People's Pilot, Volume 4, Number 47, Rensselaer, Jasper County, 16 May 1895 — The Theory of Overproduction. [ARTICLE]

The Theory of Overproduction.

An attempt has been made to account for the fall of prices upon tjie theory that there Is overproduction. It is unreasonable to ask us to believe that there has been an overproduction all along the line for twenty years, and the fact that millions of men have not enough food or clothing is sufficient to demonstrate that the theory is abßurd. Take wheat for example. The belief is general that this country constantly expands its wheat growing area. In truth, we had 2,000,000 acres less in wheat in 1890 than we had in 1880. The wheat crops of the world are not excessive. They do not increase as fast as the requirements of the population demand. Here are the figures for ten years: 1884 2,060,077,697 1885 2,063,502,925 1886 2,193,997,000 1887 2,227,415,000 1888 2,212,843,000 1889 2,085,505,000 1890 .......2,170,123,000 1891 2,359,294,000 1892 2.392,727,000 1893 2,359,636,000 It is urged that Russia and India are pouring out wheat in extraordinary quantities. In truth, the exports of Russian wheat, last year, were less than in 1890 and 1891. India began to export wheat only after 1873. She does so because her great annual tribute to England, like ours, is paid in commodities; and as prices fall, a greater quantity is required to pay the same amount of debt. India and Russia are famine ! -countries. The people have no surplus | food for export. When they dp export food, they do so because they must, not |at all because they have more than they can eat.