stacks





Philip Danforth Armour is a member of the Board of Trade which controls the price of pork, bacon, beef, wheat and grain.

Dealing in futures on the Board of Trade is a system originated for the purpose of enabling those with immense wealth to force stocks up or down without any regard to the actual value for monopolistic purposes.

Through their control of the Boards of Trade and their monopoly of the traffic in farming products they put down the price of farming products until it was impossible for the farmers to pay off the mortgages.




"A few men buy all the wheat of the country.

There is no competition; the railroads fix the price of wheat and grains to suit themselves, and grind the farmer down into absolute poverty.

They not only plunder the farmer in the price, but they cheat in the measurement which fixes the quality of the wheat.

Several years ago, #1 wheat was 90 cents a bushel, #2 75 cents, and #3, 60 cents a bushel .

The wheat was so graded by the buyers, that all wheat weighing 60 lbs. and over to the bushel was rated #1 ; all wheat weighing 56 lbs. and over, #2; and all wheat weighing 52 lbs. and over #3.

If the wheat were measured in the good old fashioned way in an honest half bushel measure, most of the wheat would weigh 60 lbs. to the bushel, and be rated as #1.

These monopolists cheat systematically in the measure.

They use an oval gallon measure, easily battered, by accident, to diminish its capacity.

Into such a small measure the wheat will not pack close, when poured very gently out of a pitcher into it.

They then weigh the gallon and multiply by 8 to find the weight of a bushel.

By this system of measurement little of the wheat rates as #1; and very much of it is rated as #3.

In this way, when #1 wheat was selling at 90 cents a bushel, this system of measuring caused much of it to be rated as #3, which brought only 60 cents a bushel .

When the wheat is sold out of the elevators, where it was under pressure, all of it would weigh 60 lbs. to the bushel, and be sold as #1!" - LB Woolfolk

The nightmarishly complex wheat genome finally yields to scientists

1888 American wheat crop is fifty million bushels short.

A syndicate of Cincinnati capitalists organize capital of $12,000,000 to operate in the Chicago market.

They have capital enough to make their operations a sure success under the rules of the Chicago Board of Trade, which only allows wheat to be sold as it is delivered into the elevator.

The Chicago Board of Trade then rescinds the rule which prohibited the sale of wheat except as delivered into the elevators and allows it to be sold out of the rail cars.

The Chicago Board of Trade sold the Cincinnati syndicate wheat at seventy cents a bushel, till their $12,000,000 was gone.

Once the money was gone the price of wheat went to sixty cents a bushel !

As the wheat crop was fifty million bushels short and the supply was inadequate to meet the demand it was expected that wheat would have gone up to at least one dollar a bushel !


"Boards of Trade are instruments controlled at will by the money power.

The law of supply and demand is wholly abrogated as the will of the money power has become the sole regulator of prices.

The law of supply and demand can only regulate prices when there is a free market, and the free competition of buyers and sellers operates to regulate prices.

There is no such competition now; the agents of the money power are the only buyers of all produce.

Boards of Trade are subdued by them, and answer to their manipulations.

By the might of capital, they can regulate prices in any Board of Trade.

The money power controls absolutely the Chicago Board of Trade, and Chicago regulates the price of produce for the whole country in utter disregard of the law of supply and demand, and in utter violation of all the economic laws that regulate prices." - L.B. Woolfolk

The high price of flour in comparison with wheat reveals agents of the money power have a large number of flour mills in their possession.

The occasional sharp falls in the flour market, crushing mill owners of small capital, and the purchase of the flour mills in Minneapolis shows their desire to crush all competitors and get possession of the entire business.

1890 "I traveled widely through Missouri, and everywhere I found statements that two-thirds to three-fourths of the farm are under mortgage!

In Iowa, the same state of fact exists.

In some counties of that state, where farm used to sell for twenty-five dollars per acre, the farm were mortgaged for one-third of their value; and after a number of farms were bought in by the mortgagee for eight dollars an acre, the amount of the mortgage, all the lands receded to that price.

In Kansas, a very large proportion of the farms are mortgaged - a much larger proportion than in Iowa or Missouri.

A banker said to me, "The money line of these Land Loan Companies always has three points: the agent in the West, who loans the money; the intermediary in the East, from whom he gets it; but the third point in the line is always London.

There is where the money comes from."

Thus, a little bank in Connecticut can loan millions of dollars every year, when it is only making in its regular business some twenty thousand dollars a year.

About two-thirds of the farm of the states of Ohio, Illinois, Indiana, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, Missouri and Kansas were mortgaged by 1890 for one-third of their value, on five years time." - LB Woolfolk

The farmlands of the Great Plains pass into the hands of the Money Power much as the lands of the Southern plantations had passed into their hands in the years following the Civil War.

1891 28% of all farms are rented by tenants.

By 1900 there are 4.5 million farm laborers.


"We are authorizing our loan officers from the Western States to loan on properties, monies repayable by September 1st, 1894.

No fatal date is to exceed this date.

On September 1st, 1894, we shall categorically refuse all loan renewals.

On that day, we shall demand the repayment of our money, under penalty of foreclosure on collaterals.

The mortgaged properties will become ours.

We'll thus be able to acquire, at a price agreeable to us, two-thirds of the farms west of the Mississippi and thousands more east of this great river.

We'll even be able to possess ¾ of the western farms as well as all the money in the country.

The farmers will then become land tenants only, just like in England." - confidential banker's leaflet 1891

1888




mortgage debt

The farmer is the man

The farmer is the man

Lives on credit till the fall

With the interest rates so high

It's a wonder he don't die

the mortgage man's the one that gets it all.

Populist Movement poem


"No Western farmer, at present prices of grain, and beef, and other produce, can pay wages, pay taxes, and support his family in comfort - much less pay off his mortgage.

Some of the newspapers are already saying that the farm laborer of the Northwest must submit to a reduction of wages.

Other newspapers declare that our farmers must lose their farm, and let us have the Tenant Farm System that prevails in Europe.

Conversing with a banker in Kansas, a very clever gentleman, I spoke to him of the great evils that would follow the loss of the farm.

He laughed pleasantly, and said, "I think the farmers will have to lose their farms."

When the farms have been devoured, it will be an easy matter to finish the merchants and grocers of the country towns." - L.B. Woolfolk






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