Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-02-17
CAPACITY PRODUCTION.

The producer who has a monopoly may, up to
a certain point, do about as he pleases in the matter
to invent something for which there is a very general
need, and his rights fully protected by patents,
his position is one of very great independence. But
even that fortunate individual would not have ev-
erything his own way. By advancing his pr1se he
might be able to make enormou profits, but even
those profits would have their limit. People would
buy as long as they found it to their advantage to
use the device, even at an excessive cost. After that
they would quit. The higher the price beyond q
reasonable limit the smaller the sales would be I'M
would cease altogether.
The monopolist would be interested in restrict.
ing production to the point necessary to meet de.
mand. 1t would be of no advantage to him to glut
product. People would not buy beyond their needs
merely because the supply was plentiful.
But even the owner OF a monopoly, while he
would adjust his production to the possibilities Of
consumption, would still produce up to the full ca
pacity Of his equipment. He would not build two
factories and run them half time. He would be
more likely to operate three shifts in one factory in
order to make his output per room and per machine
the highest possible.
There are few lines of production in which there
has not even the setnblance of it. His occupation,
being the oldest in the world and of first Importance
to its Inhabitants, is necessarily worldwide. The
Individual farmer, through noact Of legislation but
because OF conditions Wnicn are lnSeParaDle from
the OCCUPATION which he has chosen, is in open and
unrestricted competition with all other farmers.
There is no escape from that fact.
There has been a great deal Of talk about re-
|striction of production. If all the farmers Of the
world could be organized into a compact body and
all agreed to restrict materially their production Of
one particular crop and to substitute nothing for it,
and if means could be found to enforce thiA agree
ment, the price of that crop could be advanced very
decidedly, There is no such possibility. Restriction
LOT production by 4 single individual will count for
and restriction even by a comparatively
large group in a single country will count fot little.
Z. Crop production must remain indefinitely large
~ an individual matter. The individual farmer is in.
in the largest possible production from the
acres which ne tills. He may decide the reduce the
acreage devoted to- particular crop. but unless the
other acres are used for the production of some 9th
er crop % are being prepared for larger future pro-
|duction, there is 4 waste which neither agriculture
nor any other business can stand. I.
Experience both in this country and abroad has
demonstrated that the average production per acre
on American farms can be very largely and very
probitably incleased. And in that lies the real hope
|of American agriculture.
Facts aresconstantly reminding us that those Of
us syhn have many millions should take steps to dis
- 81 most of tbSse millions in ways SATISFACTORY
L4A.s ~ AK go ~ sGS -