Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-08-26
TlRZAH PICNIC.
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Clair Harper, Jerry Rankin, Ralph
oates of TirZah, growers Of food stuffs
whose products furnished the decora-
tions for the speakers stand, Presi-
dent Wannamaker spoke in part as
follows:
The sudden and continuous decline
i'm the prices of agricultural products
and commodities during the last year
was not due to the requirements of
trade rcadjuStments two years after
the cessation Of the World War, but
to policy Of artificial and unneces-
sary deflation inaugurated and forced
upon this country by the action Of the
Federal Reserve board and the secre-
tary OF the Treasury in 1920. Artificial
SiefiatiOn always brings wreck and ruin
10 agriculture and commerce. Defla-
tiOn is Of course necessary following
imitation, but it can only come based
upon supply and demand. Most as
suredly it is not necessary to knock the
ladder from under a man on the top
round OF a seventeen story building.
Such n method would Of course prove
disastrous. The proper step would be
to descend the ladder one round at a
time
An examination of all records Of his
tory brings to light the fact that dur
ing and following wars there is always
imitation. This is due to abnormal
consumption of commodities created by
war, to decreased production, and pri-
marily to the fact that the govern
ments encourage and foster imitation
for the purpose of financing said wars.
From tine to time through history for
the last three thousand years, we find
the great money powers have taken
advantage Of such imitation to put on
artificial defiation and thus force down
artificially the price of agricultural
products and commodities, and that
such artificial deflation has<always had
a disastrous effect upon agriculture and
commerce.
\ We find that artificial defation has
been enforced through the raising OF
the interest rates, contraction Of cur
| rency and the contraction of credits.
We find an example of this in Greece.
in the time of Solon's legislation, 594
years 3. c., following a period Of great
imitation, the policy adopted at that
time being very similar to the policy
which has been adopted in America,
and has bought about the deplorable
conditions existing today.
The bulk of the population in Greece
at that time, before the adoption Of
this policy, had been small proprietors
and were a prosperous and independ-
| cnt people. However, as the result OF
/ atificial deflatiOn they became indebted
/ TO the rich to such an extent that they
were practically slaves Those who
! still kept their property nominally were
! in the position of Irish cottiers. They
owed more than they could pay, and
! stone pillars erected on the land show
| ed the amount of the debt and the
| names Of the lenders. This financial
, policy had given all the power of the
state toTt small plutocracy.
The remedy which Solon adopted
was Of the kind that we are accustom-
ed tn consider as purely modern. In
the first place it is true that accord
| ing to ancient practice he proclaimed
IN general shaking off of all burdens.
He cancelled oil the debts made on the
security Of the land or the persons of
the debtor. This measure alone would
have been Of little service had he not
At the same time enacted that hence
forth no loans could be made on the
bodily security of the debtor and the
creditor was confined to a share of the
property.
As a consequence Of this simple and
effective reform great benefits were
brought to the people of Greece. AS a
result Of this policy the people OF
Greece enjoyed great prosperity. How
ever, we find that "a years b. c. that
while the rate of interest in the city or
Rome WAS only about four per cent, in
the provinces it was much higher.
IuStinian. who was then ruling, fixed
the rate of interest i'm the provinces at
six per cent. on agricultural loans and
eight per cent. on mercantile loans.
Cicero mentions that Cato being asked
what he thought Of usury made no
other answer to the question than by
asking the person who spoke to him
what he thought of murder.
An examination of the history OF
panics and financial depressions. in
America brings 10 light the cOnvinc-
ing proof that these conditions always
have most disastrous result upon ag-
ricUtuUc and especially upon cotton
growers. This is due to the fact that
two-thirdS of the American cotton
crop must be exported also to the fact
that while cotton is a necessity, during
the period Of great depression the first
rcqurCmcnt to human life is food.
Hence the demand for cotton and cot
con goods fees the effect of such con-
ditions before the demand for food pro-
ducts.
An examination of the conditions
prevailing in America as n result of
tha panics of about 1873, which were
mt INTO force some eight years after
thc close Of the war between the states
regardless of the repeated warnings of
that sterling American president.
Abraham Lncoln-whO repeatedly
both in his written messages to gov
bodies and in public ad-
dresses urged against artificial defla-
tion. pointing ont i'm striking terms the
wreck and ruin it would bring To the
agriculture ana commerce of the ma
tion, based upon Ill written records of
The pest should impress upon every
true American the necessity Of chang
ing the present distressing financial
conditions from what they are into
what they ought Ia he.
a lowering Of the rCdiScount rate on