3 



Value of Hay Crop in N. Y. 1888, $61,051,010=50.3 per cent, of aggregate 



value of all crops. 

 Value of Cereal, Potato and Tfbwoo Cr< p in K. Y. 1888, $60.282,841=49.7 



per cent, of aggregate value of all cr< ps. 

 Acreage in Hay in N. Y in 1888, $4,983,41 = 5. per (erit. of total acreage in 



all crops. 

 Acreage in all other crops 1888, $4,038,90C=45. per cent, of total acreage in 



all crops. 



If we take the average yield of our leading farm crops, corn, 

 wheat, oats, potatoes and hay for the past quarter of a century and 

 divide this period into those from 1862 to 70 ; 1871 to 79 ; and 

 1880 to 88, we find that the average acreage yield of Ihese five 

 crops, the aggregate value of which is 92 per cent, of the total 

 value of our leading farm crops, had fallen cfflut 1.6 ] er cent, dur- 

 ing the second period from the average yield during the first period; 

 and the average yield of the third period was within 8.6 per cent, 

 of what it was during the first ; and this diminished yield is per- 

 haps due in great measure to less careful cultivation which the low 

 prices of farm products seemed in many cases to excuse, if they did 

 not justify. 



On the other hand the average market value of these five crops 

 was, during the second period mentioned, only 75.6 per cent, of 

 what it was in the first, and during the third period dropped to an 

 average 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. 



But it seems to me, quite without warrant of fact, to be almost 

 universally concluded that such restoiation of prices cannot 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 present condition through better prices, but only through 

 greater economy in production. 



This is a matter of extrcmest moment, and deserving our most 

 careful consideration. For myself I cannot accept either the ex- 

 planation wholly of "over production" nor the conclusion that it 

 is long to continue. 



