The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-03
LOSSES or FARAERS Nv 1so5-'06.
Strong sound-Money Argument by MT
Edward Atkinson.

Strong Sound Money argument By MT
Edward Atkinson.
Editor Of The Times:
The immediate future OF this country
now rests upon the decision Of the ten
grain growing States Of the Upper Missis-
sippi Valley Ohio, Indiana, Illinois.
Michigan, Wisconsin Minnesota, Iowa,
Nebraska Kansas and Missouri. The
centre Of power now lies in this section.
The area OF these States is 605.S50
square miles, and they now produce over
seventy per cent. Of the corn. wheat and
oats Of the nation.
In 1862 a large portion Of these States
was unorganized territory as yet un-
touched by the plough. only six and
half per cent. 4000.G0 acres was in corn,
wheat and oats. In 1891 q little over
twenty per cent. over 100000 acres yield
ed 5SO00 100 tom. which AZ $l5.s3 per ton.
farm value brought 20 farmers within "A
fraction OF sg2p000.00. The value per ton
had fallen from s2is3 in ISL. but was
equal TO that In 1871 when IL was si5.H
II was worth per ton moro than In 1852.
value then sl4l2 all on a solid gold basis.
Facts from advanced sheets OF n report
OF l.. g. Powers. Chief Of Bureau OF
Statistics. Minnesota.
10 is manifest that the changes IN the
coinage act OF 1873 had not changed the
conditions materially unless 10 better them
because tho highest returns for grain ever
secured had been in 1851. eight years after
silver H. said 20 have been demonetzed.
I'm the year 1881 short crops OF wheat in
Europe brought about an export equal %
n barrel Of flour q year FOR forty million
people nearly as many as were supplied
at home.
Nearly all Of these farms were either
under mortgage I'm 1862. or they have been
bought and put under cultivation since
that year with money borrowed on
mortgage. From 1891 10 1895. two thirds
outside arid districts were free Of any
mortgage on the land and were well
stocked.
There was no great change In the gem
oral conditions in this period. The year
1902 was one OF general activity in busi-
ness and OF general prosperity in all Sec
tons OF the country. a change IN me
protective features in the tarin was made
in 1898, By which wool was put in the free
list. but except IN ohio wool has not been
a product Of any moment IN any Of those
states. and in Ohio itself th. annual value
Of the wool IS less than the value OF
hens eggs annually produced.
There are very extensive manufactures
I'm these states but 20 the extent OF at
least ninety-fve 10 ninety-seven per cent
they are Of goods and wares thar cannot
be imported from foreign countries Ac-
cordior TO the census classification Of
manufactures. which included Touring
mills. meat packing. cheese factories and
creameries their manufactures are very
largely exported.
Vet between 1901 and 1895 something
happened which has reduced the value or
the grain crop from fl58 per ton 10 @b
or from a farm value Of S9lS.l4l.5e4. 10
1851 76i.3D. making difference TO the
farmers Of S5siglf3N.
The crops OF corn. wheat and oats of
those ten states in 1891 and 1895 were as
Acres. 1891. mo3S1i5. 1875. s3e,s.G7
Bushels. 1921. 2j15. 5000, fSe5. 2.2i9 $50. 49,
Tons. 1891. 5s095tS. 1872. 5i.E9il5.
Farm value. 'qi. S9lS .'0l. % 1851 .7Gi, $50
Value per ton 'si. si5.S3. 'e5 S9.42
What do these figures mean. perhaps
am object lesson win show
in 1892 the farmer averaged for his grain
crop. N5g3 rcr ron. 1895, S9.42. Loss N.N.
At o. loss Of SfN the cost Of financial
derresslon TO the farmers Of the grain
growing states was Ss696.sH.
What caused financial depression? All
the national conditions OF 1925 were az
1891 ana 1902 Prosperity exists when the
distribution Of all products IS regular ana
continuous. that means a steady consump-
zion for the support of life. TO which
about ninety per cent. Of each years
uroduct is devoted. and an equally regular
consumuiion for tho increase Of capital
I'm improvements upon land. IN the con-
sfruction OF railways factories. work.
shops and new dwellings. 10 which ten
ner cent. Of our product may be usually
applied. The traffic or exchange for the
supuort OF life must go on. but when con-
structive enterprise Is stopped products
nile ND in excess Of five TO ten per cent.
prices fan very low. while al over the
country workmcn who need these pro-
duets stand idle.
There are now 1900 0oo men. women ard
children occupied for gain in all the arts
on which life depends. II constructive
enterprise IS paralyzed as Il has been and
only five per cent are idle. that means
/ 200 900 men out OF work and nearly four
million people suffering want while the
food they would consume chokes the
farms with unsaieable products. II ten
per cent. are idle. 100000 need work and
900 O0O pe0ple suffer want. while the food
rots and wastes in the farmers bins.
The curse Of bad money IS upon us and
millions are now suffering for the want
OF tho very products which cannot be sold
an cost upon the farms.
Establish good money and the change
would come with such certainty and
rapidlty that men would wonder at their
own folly in so long submitting to the
demands Of those who have put this curse
of bad money upon them.
what these farmers are trying 10 find
out I'm what all happen IN that period
between 1872 and 1895. each being YER.
conscious OF the loss 10 himself. In 1888
there was a sudden financial panic a wide
spread discredit. an industrial paralysis.
and almost a complete stop to all con-
structive enterprises having reference 10
the future needs of a population increas-
ing nearly 100000 year and now NUM-