Birmingham state herald., 1897-06-23

worlds production Of food products is go vastly beyond the ratio of increase in the efnlized-population that there is no outletsfor the ovtr-supply. When the output of such products exceed the stomach demands of the world there is no way of relief except the curtailment of production. It is admitted that the man. ufacturing interests havsreceived a stim- ulus through the medium of legislative protection, and there has been abnormal development. It is said that agricult- ure does not from the nature of the case admit of similar protection. Instead of protecting agriculture it has been taxed in order to stimulate and protect other industries. And now the senate of the United States Is engaged in framing | tariff law which will lay on agriculture still heavier burdens for the benefit of the privileged industries. There are cer- 1 tain natural laws which adjust the re- | lation of agriculture to the industrial or manufacturing pursuits. When agricult- urs is depressed the sons of toll natu- rally seek other avenues of industry and 1 consumers are increased at the expense of production. Thus equalization is nat urally secured and the equilibrium is re- stored.
 The way to relieve the depressed agri- | cultural condition is not by tariff, which can only add to her burdens and increase the depression. but by so shap- ing legislation as to take all shsclsles off. | The argument in regard to the over-snp- | ply of food products is plausible. but it | overlooks another potent fact: That the world fills it's stomach when it has the funds to purchase supplies. and when its means are reduced to the minimum it goes to bed hungry or reduces living to | the minimum. slight change in the | amount consumed by it's millions of | mouths makes a great change in the | prices of products. The "glut" of food comes, as any one can. easily ascertain | for himself, not SO much from over-sup l ply as from the under-fed. While 1t is | true that in considering these questions | one should not eorfne himself to any narrow area, yet in matter like this, | which affects the whole world, it is evi | dent that we can look from the narrow | end of our little hamlet and realize the | conditions that affect our population. | Any one who, has observed the conditiors which surround his own home will not | fail to perceive that the whole popula- | ton is living on smalleE amount and l at less expense than almost any year l for decade. Ask any retail grocer ard | he will at once reply that the masses | have cut their grocery bills to one-half l of the amount purchased in former years.
 This is the result of low wages paid to | the industrial classes. Tn mining, iron and | co tonema anufac curing the wages are said | to be barely sufficient to maintain life l An Intelligent labor leadsr told the writer | that the laboring men of this sec ion would be perfectly willing to give their | labor without compensal ion except such l as slaves r-ceived under the law as it ex- 1 is,ed before the war This may be ex- treme, but it ean'tbe far from the truth under the burdens which u.st upon agri- culture. It is plain that none can bear so | heavily upon l as a continual coptrac- tion of the currency, and proportionate | appreciatio of the circulating medium. | It is difficult for the farmer to s cure l funds to make his crop. He pays higher for money than other callings and must 1 have it longer, to repay out of his prod
 ucts. The government has put a ban upon it by forbidding national banks to
 make loans upon real estate the only coliai eral he has. So he is shut up to fewer sources of money supply than any other class. Then the policy Of the gov errmemt in the administra ton of the na-
 tionaI ban has resulted in the concen- tial ion of The money of the country prac-
 tically in the national banks in the great cities. and thus diverted IL to speculation instead of.Hhe legitimate progress of the
 rI Af far an
 going to New York to get money to run the farm?s The national banks have thus
 practically had control of the circula- . ton Of the country. Now the demand is
 but a step in advance. Retire all the
 goverfsqnssft issue of currency and give
 us the esfuiI control of the circulation of
 this greatgeountry. Such a demand would
 never have been made excep. from those
 who had had their hands on the circulat-
 ing medium and knew the value of such privilege These are some of the hin | drarces in.the way of prosperity that can
 ba removed. and if removed will open tha pa thway to better conditions. It Is strange
 that congress steadily refuses the very
 reasonable demand on the part of the na-
 tional banks for the issue of notes 10 the
 full amount of their bonds. Everyone
 knows that such an issue would be safe
 would increase the circulation and would
 be of value. It is the fear the average
 congrs ssman feels that there would be in
 security in his seat if he evincss any fa-
 vor towards -tle banks in the line of in
 creasing their power. There can be nc
 prosperity in this country until the finan-
 cial maters are put upon a solid basis
 and no discrimination is made in finan-
 cial institutions against any class or in
 dustry. Whether we need so much great.
 CT volume of currency is hard question | to determine and can only be ascsrtaine6
 by he results of such an experiment.. w ara willing to give 1t trial by the en
 large use of d government currency is-
 sued upon a silver basis, the only hope
 of expansion. We need a currency tha
 will not under the maDipulat ton of gov
 ernmental control seek the great money centers and then. hoard at a nomina
 rate of interest when the extremfties O l the coun.ry are perishing for lack of 1t