The advocate., 1897-09-08


or the Arena. One goes wild on the
blessings (0 Of falling prices" while
the other Is equally as Inconsistent In re-
gard to former high prices and their
attributive results One is just as faP
wrong as the other, and neither repre-
sents the principles of the parties that
give them prominence.
It was the contraction Of the currency
that was ruinous to the farm interests
OF the United States for the past eight
years, and 1t is the extensive failure OF
crops in Europe that is helping them
now, If they are in position To be
helped. But how about him who has
mortgage on his crops?
1t was the former expansion Of prices
in "bOom times" chat devastated Kansas
municipalities, leaving our cities under
bond. and the farms-many Of them
under mortgage But the farms, like
the wheat, would have been worth four
times the value of the mortgages and
the bonds had IL not have been for the
ruinous contraction of the currency and
the consequent forced decline in prices.
It was not a decline In real values, II
was only decline in price. Real values
are the same. The trouble is, that It is
claimed that there is only one thing Of
real value, and that is gold"
In appraislng property, the same as
SCISSOR that priced Wichita property In
1858 at $35 100000 assessed it last year
at less than $5000,000. The latter was
80 per cent, but both were gravely false:
that is, they were intended to create
false impression both at home and
abroad. Had 1t not been for the CON
traction of the currency happy me-
dunn could have been maintained. Four
out Of eight Of our Wichita banks went To
the wall under the pressure, notwlth-
standing the Wichita National got $l0,-
900 of the new 100000 900 national bank
issue made to save them. One hundred
and fifty others likewise succumbed that
year. Under the above circumstances,
don't talk to us about Sound money" on
honest money" The silver dollar has
more sound in II than gold at the pres
ent time. Then the United States notes
are full legal tender honest money now
henceEorth and as long as they are per-
mitted to circulate. But the silver cer-
tiflcates designed to take the place Of
the "greenbacks" only quoted at E5
and 551s cents on Wall street to-day,
Honest (N money, did you say, Mr. Har-
risOn?
In 1888 the price Of farm property In
SedgWick county, Kansas, was given at
$40, 100000. In 1897 IL was assessed at
$4, ,207, $50. Like the municipal ASSESS
ments and their real value, happy me-
dium between the two would have been
maintained had 1t not have been for The
ruinous contraction policy Of the past
ten years. A 700 per cent. decrease is
simply astounding. But what Ia true Of \
this city and county is also true Of other
cities and counties throughout the
United States, to greater or lesser de-
gree. Brooklyn, / understand, since GhG
has become a part OF Greater (?) New
York." has a tax indebtedness Of over
$2,0O0,00O.
Since beginning to write this article,
wheat has advanced to 81 per bushel
This is owing to the European demand
for It, Had 1t not been for the forced
currency contraction 1t would have
maintained a price equal to that for
eight years past and would have made
our American farmers billion dollars
richer than they are to-day. And they
in turn would have bought that amount
more OF landed and personal property
and manufactured goods, and there would
have been but few unpaid mortgages in
any State in the United States to-day
But this giant contraction has been more
disastrous upon agricultural, manutac-
turing and transportation industries
than war, pestilence and famine com.
bined. It reduced all profit ON trade, and
milliOns--yes, billionsof dollars worth
- .,code bova heayo anId at an dqfIral lna@