The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-30
COL. RUFORD'S EXPLANATION
| OF HARD TIMES.

first men Of Virginia. AS a .hnancer' "s
a railroad manager and organizer, as
| widely known and successful business
man he stands among the best In the
South. He is no theorist no idle dream
or. no anarchist but a practical busi'
ness man and planter with u head full
OF hard horse sense. He was at one time
president of the Richmond and Danville
railroad, and 1t was his wisdom that
made that systems through line from
Washington to Atlanta--the backbone of
that great system.
Col. Buford has had time to reflect
upon the conditions of the country, and
his large experience as man Of affairs
has given him the clearness OF vision to
see the real troubles that affiict the
country He has reached the same con-
clusion that most thoughtful men, who
look deeply into the origin of things,
have been forced to reach, no matter
what their pre-conceived views were.
The following extract from letter by
Col. Buford which appeared recently in
the Richmond State, Is the result of the
study and investigation OF a prosperous
and successful man Of affairs:
"Your favor Of the 25th ult., was duly
received. I concur with you fully in what
you say in regard to the necessity for
concerted acton on the part Of the far-
mers, il they hope to become benefciaries
Of any reforms that are to be made by
the incoming administration.
II am fully persuaded that the con-
slant and steady decline in prices of all
agricultural products that has been go
ing on for the past twenty years, until
they have reached a point that barely
covers the cost of production is the prima-
~ and potent cause OF the ills that now
80 sorely afflict the country. We are told
that. agriculture is the nursing mother
Of the arts. Experience has demon
strated this truth and teaches us that
prosperous agriculture is the ground
work of general prosperity. On it the
superstructure is founded. and when
from any cause the foundation is under
mined or weakened the superstructure
totters, If It does not fall.
''The low prices that the farmers real
ize for all that they have to sell leaves
them nothing. after paying the cost of
production, with which to buy even the
necessaries OF life, much less the luxu-
ries. Their ability to purchase is greatly
impaired, IL not destroyed, and the mer-
chant and the manufacturer at once feel
the effect of the reflex action In diminish.
ed trade and closed factories. 1t seems
to me to be clear and self evident
proposition that when the farmers of the
country and those directly dependent
upon the farm for livelihood, number
ing a large majority Of the population,
are compelled as a matter of stern neces-
sity to limit purchases to the minimum
and to restrict them to the barest neces-
saries trade must become stagnated,
business of all kinds depressed, and
hard times will prevail.
IF this be true, self interest should
prompt every other business interest to
lend helping hand in restoring agricul-
ture to a profita bic basis. But unhappily
this is not so. Many in our principal
cities, through their boards Of trade and
chambers of commerce, seem to have
mistaken the effect for the cause, and
have been content with their solemn re-
solve that the lack OF confidence is the
cause, ito take the government out OF
the banking business is the remedy for
existing ills, without any adequate sub
titute, liberal and impartial in its fea-
lures. As long as this one-sided theory
prevails and we fail to recognize the In
Independence Of the cities and the agri-
;ck~ 49, ~
problem will remain Hnsolved and hard
times will continue to prevail. New in
dustries and enterprises will not cure the
evil. Tbs would prove to be another
foolish experiment Of Carrying Goals to
Newcastle 1t Is not more stores and
factories that are needed, but more GUS
toners fer those already in existence,
until their goods, wares and products
find ready and profitable consumers.
Then. and not till then, will the time
come for the establishment Of new enter
prises.
"The chief cause Of depressed prices
for the products Of the farm is, in my
humble judgment, to be found in the
constantly approaching standard OF
value that has been adopted by the lead
ing commercial nations of the world.
When measured by the single standard
of gold in its limited supply, the value
OF every other species Of property has
materially declined. The products Of
the farm were the first to feel the pres
sure, and the farmer has been the largest,
as he is the greatest, sufferer therefrom.
When, in conjunction with this, We have
the monopolies and trusts, formed to
drive out competition and to regulate
prices to suit their sordid avarice, and
banking system that denies to the far
mer the privilege of using his credit
whenever necessity may require it, to
supply himself with the means Of con-
Quoting his operations, it is not diff
cult matter to understand why pros
perity has deserted the farmer. And
yet the plain logic of these facts has
not been sufficient to induce many Of
our city friends to aid us in the restora-
ton Of bimetall:sm, but they could, and
should, render efficient aid in checking
and suppressing monopolies that are de-
stroying the farmers and in reforming
the bank and currency system of the
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