Contemporary American History, 1877-1913Beard, Charles A. (Charles Austin)
History
Contemporary American History, 1877-1913
Beard, Charles A. (Charles Austin)
United States -- History -- 1865-1921
The sources of agrarian discontent were obvious. During the War, prices
had been high and thousands of farm "hands" and mechanics had become
land owners, thanks to the homestead laws enacted by the Republican
party; but they had little capital to start with, and their property was
heavily mortgaged. When the inflated War prices collapsed, they found
themselves compelled to pay interest at the old rate, and they figured
it out that capitalists and bondholders were the chief beneficiaries of
the Federal financial legislation. In spite of all that had been paid on
the national and private debts, the amount still due, they reckoned,
measured in the products of toil, wheat and corn, was greater than ever.
They, therefore, hit on the conclusion that the chief source of trouble
was in the contraction of the currency which reduced the money value of
their products. The remedy obviously was inflation in some form.[35]
While the currency thus became the chief agrarian issue, the farmers
attributed a part of their troubles to the railway companies whose
heavily "watered" capital made high freight rates necessary, and whose
discriminations in charges fell as heavy burdens on shippers outside of
the zones of competition. The agrarians, therefore, resorted to railway
legislation in their respective states--the regulation of rates and
charges for transportation and the conditions under which grain should
be warehoused and handled. In Illinois, Iowa, Wisconsin, and other
states, the law makers yielded to the pressure of the farmers for this
kind of legislative relief, and based their legal contentions on the
ground that the railways "partook of the nature of public highways." The
Grangers were strengthened in their convictions by the violence of the
opposition offered on the part of the railways to the establishment of
rates and charges by public authority, and by their constant appeals to
the courts for relief.[36]
Public-domain text, read in full here on John Shaqi.
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