298 Wisconsin state agricultural society . 
mizing the supplies of a country, by high prices, during seasons 
of scarcity, and by his reserving the surplus, during years of 
abundance, for harder times. The price of any commodity sel¬ 
dom rises in the exact ratio of increased demand, or of dimin¬ 
ished supply. It may rise in excess of that ratio, or keep far 
short of it. Demand not only acts upon price, but price reacts 
upon demand. The extent of this action and reaction depends 
much upon circumstances and the nature of the commodity. 
Our most urgent wants are soonest satisfied. Bread enough is 
better than a surfeit. It is desires of a higher nature—those 
which come of civilization and refinement, that grow with what 
they feed upon. Any excess or deficiency of the common articles 
of food tells rapidly upon their price. A very general failure of 
the wheat crop will raise the price not in the ratio of the defici¬ 
ency, but according to the relations of the diminished supply to 
the new demand. It has sometimes happened that a failure esti¬ 
mated at one third has doubled and even quadrupled prices. 
This brings us face to face with a condition of things which in 
the northwest, at least, is now made the subject of bitter com¬ 
plaint. It is alleged that the rewards of industry are not being 
properly distributed—that the railroads and other transporting 
agencies are appropriating to themselves too great a share—that 
the profits which should accrue to the farmer are eaten up by the 
numberless middlemen who intervene between him and the ulti¬ 
mate market, or between him and the manufacturer of the tools 
and machinery necessary for his use. There is unquestionably 
much truth in these charges, and some reason afforded for com¬ 
plaint. But if the principles which we have been considering be 
correct, there is some danger of drawing false conclusions in regard 
to the nature and extent of the evil, and still more of mistaking 
or misapplying the remedy. If the prices of wheat and other 
staple products of the farm are, at the present time, here and else¬ 
where, relatively low—then supply must be in excess of demand, 
and the fact that thousands in some quarter of the globe are perishing 
of hunger affords no proof to the contrary. I repeat, demand must 
include the means of purchasing to operate upon price. The 
remedy in the case supposed is plain—the supply must be checked 
or the existing demand must be made effectual. But if prices at 
