Evening star., 1896-10-22
A PESSIMtST CRY
Farmers Really Lass in Debt Than
Other Glasses.
PROFITS AND PROSPERITY ss{P AHEAD
Misrepresentation Made for Cam
paign Purposes.
SOME OFFICIAL FIGURES


The American Agricuiturist issued this
week makes some interesting statements
regarding the farmers. who are alleged in
campaign speeches as being sufferers be-
cause of existing financial conditions and
the gold standard. Says that paper. under
the head THE Credit of Farmers
The pessimists, the ignorant and the
calamity shouters are very fond of prating
on the poverty Of the farming community
and some agricultural Journals, not con-
versant with the facts have assisted in
spreading the idea. They have done their
utmost to destroy the farmers credit. But
the real truth is this: While many farmers
have been in distress, yet, taking the
farming people as a whole, it is safe to
say that the farmers have passed through
the years of depression better than any
other body in the country. Today farm
ers owe less than any other large group
OF people Fewer farmers have Tailed
commercially speaking. than In any other
business some farm mortgage anies
have failed that did an extensive business,
especially in the seni-arld region, where
agriculture Is in an experimental stage,
but the records of well-managed concerns
IN this line of business, In the central west
and northwest, show that farmers inter-
est is being promptly met, ana the prin-
cipal OF many mortgages reduced or paid
IN fuli. The number of farms owned free
OF DEBT In the south shows remarkable
gains. In the middle and eastern states
farmers have maintained their good credit
In the face of keen western competition.
contrast this with the record Of failures
among merchants, manufacturers and rail-
roads. The 161 railroads that have gone
into receivers hands in. the last three and
halt years were mortgaged for twice as
muSh as al the mortgages on all the farms
nInT hn 0oft
loss on investments in railroad mortgages
In the past six years has exceeded the
amount of all the farm mortgages In the
country. Our judgment is that, taking
the country as a whole, 95 per cent of the
loans on farms during the past twenty-five
years have either been paid in full or are
today worth 100 cents on the dollar.
our heart Is stirred with sympathy for
sucn farmers as really afflicted but
their Ills are not to he cured by lying about
other farmers or by loudly declaring that
all farmers are bankrupt Without in the
slightest degree trying to cover I'D any of
the evils of agricultural depression. we
mere enter solemn protest against the
great wrong that has been done our farm
ers by the irrepressibIe calamity howler
We solemnly maintain that the farmer,s
whole history demonstrates his desire and
his ability to pay his jnst debts. Railroad
RECEIVERS, corporation. wreckers and
trust promoters have made an unen-
Viable record as repudiktors, but the vast
majority of farmers have, can or will nav
100 cents on the dolarsU
More capital Is theaerying need of many
FARMERS, and it is to be- obtained on reason
able terms by proving the farmers credit
Let us build up, not tear down. Let us in
augurate the policy of construction, not
reign Of destruction -
The Pessih,ixt's Cry.
Accompanying this editorial the American
Asriculturist prints review of the situa-
ton, as follows: = -
Not until wheat advances to dollar per
hushel will permanent prosperity to the
farmer RETURN" is the CITY of many who fail
to appreciate or positively refuse to under
stand the true, situation Were this propo-
sition entirely 'ter1able, 1t must fofibw that
wheat leads In Importance every other
product of the,farm- 5Thissls farj short Of
the facts. The wheat. crop is only 1917 Der
cent of the value of all staple crops and
scant Z per cent or 1-14 Of the total value
OF the big crops and live stock on farms
Wheat is the great speculative COM
modify. is much talked about in trade chan
nels, and the pessmists delight to ring the
changes on this magic word. They make
the most Of the decline in prices, and refuse
to recognize the enormous worlds extension
in wheat growing, together with the cheap
ened cost of production and transportation,
which go far to explain and Offset the fall
in prices of late years.
$50 far as actual value is concerned, how
ever, corn is king, while last year. as will
be seen in the official figures here presented,
cotton and hay each show greater aggre-
gate worth, and oats nearly as much, to
say nothing of live stock, this last repre-
senting sum equal to that of all leading
crops combined
"It is true that farm prices in nearly
every direction are deplorably low, and
there is room for and need of decided i'm
Erovement
'It must also be considered that the
prices Of everything the farmer buys are
also very low, but it is no doubt safe to say
that the purchasing power of the farmers
crops Is nearly as great now as when prices
were higher.
ut is safe to say that with return of
business confidence. following decisive
stand for sound money in November; with
adequate and just protection for farm pro-
duce, with encouragement to our farmers
TO produce the 500, 100000 worth of sugar,
wool, fruits and other produce now i'm
ported annually, and with consequent out
ward flow of timid capital into trade activi-
ties, permanent prosperity can come and
will come, whether wheat ever again sells
at dollar or not