SECRETARY'S REPORT. H 



to twenty biisliels of wheat each; or a cash value of thirty dol- 

 lars, (which is much less than has uniformly been the case when 

 serious embarrassment followed,) and we have an aggregate of 

 43,472,250 dollars — it is just so much taken out of the surplus, 

 and of course out of what would go to make up the business of 

 the country. Every man, if honest, will purchase only what he 

 has the means to pay for. The farmers buy wliat the surplus 

 products of their farms enable them to do ; — if their net income 

 falls below the general average, their trade will be diminished 

 to such amount. This affects, first, the retailer, and not only 

 lessens his sales, but makes difficult, if not impossible, collec- 

 tions for what he has sold on credit. If he has laid in his usual 

 stock of goods, depending on sales and collections to pay for 

 them, he not only fails here, but loses interest and suffers from 

 depreciation in the value of his goods, and unless ho have a 

 sufficiency of other and available capital, must obtain an exten- 



cinn nf nrorlit^ oi^ fall. Tlilc f>ripplog Ills CrcditOrS, aud tllCy In 



turn must get relief, or fail, and so on. If all are short, the 

 crash must come, and this uniformly is first perceived in the 

 great centres of business. When it comes, the demand upon 

 those in the rural districts to pay up their indebtedness be- 

 comes imperative, and it can only be responded to by ruinous 

 sacrifices; and thus the whole country is involved in distress, if 

 not in bankruptcy. 



Beginning at the farm, by a failure small in amount to each 

 individually but great in the aggregate, the loss reaches in its 

 effects, every industrial occupation, every branch of trade, and 

 every class and individual in society. Hence, too, the success 

 of agriculture is of equally extensive benefit, for it manifestly 

 underlies, and sustains, and is the firm and unflinching support 

 of all. 



No one professes to believe that agriculture is alone neces- 

 sary to the prosperity and greatness of a nation, it being per- 

 fectly obvious that the farmer needs a market for his surplus 

 products, wherewith to procure the convcniencies and luxuries 

 which the farm does not produce ; and the nearer the market, the 

 better, so that true policy dictates that all branches of industry 

 should go on hand in hand, in as near juxtaposition as circum- 

 stances will allow, and trade and commerce effect the needful 



