In fact, as I stated before the Royal Commission on Depression of Agriculture, it is not probable that a reduction in the price of wheat to forty cents a bushel on Western farms or sixty-five to seventy cents a bushel in England would stop the growth of this grain, although it might check an increase. When the price went down to a very low point on the last excessive crop it is probable that 100,000,000 bushels of wheat were fed to swine and to cattle. It proved to make better pork and beef than maize or Indian corn, and, as the price of meat did not decline in anything like the proportion to the price of wheat, the farmers who thus fed their excess secured a profit which the sale of the crude grain might not have given. In this comment Mr. Powers deals with the reduction in the number of foreclosures in Minnesota. Attention should be called to the fact that the United States census investigation for which a million dollars was appropriated, for the purpose of recording farm mortgages in 1890, disclosed the fact that in the ten great grain-growing States of the middle West two thirds of the farms were then free of any mortgage of any kind, and were well stocked; the incumbrance on the remaining third being less than forty per cent of the computed value of the mortgaged farms. Since that date several State investigations have been made, leading to the conclusion that not exceeding twenty per cent of the farms in these States are now under any incumbrance of any kind. In the more prosperous parts of Minnesota and other wheat sections since the substitution of intelligent and varied agriculture for the single wheat crop, foreclosures have almost ceased, such as do occur being attributed to special causes; while such is the abundance of capital accumulated in this section that the rates of interest on safe investments, which but a few years since were nearly double those prevailing in the seaboard commercial cities, are now about even. When certain causes lately produced a short stringency in the money markets of the East, remittances were made from these Western cities for investment in Eastern commercial paper. In regard to wheat production at a fixed price in London, the Commissioner of Agriculture and Labor of North Dakota remarks: "Wheat at one dollar per bushel in London would net the North Dakota farmer on the average about seventy-five cents per bushel on the railroad track. At that price as a standard, every farmer in the State would utilize all the land he has, and buy up more of the land now lying idle and in the hands of speculators. It would increase immigration so that nearly all the vacant Government land would be taken up. We also have over one million acres of school and State land, of which at least eighty per cent is suitable for raising wheat. Such a price would give North Dakota a boom that never had its equal."