Year: 1878

Inc Farmers and resumption.


All people in this country, save the monop-
olists and spectators, those who prey upon
the earnings of others, are vitality interested
in speedy return to specie payments. No
honest occupation can be injured by resump-
tion while all the Industrial interests of the
nation will be essentially benefited by the
restoration of sound standard of value.
But of all the interests of this country the
agricultural interest has the most to gain by
resumption. The reason is obvious. The
entire surplus of the great agricultural staples
of the country finds its market abroad, and is
there sold at gold valuation. In every
year of great harvests vast quantities of
wheat and corn and other products 90 to
Europe, and from this surplus our Western
farmers draw great profit Here in the East,
it's true, the tilling Of the soil is not con-
~ducted upon SO extensfve scale, ana we
have little or nothing to export But the
European prices materially affect the home
market. If cereals are low in Europe they
will be low here. If there is sharp demand
and high prices abroad like conditions will
Ooc"ii hOiO, ioi IL euC idtL1CI Cdu SeI ulOr6
for his products by sending them over the
water he will surely send them, and the re-
suit will be a diminished supply and rise in
value at home. If on the contrary prices rule
low abroad much less will be exported, there
will he an excess here, and prices will fall
until it becomes profitable to export. Thus
the farmer in reality is always forced to sell
his staple products at gold prices. That is all
very well as long as he can buy what he con-
sumes at the same prices. But if he is forced
to buy what he consumes at currency prices
and sell what he produces at gold prices he
must inevitably and steadily lose-unless the
gold and the currency prices be equal. This
condition Of affairs has obtained for many
years, and the agricultural interest has been
steadily falling behind. That is why our
farmers so keenly feel the effects of the indus
trial, and commercial stagnation brought
about by an inflated currency. They have
been obliged to sell at low and buy at high
prices.


Now resumption means this and simply
this; the equalization in value of the gold
and paper dollar. That is, the farmer who
sells his products at gold valuation land he
must sell at a gold valuation, for his market
is not provincial but the world, and his goods
must therefore be measured by the standard
of value in use in the commerce of the world),
can buy his articles of consumption at the
same valuation, and whatever profit he makes
is not swallowed up by making good the diff
ferences between coin and a paper standard.
What will be the consequence if the Green
hackers succeed in their aims, and further
initiation of the paper currency is brought
about? The consequence will be this: the
prices of all the farmer consumes will advance
25 or 50 or Is per cent. while the products he
has to sell must still be sold at gold valua-
ton. 1t will cost him much more to live,
and he will set no more for the result of his
labor. His case is far worse than that of
many of his fellows. The manufacturer for
example will make his goods under a depre-
ciated currency and they will cost him so per
cent more, but as he sells them under the
same currency he gets so per cent. higher
prices and so saves his customary profit. But
the farmer who is obliged to pay 80 per cent.
more for labor and material finds the market
for his surplus abroad and at gold prices and
fails to obtain the fifty per cent advance
which he needs in order to get his ordinary
profit. He emphatically it is who suffers by
an inflated and irredeemable currency.


The only men who gain wealth by means
of initiation are the middle-men, who do not
produce but live on the productions of 9TH
ers, who take toll on everything that passes
through their hands, and the spectators
who find their opportunity in great and sud-
den fluctuations in prices. These are the
men the producer supports, and everything
that goes to multiply and complicate ex-
changes is to their profit. Differing standards
of value increase their operations and in con-
sequence their gains. Each farmer who
sells at one valuation and buys at another,
contributes to the support of these men, for
they exact their percentage in one form or
another on every dollar that passes through
their hands, and from the exchange from one
standard to another they derive great addi-
tional profit. These are the 'money-lenders''
and "note-shavers" and ''bloated capitalists
tie farmer has to fear, and anything
that will aid in the "shrinkage' of their op-
erations is to his advantage. Resumption
will dry up one great source of their gains
and relieve the farmer of one great burden
upon his resources. Certainly he of all men
should be most desirous of resumption.