Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-07-23
NUMBER 40

alone doubled, While the rate per cent OF
taxes was reduced. The per capita debt
OF the United States was reduced IRON
S52 90 in 1872 to $12. SO in 1892. From
1860 to 1890 our population increased
over one hundred per cent; our c,apital
had increased in thesame time
three fold the value OF our live stock
nearly three fold III iocks nearly three
fold: the value OF our wool over five fold;
the deposits in our savings banks more
than five fold. The purchasing price OF
labor had increased SO that the pIasterer,
who received S1.75 in 1860, received
so in 1890; the carpenter, who re-
ceived $3.50 in 1860 received $3.50 in
1890; the day laborer, who received rs
cents in 1860, received $1.25 i'm 1890.
and SO on indefinitely.
In the matter OF farm produce. in 1871
wheat sold for from 75cts to $1.10 in
greenbacks worth about 75cts on the
dollar, or from So to S2cts of the present.
standard. In 1897, Vheat sold at m
average price of 8 1cts~per bushel IN
money worth 100 cents on The dollar.
In this connection, it must also be re-
membered that by the use OF improved
machinery it costs only bontone-halfa as
much to produce a bushel of wheat now
us il did III 1871, SO that the farmer who
receives one-half the price for his wheat
now that he received in 1871, receives
the same price for the labor that it takes
to produce it. And the farmer thai re-
celves the average price oil 33h cents per
bushel for his wheat now is receiving as
much for the labor which it takes to pro-
duce il as the farmer who received the
average price OF 81 cents in 1871. And
ii we examine the price which the farmer
had 10 pay Tor the necessaries of life in
1871 aud compare them with the price
that the farmer had to pay for the same
things in 1892, we will find that the pur-
chasing power OF the labor he puts into
u bushel OF wheat in 1892 was more
than double that of the labor he p~utinto
a buslel OF wheat in 1871. For furthef
comparison let us take a period before
the war-say the period from 1916 to
1861. am informed by men who were
farming at that time that the average
price OF wheat for that period did not
exceed Doe per bushel, and the market
reports OF that time show that this is
true. Then ii it only costs one-half as
much to raise a bushel of wheat now as
1t did then, the fRrmer who receives 25c
per bushel now Receives as much for the
labor which it takes to produce the
busilel OF wheat now as the farmer who
Scots then. But the average
price of wheat from 1873 to 1892 was
about Scots per- bushel but the price
which the farmer paid for the n-ecessarics
life i'm 1892 was only about one-half
the price he paid in any period proceed
ing 1873 and it only costs one-half as
much to raise the buslIel OF wheat, so
the purchasing power OF the labor he
puts into a bushel OF wheat in 1892 was
more than four times as great as the
purchasing power of the labor he put
into IA bushel of wheatin 1872 or any
time prior thereto.
Farmers in those parts oil the country
where there were no crop failures during
this period 1873 to 1892 became rich
and many oil them besides erecting good
buildings placed large sums OF money to
their credit in the banks.
The people during this period were
more fully and proiitably employed and
were more contented aud happier than
during any previous period OF our
national existence. In 1898 the demo
cratic party gained control of the legis-
.atiye department OF our government,
aud after Il great deal of delay repealed
the protective tariff and enacted a Tree
tariff IN its stead, but the gold
standard remained unchanged.
What was the result OF this change
rom a protective tariff to a free trade
tariff? Wllar would you expect it to be
when you have found that before that
time such a time such Il change always.
resulted in hard times?
No soone vas itcertain that the party
that advocated a free trade tariff would
be elected thai one oil the severest finan-
:ial panics which any country has ever
sustained a precipltated upon Us. 1t
Is not necessary TO quote from the
OF this time to show the condi-
ton OF the country; all know it too well.
Business all over the country was sus-
and thousands OF laborers were
out Of employment. These
aborers, thus thrown out oil employ
nent, We're compelled to buy less OF the
products oil the farm and factory, and
prices fell. Millions oil dollars worth OF
property has been sold at sheriff sale at
prices so small as scarcely to pay the
cost Of sale. Tens oil thousands oil peo-
pie in the cities had to be led by charity.
Property has decreased one-hali in value,
md the revenue oil the government be-
anne so small that it has been necessary
to sell bonds in times Of peace TO pay the
expenses OF the government.
How like the experience oil every free
tariff period that preceded this
These conditions came upon us
the change in the tariff laws, there
being no change in the laws relating to
he money standard.
Since 1902 we have hadfour free trade
periods and four periods OF hard
having for their dates the exact
OF the four free trade tariff periods.
We have also had four protective periods
md four periods OF prosperity, having
the exact dates OF the four protective
periods
Three OF the free trade periods, aud
consequent periods of hard times, were
that part oil our history when we
had the free and unlimited coinage oil
one OF the free trade.periods, and
consequent hard times was uI-ier the
gold standard. Three OF the protective
tariff periods, and consequent prosper
ous periods, We're during the free coinage
period and one OF the protective tariff
pcriuds, aud consequent gpoi time
was under the gold standard.