The Saint Paul globe., 1897-08-29
SPECULATIVE PRosPERIVy

The country is getting a practical
oehnltlon of prosperity as used by
those who believe that it can be Gre
ated by legislation. 1t means simply
the ability given by law to increase
prices. Prosperity of the normal kind
depends upon the capacity Of people
to buy AS that Increases demand IN
creases, and with that follows a Iegiti-
mate increase in the price of the OBJ
Jects of desire. Abnormal prosperity
! dlsregards the primal condition, the
! purchasing capacity of consumers, and
i anticipates any increase in that ca
pacity by advancing prices under sane
ton of law. Nothing has been more
apparent than that this whole increas-
ed activity in the country is mainly
due, not to present but to an antici-
pated condition. 1t began when re-
ports came of short crops of grain in
the countries dependent upon our gran
aries for the surplus their deficiency
creates demand for. All eyes turned to
the West and saw what was supposed
to be another bumper" crop certain to
meet strong demand and good prices.
This meant that when the crops wera
harvested and began to move to mar
ket there would be millions of dollars
poured into the West All of This
money would flow back through the
channels of trade. 1t would go to paw
debts at the stores and to buy gro
ceries, clothing, lumber and the other
necessities Of the farm. A demand for
manufactures would follow Mills
started to be ready for it. Merchants
bought in anticipation of it. Sinful
taneously the bulls seized the grain
markets, and prices of cereals began
to rise. Then the beneficiaries of pro
lection began to realize on their pros
perity. Lumber went up dollar, sugar
advanced, glass and pottery were
marked up. Not because there was q
demand for lumber, coal, sugar or pot
terry moro than normal, but to meet
one that was expected. This took place
while the wheat was still uncut and
corn just glazing. Not bushel had
been sold, not dollar had gone into
the pockets of the farmers from their
crops. But they were to have money;
| they were going to be prosperous in
the normal way and could be made to
give up portions of it to those who
were enabled by law to make the price
Of what they made. The ''rush for the
hog trough" was general The millers,
who love their neighbor on the farms
better than they love themselves, show
ed up the price of flour to the dollar
notch, although not a barrel of it was
ground from dollar wheat, and pushed
by the miller, the bakers made their
loaves dearer. The farmer was get
ting none of this prosperity" nor was
the wage Garner, whose spouse report
ed an increase in cost Of living with
out increase of income.
This is true Republican prosperity"
By and by, when the crop is harvested,
threshed, husked and marketed there
will come to our farmers larger capac-
ity for buying, and goods will move
off the shelves and out Of warehouses
to meet their enlarged purchases, and
then there will be real prosperity, not
as great nor shared by all as it would
be if the distribution of all this wealth
were not interfered with by vicious
laws, but greater than the past few
years have seen. But the kind we
hear so much Of, that has been so loud
Iy acclaimed as flowing from Dingley-
ism, is merely a speculative prosperity,
that discounts coming conditions and