Unless it can be proved that my correspondents and myself have entered into a conspiracy to mislead the public in dealing with the potential of this country in wheat production, nearly all the deductions from the figures of the past must be considered mere statistical rubbish. These statistics cover sections and States in which wheat should never be grown or attempted in competition with the true wheat soils and climate. As well might misplaced iron furnaces, built to boom city lots where there are no favorable conditions for the production of iron, be included in an average and held up as a standard of our potential in iron and steel production.
In my efforts to discover the rule of progress in the arts and occupations of the people of this country, it has become plain that in ratio to the application of science and invention to every art the quantity of product is increased, the number of workmen is relatively diminished, the price of the product tends to diminish, while the wages or earnings of those who do the work are augmented. I have investigated many branches of industry, and find evidence conclusive to my own mind that such is the law of industrial development. This rule is subject to temporary variations under the restriction of statutes. In my own judgment, the so-called protective principle or policy of interference with commerce by imposing fines on foreign imports has retarded the progress of the specially protected arts, and has in some measure obstructed the diversity of manufactures; but the opposite policy of absolutely free trade in our domestic traffic over a greater area and among a much larger number of people than have elsewhere secured their own liberty has been so much more potent in its progressive influence as to have lessened the evils of the restrictions on foreign trade.
According to my observation, all the efforts to regulate railroad charges by State legislation and under the interstate commerce act have greatly retarded the progress of the railway, and have deprived great States, notably Texas, of any service at all commensurate to the demand which might otherwise have been supplied to the mutual benefit of the owners of the railways and the inhabitants of the State. The most serious retarding influence, especially evil in its effect upon farmers, was the useless panic of 1893, caused by the silver craze--that is to say, by the effort to enact a force bill by which the producers of our great crops would have been compelled to accept money of half the purchasing power of that to which their industry had been long adjusted. This caused a temporary paralysis of industry, in which I think none suffered so much as the farmers of the country.