Evening star., 1899-06-23
WANTS CHEAPER MONEY
A Southern Farmer on Agricultural Depres-
sion.
Low Prices for His CrOps-He Canuoe
Make Any Profit on His
Plantation.

Inc proceedings before the Industrial
commission yesterday afternoon were
eventful from the fact of the silver Ques-
ton being brought into the testimony for
the first time. The commission started out
with the idea that partisan questions would
be avoided and that the testimony should
as far possible relate TO matters OF
fact and not to arguments.
When The Stars report of the proceed
ings was closed yesterday afternoon Mr..
l.. w. Youmans, a planter wo owns 1000
acres in the southern part of South Caro-
lima and works from 800 to 400 negroes on
his place, was on the stand. Mr.. Youmans
very early in his testimony developed the
fact that he considered the free coinage OF
silver to be the real remedy for the exist
ing depression in agricultural industries.
After some debate over the propriety of
allowing the testimony to assume the as
pect of a free silver debate ex-Gov. Harris
OF Ohio, who was chairman, decided such
debate and argument out of order, and the
witness proceeded to confine himself to
statements of fact concerning conditions on
southern plantations.
He had said the condition of agricultur-
lists was deplorable. and that this was not
the result Of soil climate.
1t had been said that aSriculturis:s OF the
south should diversity, but he had diversi-
fed his crops, and he felt sure that his la
DOI was dS wen nlScIlllNeO as inat on any
farm in the south. He paid 81. 26 for twenty
six days work, and the men trade at his
store, where profit of 80 per cent is placed
on the goods, yet he could make no money
on his crops. His labor as well paid
as any labor in that section of the country.
He had no complaint to make about the
efficiency of his colored labor. He had al
ways sold the product of his plantation on
a profit until 1899. Not only the cotton. but
every other agricultural industry of the
south is run at a loss.
Control of the Gold supply.
There was one great monopoly that he re-
garded as responsible for this condition. Ii
was greater, in his judgment than all other
trusts. He read clipping from the Con-
gressional Record of a part of speech by
Representative Barlow of California This
was on the money question, and Mr.. You
mans proceeded to make a speech to show
that the gold standard tended to keep down
the prices of the product of labor Mr.. Bar
low 5 statement was that the Morgan syn
dicate controls the gold of the world. and
he believed that TO be true. and If they con-
trolled the gold they controlled the power
to fix prices. He proceeded to make an ar
gument to show that the money question
is at the basis of the trials of agrieulturists
today.
If you are playing poker and have $50 in
the pot, with five chips, each chip repre-
sents $40. If you have ten chips each rep
resents So"
That illustrated, he said, how those who
control the gold of the world can fix by
curtailing the currency. the price of all
products measured in gold. Today il takes
twice as much OF the products OF labor to
pay taxes and all other fixed charges as
it did twenty years ago. In his county in
South Carolina he now pays l3 per cent in
terest to the banks. Some pay more. This
high interest, ne thought, came about from
the fact that state banks Of issue are now
allowed Now money congests in trade GEN.
"a har iS oh ar, h..
centers, but he could not get that money
at his home He has TO go to his country
bank and pay the high rate of interest.
If there were state banks of issue the ten
dency would always be for money TO go
back to the state from which IL was issued
This would prevent congestion in the great
cities. He was not in favor of having the
government guarantee these bank notes
but would favor having an inspection by
the federal government of these state
banks.
Finance Ruled Out.
Representative Gardner began questioning
the witness upon his assertions regarding
finance. After the examination had pro-
oeeded for ten minutes Mr.. FarQuhar OBJ
jected. He said that the commission was
not discussing finance. but was Investigate
ing the conditions of agriculture, and they
had nothing to do with the coinage of 1873.
Representative Gardner said he was Ques-
tioning the witness on what he had already
stated.
There was a discussion precipitated
among the members of the commission.
Repres entative Livingston: "I asked the
witness what made the depression in agri-
culture, and he said the cause was to be
found in the financial question"
Ex-Governor Harris the chairman sue-
gested that the commission would be more
profited by discussing the agricultural con-
ditions than the financial question, and the
witness proceeded.
He said that the things needed to benefit
agriculturists Of the south were the free
coinage of silver, state banks of issue and
lower tariff. He had no complaint to
make OF the negroes on his place. His
plantation had 900 acres, with between 300
and 400 negroes on 1t. He saw no differ
ence in the respect the negroes had for
him between the present time and the time
the negroes were his slaves. He didn't
care for immigration. The negroes suited
him very well. and he did not care to get
rid of them