The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-03-09
CAUSES OF DEPRESSION.
Mainly Owing to a Decrease in
the Silver Purchasing
Power.
Decentralization Is A CRIME.
Report of the Majority Of the Con-
gressional Committee Appointed
to Investigate.

WASHINGTON. March 6.-The majority of
the special committee of the House APP
pointed to inquire into the causes of the
prevailing agricultural depression has pre-
pared a report, in which it says:
1t is unnecessary for the committee to enter
into or dwell upon the fact that agriculture is
depressed in every branch of this most i'm
portant industry; that the values of land and
farm, unless surrounded by exceptionally rare
conditions, have deprecated steadily as the
purchasing power of the dollar has increased
But while the values of the property owned by
the American farmers have decreased in thirty
years from nearly one-half of the total wealth
in 1860 to less than one-fourth in 1890, OF
which 80 per cent is now under mortgages,
taxes have steadily increased and debts now
require four times the labor to be-paid than
was then required. The purchasing capacity
OF the dollar to secure the farmers land and
his produce has increased fourfold, while the
power to pay his taxes and debts has remained
at a standstill
In 1878 wheat sold from 81 SIS to SO 25 a
bushel according to Spofford's Almanac) in
New York. In 1894 it sold at so cents.
Discussing the causes of the depression
the committee says:
Glass legislation of the worst character en-
cumbers the statute books and has been car
ried on to the detriment of agriculture and its
dependent industries for thirty years, culmin-
at1ng in the crime of the age, the demonetiza-
ton of silver in 1873
The demonstration of silver was a bold
stroke in the interest of capital that has re-
duced the1yalue 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
million no 10 nor ooity 10 oIoca &c
much wheat, cotton, pork corn and lard and
every other commodity that it ever had, there
fore the 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 is not only un
equal. but, as for the past thirty years admins
tered in this country, is most unjust 10 the con-
sumner, and has built up trusts, combines and
gigantic corporations that have not only
amassed great wealth at the expense of the
people, but who 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 1t forces him not only to
buy in the dearest market, but to sell in open
competition with the worlds lowest prices.
The agricultural depression is still further
augmented by the sale of futures on our stock
eACAahsSs, Wheic tue grain gamblers grow
rich by farming the telegraph wires and sell
ing wind while the honest and industrious
toilers on the prairies reap the whirlwind.
Food authorizations add millions annually to
the farmers losses and compel him to meet in
competition the thief. To these might be added
other 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 per-
n anently. To secure relief we suggest:
First-That silver should be remonetized at
the ratio of Is to l.
Second-That so long as the present unjust
and unequal system of protection continues
agriculture should receive its just proper
ton, and as this cannot be secured by pro-
tective tariff that a bounty on exported agri-
cultural staples should be allowed, similar to
that on fish in 1913, and for which John c..
Calhoun voted.
Third-The gambling in futures should be
prevented by law.
Fourth-Thata national purefood law should
be enacted.
A minority report is being prepared.