of their total production or of the world pool, yet the total of
the world pool operating through this minor segment makes the prices for
a large part of the farmers' commodities. Therefore, the effect in
normal times of restriction in production in any one country does not
affect price so much as theoretic argument would believe. The farmer
must plant if he would live, and he must plant long in advance of his
knowledge of prices or world production. He can make no contracts in
advance of his planting, nor can he cease operations on the day prices
fall too low. He is driven on, year after year, in hope and necessity,
and will continue over long periods with a standard of return below
rightful living because he has no other course--and always has hopes. He
will vary fairly rapidly from one commodity to another--from wheat to
other grains, for instance--but he mostly raises his maximum of
something. In the long run of decreasing prices he would undoubtedly
reach so low a standard as to cease production. Then comes a
comparatively short period of higher prices in some commodity;
production is again stimulated and followed by long intervals of low
standards. As shown by the following table, on the whole, the farmer has
not been underpaid during the war, but the currents again are turning
against him.

It will be seen that the farmer enjoyed prices equivalent to or higher
than the general level up to the last six months. He is now, however,
falling behind in some important products. Unlike the industrial
workers, he is unable to demand an adjustment of his income to the
changed index of living.

-------------------------------------------------------
| Index of Prices at the
| Farm in Principal
| Produce States
-----------------------------
| A P | | | |
| l r | | | W | C
Department of Labor | l o | H | C | h | o
Wholesale Index of | d | o | o | e | t
All Commodities | F u | g | r | a | t
| a c | s | n | t | o
| r e | | | | n
| m | | | |
-------------------------------------------------------
Pre-war | 100 | 100 | 100 | 100 | 100 | 100
First Quarter 1918 | 187 | 200 | 213 | 22