Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1903-08-01
Second Paper, by A. O. Forsbers.

There Is one danger that continu-
ally threatens the farmer as we'll as
the business man and wage Garner.
1t is q panic or crisis. Every once In
while one of these destructive
simooms sweeps across the country,
stopping the industries, throwing men
out of employment and thus reducing
their ability to buy the products Of
the farm and the factory. The man
in debt finds it impossible to pay up
or renew the loan, and the holder of
the mortgage forecloses. This has
done more to keep the farming class
in debt and reduce many of them to
the position of tenant farmers than
all the trusts and combines have done.
At the end of such q period of depres-
sion we always find q number OF farm
ers who have lost their farm. When
they are placed in that position they
must either 60 west to get new land or
else rent the farm from the new owner.
When good times return the farmer
may be able to pick up a little and
feel able to repurchase his old farm,
paying a higher price for it, and put
ting new mortgage on it. After he
has paid of q part of the debt another
crisis comes and again he loses his
possessions.
Given immunity from this danger
and fair transportation rates without
determinations in favor of any Ger
tain locality and industry, the indus
trious farmer has as good q chance of
succeeding in his vocation as any
man in legitimate business anywheres.
For this reason the peoples party has
placed as it's fundamental principle
the establishment OF monetary sys-
tenn that shall not be under the con-
troll of any individuals or corpora
lions. That is the key to the situa-
ton. For be it remembered crop fail
ure never caused great crisis,
though it may cause depression OF
business in the affected district. Our
country is so vast IN extent and has
such varied crops that a total crop
failure large enough in extent to para
lyzs business is at least an improb-
ability. The manufacturing indus
tries never caused panic. The min
ing industries never failed to produce
enough to keep the. Industries going.
Every department of production and
trade may do it's duty. and still the
crash comes, paralyzing all business:
In each and every instance the trouble
starts in the financial or speculative
circles. The money supply may be
suddenly contracted, causing falling
prices and consequent insecurity in
all business circles. Manufacturers
find it difficult to procure money to
run the business until in the natural
course of trade they get returns from
goods sold, and have to sacrifice
large lots of goods to get the cash.
This causes further depression in
prices. The feeling of insecurity
causes depositors to withdraw their
money from the banks, thus further
aggravating the cause of the trouble.
Then come the failures of banks and
business houses. Business is limited
to the smallest possible scale, the
majority Of the people limiting their
purchases !. to the barest necessities.
Thus we have the anomaly of q nation
suffering want in the midst Of plenty,
people failing TO purchase because
taey have no work, and. unable to get
work because there are not enough
people buying products.
3 certainly ought to be possible to
gets fnancial system that could not