The true northerner., 1896-10-21

aas called last June to consider the
proposition that all these spindles
should stop. with the result that many
millions have stopped. These gentle
men foresaw that the demand for their
goods was likely TO be small. and they
therefore curtailed their production.
They ceased To employ their circulat-
Ing capital in the purchase OF raw ma
teriais and in the payment OF wages.
They OF course lose the interest on
their fixed capital: but a sound con-
Germ is always prepared to face this
loss for a period. But a farmer. as we
have said. can do none of these things.
He must use his land. He may try
to vary his crops. but IL the business
OF the country is demoralized, that will
not help him. The action of the manu-
facturers I'm curtailing production re-
duces the demand for agricultural
products. Workmen who are getting
no wages cannot buy much; people
who are getting no dividends try TO re-
duce their living expenses. The result
is that the farmer has in panic times
almost TO give away his crops. Any
price is better than no price. and the
farmer has TO take what he can get.
We have been informed by a gentle
man who was engaged in manufacture
ing flour i'm 1857 that after that panic
the flour that he produced did not
sell for enough to pay the charges on
1t. 1t is undeniable that business men
in general anticipate a crash in the
event of Mr.. Bryan's election. or
course, Mr. Bryan will say that this
would be the work of the money lend
ers, but that circumstance would be no
particular consolation to farmers who
found the demand for their products
extinguished in the destruction of the
purchasing power of their customers.
We can badly believe that the mis-
sionaries in the cause of sound money
will fail i'm convincing farmers who are
at all open TO conviction. that the
prices (the real prices, not the nominal
ones) of their products depend on a
steady and natural demand. Normally
there should be a steady flow of immi-
grants and capital into this country,
which. added to the normal increase
of our own population and capital.
would produce that sound and healthy
state of business when the selling
prices of all products equal the cost of
production plus reasonable profit.
But, owing almost entirely to our sill
yer legislation, the course of capital
has been turned back. immigration has
been arrested, and failures and cessa-
ton of production have diminished our
own capital. 1t may be very wrong Of
bankers and capitalists at home and
abroad TO pursue the course that they
have pursued. but that is not the ques-
tion. 1t may he wicked for manufact-
urers and miners to cease production
and discharge their workmen. but that
is irrevelant.
What the farmer wants is to get a
fair price for his products, and this he
can only do when the doubt concern
ing the currency is removed. Then.
we can assure him, there will be such
a burst of activity as will make a de-
mand for all the crops that he can
raise at prices that will gladden. his
heart. But the country must speak
with no uncertain voice. Unless the
Bryan party is overwhelmed by a
great majority, il will continue its mis-
chievous work. 1t must be not only
defeated. but Utterly repudiated il cap
ital is to be convinced that we are an
honest people. Until that is estab-
lished we can hope for no enduring
prosperity.-New York Post