The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-19


degree by the condition which Is now
common to all the country, and which
is paralyzing industry everywhere.
This is the unwillingness of capital
to seek or accept employment. There
is an abundance of money in the great
centers of this and every other coun-
try. That money would gladly accept
any employment securing to 1t the
ordinary rate of profit. IL only 1t could
be guaranteed against loss It's own
ers simply will not part with it, unless
they are assured that they will be re-
which they surrender. A few facts
such as the Miller presents are worth
a basketful of theory. A large Ca
madam bank writes to the manager of
bank in Minneapolis that. owing to
the currency disturbance in the United
States. with a possibility of COM
plete change in the value of currency
itself" he is obliged to reduce his bank
balance to a nominal amount. Other
Canadian banks have followed suit.
and the capital which they supply is
withdrawn.
Now, 1t requires a big amount of
actual ready cash to move the crop
of the Northwest. Every year millions
Of currency are drawn to this section
from the East and from Canada to aid
In the transaction. Dollars come into
this country in the fall to help move
the crop. just as men come
in the summer to help harvest
the crop. One branch of the business
is Just as necessary as the other. If
the men were notified In advance by
their employers that they might Get
only half the wages agreed tn be paid,
and perhaps not receive any at all.
they would not come and the crop
would rot in the field. When the grain
movement begins. the great elevator
companies. in order to pay on demand
for the wheat that pours into them
from thousands and thousands of
farmers, must have large cash ad-
vances- Somebody must carry this
wheat from the time that II reaches
@O>e~s
posed Of finally in the central markets
Of this country or abroad All tho
while that it is In transit cash must
be behind the owner of the property
whoever and wherever he may be-
This cash has been furnished by the
hanks, advanced against the wheat
stored in elevators, OF in shipment from
point to point The local bank de-
ponds upon the banks In st. Paul and
Minneapolis to help it out. and they
In turn must draw upon the accurou-
lated stores of capital in the East and
In Canada. Money is very glad, in
ordinary times, to find this occupa-
ton and to earn its wages. Just as men
ara glad To earn their wages in the
harvest field. This year it is different
capital everywhere Is timid and pre-
fers to walt for further DEVELOPMENTS
1t Will be- with great difficulty that
money can be obtained sufficient to
move the crop, and every one knows
that the price of wheat TODAY IL Gar
below what 1t ought to be and would
be were 1t not for the same condition
OF dread ard dtsirust that has over
spread the country
This silver agitation is costing the
FARMER big money. as 1t has cost him
millions during the past few wears
We know OF no fact more an,azino
IN the history of this country than
the readiness Of a number of people to
run after theory that tells them of
imaginary wrongs, and promises them
imaginary gains In years to come
while 1T takes from their earnings and
their possibility Of earnings actually
DAY by day. in the immediate present
rar more than It could return to them
III all that its advocates urge in he
half OF 1t were true. The practical
aspect Of the question presented by the
Miller will be fonnd worthy of Thought
rui consideration by the grain growers
of the Northwest