Graham guardian., 1895-03-16
CAUSE OF DEPRESSION.
Comprehensive Majority Report of the
Special Committee on the Agricul-
tural Distress

Comprehensive Majority Report of the
Special Committee on the AgricuI-
tural Distress.
The majority of the special COM
mittee of the house appointed to in
quire into the causes of the prevail
ing agricultural depression has pre-
pared report in which it says:
s'1t is unnecessary for the com
mittee to enter into or dwell upon
the fact that agriculture is depress.
ed in every branch of this most
important industry; that the
values of land and farm surround
ings unless under exceptionally rare
conditions, have deprecated stead
lily as the purchasing power of the
dollar has increased. But while the
values of the property owned by
the American farmers have decres-
ed in thirty years from nearly one
half of the total wealth in 1860 to
less than one fourth in 1890, of
which 30 per cent is now under
mortgage; taxes have steadily in
creased and debts now require four
times the labor to be paid than was
then required. The purchasing ca
pacity of the dollar to secure the
farmers land and his produce has
increased four fold, while the pow
er to pay his taxes and debts have
remained at a standstill.
In 1878 wheat sold from S1.55 to
1925 a bushel, according to Spof-
ford's almanac. In New York in
1894 it sold at so cents.
Glass legislation of the worst
character encumbers 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 demonetization Of silver
in 1878.
"The demonetization of silver was
a bold stroke in the intrest of cap
ital that has reduced the value of
every product in the world. This
is conclusively proven by the fact
that just as silver has deprecated
in like proportion have all other
values fallen in the scale. Silver
bullion to-day has the capacity to
purchase as much wheat, cotton,
pork and corn and land, and every
other commodity that it ever had,
therefore the depreciation of the
white metal simply means the de-
precint;c1 of every article under
the sun with one single exception,
the gold of the shylock."
The tariff system of taxation is
not only unequal, but as for the past
thirty years administered in this
country, is most unjust to the con-
sumer and has built up trusts, COM
bines and gigantic corporations that
have not only amassed immense
wealth at the expense Of the people
but have assumed to control and
direct legislation so as to perpetuate
their power and crafty their greed.
The tariff bears with undue
weight upon the producer of agri-
cultural staples,as it forces him not
only to buy in the dearest market,
but to sell in open competition
with the worlds lowest prices.
REMEDIES SUGGESTED.
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 wire
and selling wind, while honest and
industrious toilers on the prairies
reap the whirlwind. Food adult
erations add millions annually to
the farmers losses and compel him
to meet in competition the thief.
To these might be added other eau
ses, but the principal ones to which
agricultural depression and stag
nation in trade are due have been
cited.
The remedy lies in remedial leg
islation, and until that is secured
relief will not come permanently.
To secure relief we suggest:
First-That silver should be re-
monetized at the ratio of 16 to |.
Second-That so long as the pre-
sent unjust and unequal system of
protection continues agriculture
should receive its just proportion,
and as this cannot be secured by a
protective tariff, that bounty on
exported agriculturalstaples should
be allowed similar to that on fish
in 1915, and for which John G. Cal
houn voted.
Third-That gambling in futures
should be prevnted by law.
Fourth-That national pure food
law should be enacted.
A minority report is being pre-
pared.
BIRTHS.
FpANcra. ON the 2d inst a son,to