Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-01-02
Ne depreciation Of securities in wa

the depreciation of securities in Wal
street.
ITO one familiar with the situation.
replied Mr.. Wilson, Ill must appear
that there Will be no panic in this
the United States is able TO produce
good and salable crops The Ameri-
can farmer sustains the country and
feeds a great portion OF the world. IL
is virtually independent of any other
class.
Let me premise by giving a few
figures from my annual report just
issued. From 1880 to 1890 the average
OF exports of farm products was more
than S.oS,0o0.0e0. In 1901 they were
$685.. 100000. In 1909 the surplus. which
we did not need in this country and
was sold abroad. amounted to SS7S ,000,-
600
1T was the farmer who kept the bal
ance of trade with the United States.
Excluding the products of the farm.
there was during the period from 1891
TO lAu2 an annual adverse balance of
trade amounting 10 $620o0.00 In
GLIDING the farm products this balance
rs wiped out, and we had left S275.-
100000 TO the credit of this countr..
During 1903 there WAS an unfavorab,e
balance OF trade in exports and imports
ether than those of the farm. which
amounted to $4,000, 600. but when the
farmers part In the international com
merce is included the balance in our
favor is just about s361.000. 900.
Here you have the tremendous re-
serve sustaining power of the farmers
OF this country. They are the people
who pay the foreign bondholders.
Il will tell you that the farmers are
independent of the banks, the money
lenders or anybody else They are
prosperous. In the east anybody can
see 1t for himself. They are getting
good prices for their grain. hay. milk
butter. cheese, fruits and other produce
Think of the prices of eggs and pou,-
try! Then they have the advantage
over their western brethren in no;
having the long haul and heavy
freight rates
he farmers of the west were never
In such easy circumstances. Their
crops have been good. and the demand
from abroad has been such rs to keep
the prices at Il comfortable figure. This
IS true of everything the farmer raises
TO sell-hogs. cattle. WOOL etc"
But many men are predicting hard
times for next year. What is your view
or that as one acquainted with farm
conditions?" Mr.. Wilson WAS asked.
There can be no hnrd times. such
as Wall street predicts" he replied, 80
long as the crops do not fail. The
American farmer is an optimist. In
the west the banks are bursting with
farmers money. The farmer has lux
uries such us one would not have
dreamed of seeing in farmhouse
twenty years ago. The farmer often
has a telephone in his house. His
daughter has a piano. and goes to
boarding school. The children have
bicycles.
Il am told that there Is between
$500, 100000 and $500.0OO.OO0 of farm
ers money in New York banks or on
loan. From Iowa alone somewhere in
the neighborhood OF s6O.000.oO0 has
been sent to Canada to.purchase graz
ing and farming lands.
And let me tell my views about an
other thing. There is much talk in
wan street dpuut the llnlQltS or In
vestors. Money Is scarce ut times. and
the market says. There Is difficulty
about getting money to float this and
that great enterprise. Men VIII not go
into them because they have been
humbugged before. So the cause of
flotation langulshes, and the promoters
look to foreign investors. but of recent
date with Indifferent success.
The point l want to bring out is
this: II the bureau of corporations o..
the department. OF commerce and la
Dor had been organized long enough -
give to the public an idea OF the sta
bility of corporations which are seek-
ing for the confidence OF the Investing
public, long enough to assure the farm
ers of the west that they were good
and reliable investments. instead OF
sailed mines they would supply the
money TO set them going. II the
schemes of Wall street were not re-
garded with suspicion-not alwajs
well founded. If you please--the farm
ers' money would be invested there.
and then, where would be all these
predictions of panic because water
is squeezed out OF the stocks? As It Is.
the farmer is going ahead attending
to his business. putting his money
where 1t Iill be safe. and he does not
care whether they are squeezing water
out OF stocks or dumping 1t in"