The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1899-06-27

Our manufacturers anticipated d
large demand for imported machinery
in foreign countries and put in up-to
date machinery which other countries
failed to do. Our factories can do the
work ia one half the time and do it
cheaper: hence our factories are taxed
TO their utmost capacity to supply the
foreign demand.
THIS CAUSE FOR THIS EXTRAORDINARY
DEMAND IRON AND STEEL.
Five years g eight hundred million
population awakened from their Rip
Van Wrinkle sleep of ages and adopted
Western ideas and improved machin
cry, and this has created this extraor-
binary demand upon our m~anufac!ur-
ers of machinery.
England, Germany, France, ] pan
and other countries are putting in up
to date machinery, and when fully
equipped they, with their cheaper
labor, will drive our manufactured
products out Of the market. as fast
as this cheaper labor is equipped with
labor saving machinery, the output
will increase and this surplus thrown
onto the worlds market will further
~depreciRte prices.
THE EFFECT5 OF THIS FOREIGN DFMAND
ON OUR HOME MARKET.
Millions of idle labor has been put to
work creating a home demand for our
staple and perishable products, and
this is putting money into the chan
neis Of trade and every industry feels
it's eff cts. Soon we will be subjected
to an Increased competition shrinksges
of values and millions will be thrown
out of employment il We rely on the
worlds r.arkes.
HOW THE WORLDS vALUEs R DE
TERMLNED
Each country throws its surplus onto
che worlds market in competition with
each other, and the price there is the
price in each country whre currency
is c3nverted into primary money. The
price at which capital employing
cheaper labor can sell at ia the price
we must sell at. o her things being
equal, each country receives the same
price for it's staple products at home.
RUINOUs COMPETITION IN THE NEAR
FUTURE
Our oriental competitors hire sheir
labor for less than one fifth paid labor
10 this country. Tn. labor, equipped
with n best Of American labor saving
r,acrIpsru On nooOD Dlyuh On Dorob
man for man, as American labor, ard
their primitive haoIts enables them to
live On one fifth required to support
American labor. Conversion Of our
currency into primary monry forces
US TO tax tho saCa price at home as
received bQ our clnpegItors
AN AMER1CAN SYaTEM OF FINATCE DE
MANDED
A tbs raiemp I've syaten compels
US to lake the same DSice tor u staple
farm produce as received by other
COUNTRIES whose wants are one 6GUh
ehst OF ours, we must adopt an Ameri
can system Of finance that viii permIt
each class to get a suh 3ieng numDer
Of dollars to exchange all prJducad.
and this cannot possibly be d1ae and
maintain the redemptiVe system.
TRUSTS: THE CAUSE THAT CALLED THIN
INTO EXISTENCE
The rapid Increase Of labor saving
machinery has increased the per cepiJa
capacity to produce, aud competition
l5 O. the Increase to force p'lees Gown
! ueiCH the paying point. Under the
competition system the business mans
| wa ClgCTd is your misfOrtuie i3 my
| opp 5r.l1iCy. Every MAN for himself
aAd ne q v! take the hin iCrnos5."
! Wien Cleveland was ~iuHuzurated
there a n large surplus Oh haad. A
theoretical Congress began to tamper
! with Gae taciT Factories closed dow
throwing millions out Of employment.
| OR banks Furnished no security for
Gep0sitors and they became uneasy.
| Weaker mercantile firms could not get
usual recommendations at the banks
aud thew were forced to throw their
wares onto tie market at ruirous
prices. This greatly deprecated the
| value of manufactured goods and dis.
! tressed the stronger firms. Because Of
! the run made on the weaker banks,
the stronger banks were compelled to
curoalL their loans. ana for = ) want OF
their usual bank accommodations
thousands OF firms went down ike
grass before the sGg the Progressive
business men perceived that the com
p~e'illve system vas q failure and co.
operation must take its place.
THE FORMATION OF TRUSTS AND THpIR