Courier Democrat. (Langdon, N.D.) 1891-1920, 1906-11-01
SPECULATION MANIA
A Word of Caution Against
Get Rich Quick Plans.
BEWARE OF REAL ESTATE BOOMs

Remember Inc Speculative Sellers
Generally Know More Than specu-
lntive Buyers-The Price OF Farm
Not Governed by Monetary
lnhntiOn-Need OF Tariff Reform.
1t Is perhaps a thankless task to ad-
wise those who have been seized with
the mania for speculation, but it is the
duty Of honest journalism to be the
Waterman or the tower to warn the
people Of the approach Of political foes
and false political economy. There is a
spirit Of political and economic unrest
abroad in the land, and wisdom would
dictate caution in dealing with political
speculations as much as or more than
In dealing in the stock market, mining
shares or real estate. The first thing
to remember is that but few specula-
tors in politics or business gambling
are successful. Wise conservatism is
generally the winner in the long run
Regarding speculation, Chicago and
New York have been built up on the
money that is constantly SEN to those
cities, either directly or through the
agents Of Wall street and the specula-
tive markets all over the land, with
but small returns to those who send it.
When some N makes a winning the
favorable result Is heralded every
where, but we never hear publicly Of
the great army Of losers. The latest
phase of the gambling era is real es-
tate speculation, which is rampant in
the cities, n town lots are being sold.
miles from the business centers, at
prices that will require years to make
reasonable. In the meantime taxes
must be paid, and unless the property
Is for home building the result in most
cases will be that in a few years the
advance in value, if any, will not cove
the taxes paid. The man who buys a
home on the installment plan can af-
ford to pay more than it is intrinsical-
ly worth, because it is the only way he
can W his W home, and he has the
use Of it and with good management
and economy will in time get it paid
for, and there is no Intention in giving
this advice Of retarding such a natural
and sensible longing as owning a
home.
The price Of farming land in the
western states has in some sections
reached a prohibitive figure, for 1t
must be remembered that a farm is
worth what it will produce at a profit.
enough to pay interest on the invest
ment and a fair return for the work
expended. During this era Of specula-
ton the price that farm land will sell
investment, but in the long run the
price Of farms must come down to
what they will pay IN the investment.
The spectators In cotton, wheat, rail-
road and industrial stocks and mining
stocks must remember that those who
sell probably know more about the
actual value than those who buy, and
unless full information Of earnings and
management is procurable the buyer is
buying In the dark.
There is no doubt that the enormous
imitation of the circulating medium,
through the constantly increasing out
put Of gold, is resulting in an advance
in values, measured in gold, the world
over, but this increase in prices does
not apply to cotton, wheat, corr and
many other farm products, the price OF
which is governed by supply and de.
mand, depending upon the favorable
or unfavorable seasons for growing
and gathering the crops. The present
low price of wheat. cotton and corn,
measured by the advancing price of
other commodities. is a proof that the
law Of supply and demand is more po-
tent than the other law Of the quantity
of money initiating prices.
The present tariff policy of protect.
ing our manufacturing trusts and com.
bines from foreign competition has
been q great factor in Increasing the
price Of the products of those orpora.
lions, so that consumers, whether on
the farm or in the city, are not only
paying the natural increase Of prices
from gold imitation, but the greater in.
fation Of prices by the unnatural con-
ditions created by the tariff protection
to the industrial corporations called
trusts. The tariff and trust issue, be.
ing entirely political, can be made TIC
assist rather than to retard the natural
growth Of the country if the voters will
investigate and insist on reform that
will benefit them instead Of continuing
the present system that plumbers them
for the benefit Of the corporations.