66 THE THIRD POWER 



ties to the trade, not a temporary over-supply at 

 times to force prices down, nor a scarcity at others 

 to force prices up. The plea is that these adjust- 

 ments should be made by the farmers, inasmuch as 

 the supply is theirs, and they are the only ones that 

 can make the adjustment in a way to benefit all. 

 And in making it they must consider, first of all, the 

 cost of production — that is, what they pay for corn, 

 wheat and cotton, fruit, vegetables, dairy and poul- 

 try products, etc., in investments, toil, pain, absti- 

 nence and self-sacrifice. We see how it is in other 

 departments of industry. Wages are regulated, we 

 may say, by the law of supply and demand. Yet 

 trade-unions control, to no small extent, the num- 

 ber of laborers — thus regulating the supply. And 

 they strain themselves to the uttermost to keep the 

 supply of laborers small enough to insure good 

 wages. The capitalist, on the other hand, determines 

 to a considerable extent the amount of capital avail- 

 able for the payment of wages, and endeavors to les- 

 sen the competition for laborers. Both these classes 

 influence, in a marked degree, both supply and de- 

 mand. Why should not the farmer do the same? 



So do not allow yourselves to be deceived by the 

 talk about supply and demand. What you have to 

 decide is whether you are getting prices properly 

 proportionate to the cost of production. It is clear 

 that often you do not. Indeed, cost of production 

 is the last thing that you, and those who buy from 

 you, take into account. If wheat at one dollar only 



