it was in the first, and during the third period dropped to an average ; 
_ present condition through better prices, but only through greater 
oats, potatoes and hay for the past quarter of a century ae ee 
this period into those from 1862 to ’70; 1871 to 79; and 1880 to ’88, we 
find that the average acreage yield of these five crops, the aggregate 
value of which is 92 per cent of the total value of our leading fa 
first; and this diminished ala is ine due in 1 great measure ton 
less careful cultivation which the low prices of farm products seemed _ i? 
in many cases to excuse, if they did not justify. Se ae 
On thé other hand the average market value of these five crops _ 
was, during the second period mentioned, only 75.6 per cent “of what 
of only 66.9 per cent of what these crops upon the average sold for 
during the first period. In view of this great falling off in prices it — 
appears to me needless to seek further for causes of the recent and 
present depression, and I think that no one can doubt that, with a 
restoration of prices to something approximating what they were,a 
revival in agriculture would speedily follow, and gladness would take — 
the place of despondency. 0 ie 
But it seems to me, quite without warrant of fact, to be almost 
universally concluded that such restoration of prices can not in the 
future be hoped for, and upon every hand we hear it said that “over-_ 
production ” is the cause of all our woes, and that, as this is likely to — 
continue indefinitely, there is no hope of future escape from Our iw 
pconomy in production. an 
careful cuusidaratide. For eel I can ne accept either the expla- ¥ ae 
nation wholly of “ overproduction” nor the conclusion that it is long x 
to continue. ‘lai 
To me it seems that this overproduction is relative rather ages 
actual, that it is determined rather by the ability to purchase than 
by the actual needs of the consumer. To take for illustration our 
manufactures, certainly there is of these products of labor an enor-— ; 
mous supply, but does this in fact surpass or as yet even equal tl 6 
reasonable desires or legitimate needs of our people? What woman 
would not be pleased to-day to add a new gown to her wardrobe « 
a new bonnet. What man of us who would not find a new suit 
