THE RISING SPIRIT OF UNREST 21 



of staples, was fully as dependent on the market and 

 on transportation facilities as was his competitor in 

 the East. 



In the fall of 1873 came the greatest panic in the 

 history of the nation, and a period of financial de- 

 pression began which lasted throughout the decade, 

 restricting industry, commerce, and even immigra- 

 tion. On the farmers the blow fell with special 

 severity. At the very time when they found it 

 most difficult to realize profit on their sales of prod- 

 uce, creditors who had hitherto carried their debts 

 from year to year became insistent for payment. 

 When mortgages fell due, it was well-nigh im- 

 possible to renew them; and many a farmer saw 

 years of labor go for nothing in a heart-breaking 

 foreclosure sale. It was difficult to get even short- 

 term loans, running from seed-time to harvest. 

 This important function of lending money to pay 

 for labor and thus secure a larger crop, which has 

 only recently been assumed by the Government in 

 its establishment of farm loan banks, had been per- 

 formed by private capitalists who asked usurious 

 rates of interest. The farmers' protests against 

 these rates had been loud; and now, when they 

 found themselves unable to get loans at any rate 

 whatever, their complaints naturally increased. 



