FARMERS' CONGRESS. 



FINANCIAL REVIEW OF 1898. 



in economic knowledge, which is, after all, the key- 

 note of profit everywhere* 



"Our agriculture is becoming nationalistic. This 

 Farmers' ( 'oiigress is one of the proofs of this asser- 

 tion. The march of study, investigation, knowl- 

 edge, have opened to the farmer a new view of the 

 marvelous array of forces which surround him. 

 Both the farmer and the men of science are coining 

 to see that the farm constitutes a magnificent do- 

 main of intellectual conquest. We are just begin- 

 ning to feel as a people that agriculture is an intel- 

 lectual as well as a manual pursuit ; that from the 

 humblest tenant to tin- lordliest ranchman progress 

 and profit depend on mental comprehension of the 

 principles involved, and an energetic obedience to 

 that comprehension. Comprehension means intel- 

 lect : obedience means business. Some men are all 

 intellect and no work; others are all work and 110 

 intellect. The true farmer unites both. Our com- 

 mon schools recruit the academy, the college, and 

 the university, and they, in turn, recruit every pro- 

 fession but farming. Our young men flee to the 

 towns and cities because we have educated them to 

 do so. Nearly every European country is putting 

 forth strenimus efforts to stop this tendency by 

 teaching the elements of scientific agriculture in 

 the common schools. It can be done as easily as 

 the teaching of the elements of scientific arithme- 

 tic, or chemistry, or philosophy. 



"The Farmers' National Congress is a patriotic 

 liody. The meaning of patriotism is self-sacrifice. 

 Without sacrifice there can be no patriotism. The 

 very fact that you have assembled here, many from 

 a great distance and at your own expense, gives 

 proof of your public spirit, your anxiety to benefit 

 the cause of agriculture, and of your practical 

 put riot ism. 



" Heretofore the cry has been more land, until 

 the farm has become bigger than the farmer. This 

 makes expensive farming. The necessities of the 

 hour say, make the fanner bigger than the farm. 

 The progress of economic thought and understand- 

 ing has enriched every other class of society more 

 than the farmer. A number of our farm products 

 are produced just as expensively as they were forty 

 years ago. Ancient farming no longer pays. Our 

 ability to retain the markets of the world depend 

 entirely upon our economic skill. Our talk about 

 cheap land has, I fear, cheapened our thought and 

 our estimate of what is involved. Expansion in 

 acres or in national possessions will not help us. 

 The expansion of the orain, skill, and judgment of 

 the farmer will help. Let us never lose sight of, or 

 forget, that the great objective point of all farmers' 

 organizations is to make better farmers." 



The usual standing committees were appointed 

 and the routine business was transacted. 



The Constitution has been amended in several 

 particulars, mainly of minor importance. 



Resolutions were adopted in favor of the Nica- 

 raguan Canal, rural free mail delivery, good roads 

 and State aid in building them, laws" against riox- 

 ioii- weed-, liberal appropriations for the improve- 

 ment of rivers and harbors, an American mail serv- 

 ice to foreign countries in American steamships, 

 more stringent laws against food adulteration, the 

 development of the beet-sugar industry, laws pro- 

 viding that but ferine, oleomargarine, and similar 

 products shall not be exempt from the laws of any 

 State by reason of being introduced into that State 

 in the "original package," a law to prohibit the 

 false branding of any food product as to the State 

 in which it is produced or manufactured, the teach- 

 ing of the elementary principles of agriculture in 

 the common schools, farmers' institutes, laws re- 

 quiring that the true name of any adulterated arti- 

 cle of food be stamped thereon when exposed for 



sale, more stringent laws against Texas fever, tex- 

 tile departments in connection with State agricul- 

 tural colleges, and the bill to give the Interstate 

 Commerce Commission adequate powers. 



Many addresses were delivered, covering nearly 

 every phase of farm industry. Among these the 

 most prominent were that of Booker T. Washing- 

 ton, of Tuskegee, Ala., a promoter of industrial 

 education of the negro race, that of Sefior Miguel 

 J. Romero, of Venezuela, and of Sefior F. M. Del 

 Rio, of the republic of Mexico. 



The Legislature of Massachusetts had made an 

 appropriation to cover the expense of the Congress, 

 provided it would come to Boston in 1899, and that 

 city was selected. After a free excursion of four 

 days via Houston, Galveston, Waco, and back to 

 Fort Worth, the Congress adjourned. 



FINANCIAL REVIEW OF 1898. Political 

 tension, more or less acute, prevailed in Europe, 

 America, and Asia throughout the greater part of 

 the year, though there was a remarkable absence of 

 severe financial disturbance as the result of these 

 political troubles. The occupation of Port Arthur 

 by a Russian naval force, which was accomplished 

 in December, 1897, was followed by preparations for 

 the permanent retention of that port, and by fur- 

 ther aggressive movements by Russia, which, early 

 in the year, seemed to threaten a rupture of friendly 

 relations between that country and England. Haj * 

 pily, however, the differences were adjusted and, 

 through diplomatic representations and confer- 

 ences, harmony was restored. One event was the 

 deposition of the Emperor of China on Sept. 19 by 

 the Empress Dowager, which was apparently the 

 result of the influence of Russia. Germany and 

 France retained the territorial and commercial con- 

 cessions in China which they secured early in the 

 year, England also retaining those privileges which 

 had been previously enjoyed, and likewise securing 

 important railway concessions. One notable event 

 in the near East was the enforced evacuation, Nov. 

 14, of Crete by the Turks, at the demand of the 

 allied naval forces, and the subsequent installation 

 of Prince George of Greece as the High Commis- 

 sioner of that island for the powers. An Anglo- 

 Egyptian expedition, under command of Gen. 

 Kitchener, captured Omdurman, Sept. 4, and dis- 

 closed the presence at Fashoda, south of Khartoum, 

 of a French force under Major Marchand, which wjis 

 held by the British general to be an unfriendly 

 intrusion. The attitude of the British Government 

 regarding this intrusion by Major Marchand caused 

 intense irritation in France, resulting in a min 

 rial crisis. Active warlike preparations by Englard 

 gave some color to the rumors that the situation 

 would soon become acute and the financial markets 

 at London and Paris grew tense, the bank discount 

 rates advancing and international securities declin- 

 ing. The situation grew less grave toward the end 

 of October, though during the following month the 

 internal troubles in France at intervals threatened 

 a revolution. The outbreak of war between the 

 United States and Spain seemed likely to provoke 

 intervention by France and Germany. The hoi 1- 

 ings in France of the Spanish external debt were 

 very large and German bankers were also, to a 

 great extent, interested in these securities. Hence 

 the motive for possible intervention. The Spanish 

 Government early in the year sought the material 

 assistance of these powers, but the friendly attitude 

 of England toward this country effectually pie- 

 vented active interference, and" later assurances 

 were given of an intention to observe strict neutn.l- 

 ity. The effect in the European markets of tie 

 war was chiefly observable in the fluctuations in 

 Spanish 4-per-cent. external bonds, these being at 

 first sharply depressed, and then irregularly p;-.r- 



