which
our manufactured product has unre-
stricted access is the domestic market
and nearly half of the buyers are farmers
| 1t has been the best market in all the
earth, because hitherto American farm
ers had more money to buy with than
the farmers Of any other nation. When
wheat which should bring $1.25 bushe1
sells on. the farm for 40 cents, and cotton
worth Is cents pound brings less than
cents, it is impossible for the farmers tc
take freely the products of American
mills. When manufacturers cannot sell
their goods, or must sell them far below
a normal price, then the wages of some
workmen must go down and other work
men must stand idly about unable tc
| find a chance to sell their labor. Add
to these depressing influences, as now
we have it added, a reduction Of tariff du-
ties which gives to foreign manufacture
ers a freer opportunity to force theil
wares into our ports, and we have {
combination of policies which, in theil
hurtful influence on laborer, farmer
merchant and railroad company, couli
hardly be surpassed by any exercise Of
the most malign ingenuity.
The consequences of the adoption here
of British theories respecting the tariff
and the currency have produced result.
which would seem to require no rein
forcement from argument to make Their
destructiveness impressive; but as a large
part of the American press is still en-
gagged in am attempt to induce the people
to misinterpret the severe lesson thu:
taught, it may be necessary to reiteratt
the facts so that the dullest mind ma,
grasp them.
WORK OF THE FARMER.