New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-21

only force at work in depressing prices through
the enlargement of supply. The export Of wheat
from Russia 266OS 900 bushels between
lS6o and 1879; and II was 591 .491 600 between
1889 and 1898; and there is a belt Of rich. black
earth extending beyond the Trial Mountains
into Siberia which promises TO exceed In fer
tility the best farming land in Minnesota and
the Dakotas. Argentina has also become for
midable competitor in the wheat trade over
100000 tons having been shipped from that
country in 1894
In view of this enormous increase OF produc-
ton in new wheatnelds In America Russia and
Argentina. the diminishing column OF aver
age prices from 1881 downward does lot re-
quire diffuse explanation. decline of IS AID
in twelve years is the natural effect of
vastly augmented supply. facilitated by rail-
way extensions and a reduction Of freights
by land and sea Mr. Crawford concludes
his exhaustive investigation of this subject
with the comprehensive statement that the
fall is mainly the manifestation OF a natu-
raj economic process. consisting in the settle
ment OF new lands and the consequent extern
sion Of the margin of cultivation TO regions
where the cost of production is much below that
of the older centres of population" and that
what is called the fall In the price Of wheat
has consisted largely of approximation of
the prices in importing countries to those in
the great exporting countries. owing to improve
ments in transport and reductions in the cost
OF carriage"
PRODUCTION IN THE LEAD
Production has so far outrun consumption
that only countries having the most fertile soil
can now raise wheat prohtably. In the United
Kingdom there has been an uninterrupted de-
cline OF about 30 per cent in wheat acreage,
and there has been n shrinkage of production
in the United States east OF the Mississippi
since 1879. Yet the new fields are so prolific
that the price continues to fall. and agricultural
interests are overwhelmed with depression
The world is suffering to-day less from the lack
Of anything that 1t wants than from the ex-
cessive abundance Of everything that II requires
for the maintenance Of life.
1t is foreign competition that Is recognized
throughout the agricultural districts Of the
United Kingdom the main cause Of low prices
and improbable farming. When statisticians
like Mr. Crawford demonstrate that the cost OF
wheat production is 100 IN England - in De-
kota "a in Russia and &C in India. they virtu-
ally exclude monetary factors from the prop
lem Of the fall of prices and the ruin OF Eng
lish wheat farming. 1t is foreign competition
that has converted nearly one-half OF the wheat
acreage of TIE United Kingdom into pasturage
during the last fifty years because the returns
for the labor of tillage are inadequate. Not
only whest farming. but special industries like
hop-farmng and barley raising, are confronted
every year with increasing foreign importations
and are rapidly declining, and land Is every
where going out OF tillage Dairy farming is eX-
posed to destructive competition from Denmark
France Holland Belgium, Germany and
Sweden the imports OF butter cheese and eggs
during 1895 amounting to Sloo,ocoooo; ana
market gardening shares the same rate. In con-
sequence of the decline OF agricultural INDUS
tries Of all kinds there has been continuous
shrinkape Of the value of farming lands. as is
shown wherever a foreclosure sale $ forced in
any portion Of the United Kingdom
OBVIOUS CAUSES OF DEPRESSION
All these results of foreign competition from
o,,oor.r and more productive areas Of produc-
ton are so obvious that the English farming
uonu,et,on is in no doubt respecting the main
cans4 OF agricultural depression and low prices
II never enters into the farmers mind that
whest has been forced down with silver ana
that he has been "crucifed on cross OF s"iu'
He knows well enough that he has been uhder-
sold in his own marke: by foreign producers
and that the unrestricted competition OF the ia
ro,ae Minnesota. Russia and Argentina has
proved destructive to English agriculture.
For while 1t is true as the Populist hnanc'er
aerns that wheat and silver have dechhed III
mice since 1863 1t does not follow that the ran
NJ one has been the effect of the depreciation Oh
the other. The same general cause has proouceu
the same effect. The increase In the proouc'ioh
q, silver during that period has been even more
remarkable than the increase In the supply vi
wheat In 1870 the world production OF SILVER
Y as SO Gf3 600: in 1894 it was S.lo 4o4oo" anu
this enormous increase in the supply mas cheap-
ened II one-half During the same PERIOD "hea'
has fallen in price 2s. sgd. and from similar
causes. Wheat and silver have gone GOWN 'o-
getber in consequence Of overproductoh' esp"
ciallv in the United States. The only 'ea'
when wheat has risen in price have oeeh years
/ Of European war and famine Inc prices Vi
wheat and silver have been regulateu py 'he
lowest cost OF production and by the operation
10 tho natural law of demand and supply Ihis
&c not the teaching of the Populist but II Is 'he
,nexorable logic Of the worlds recent expert
''eNoi "' T. y F.
ence.
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