Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-06-21

Political economy is always an inter-
esting study, and those who observe the
varied phases and unfolding panorama
of this department of American history
are interested in everything said and
written by students of our institutions.
The following portion of letter from
Mr.. Chappell Cory of London to Mr.. A.
C. Lowrey of this city will be read with
interest by all Alabamians and readers
of the State Herald. Mr.. Cory is an ar
dent free silver man. and believes in
going back to the original and true BIZ
metallism of the constitution. The clip
ping is as follows:
Lucien Walker was in here yester-
day, almost entirely recovered from his
recent long illness, and left a copy of
the London Times. All the morning pa
pers in London sell for penny or 2
cents, except the Times, which is the
poorest paper for news of the whole lot
but whose ability, dignity and fidelity to
truth enable 1t to maintain a circulation
of $4,000 at the old price of 3 pence or
cents. OF them all prefer the Chroni-
Gle which Is the only one of the lot that
is run somewhat on the American harum
scarum, "hurrah for my side style
Having nothing else to do awhile ago
picked up the Times left by the consul
with the thought of reading some of
its long-winded and dignified DISGUST
tons at my leisure. But first l reread
the DEAR delightful cablegram which an
nounced that Kentucky has gone HI
bent for silver and Illinois is in the same
frame of mind. This suggested to me to
turn over to the market page. 1 read
there that cotton, spot is worth 8 cents
in New York, which means about 7
cents in Birmingham and about 61A cents
on the farm, where there is any left on
the farm at all. CHANGING along the col
umn OF future quotations l found that
for October, November and December
the quotations were about cents, which
means, of course, that the dealers cal
culate to buy in the next crop at cents,
which means in its turn, cents in Bir-
mingham and about 5IR cents on the
farm. Under the ST. Louis date read
wheat, 81 cents" which means about 40
cents on the farm, and under the Chi
cage date l read, maize, 26 cents, ;"
which take to mean that where 1t Isl not
utilized for fire wood 1t can be sold on
the farm for about Is cents.
This naturally suggested the very tame
and common place thought that when
corn was 81 cents the transportation
cents between the producer and con-
sumner, and now that corn Is half the
price they still take out the same Is
cents. When corn is high the cost is
only ABOUT ~ per cent; when 1T is low
the cost is about go per cent Which Is
rough on the producer whether of corn
or cotton or iron or what not. OF course
1 am dealing in round numbers and am
perfectly aware that the margin between
producer and consumer varies little.
But 1t illustrates the point that substan-
tally the great class between the pro-
Queer and consumer takes about the
same value in toll from the producer
right on through an era of sinking
prices.
Now when a miller grinds your corn
ne takes out so much corn, be the price
high or low, and that strikes an ordi-
nary man as being fair. You rent thirty
acres of land for bale of cotton be the
price high or low, and that seems to a
plain man fair. But suppose you began
to rent 1t ten years ago for $50 and your
landlord still demands $50, though 1t
takes two bales; you are in bad fix.
To me the most confusing thing in po-
1tical economy is the broad division of
mankind into producer and consumer