Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1829-10-22

duty, viz, one shilling sterling OH the quarter OF
eight bushels. This event had boon looked for as
likely To produces considerable advance in prices;
but it fouiid that expectation lai produce ed ell
the effect and rather more, than the reality would
sustain.
For five months from the beginning Of November
to the end of March, the price of flour was maintain
ed with remarkable frnness at or above seven and
half dollars; but matter of course, when the
new harvest was seen in the distance, prices bepan
to decline, and on the LIST of August "a 30 were with
in I2i cts of where they We're twelve months before
There WAS one circumstance IN. the history of the
Corn market during the time have rome over
Which we Dndit very difficult to account for. The
price OF coarse grains Wero at no time mat eriay
+, raised II there real scarcity OF farinuceous
food, is srunGe that it should not have been ft
i'll Indian corn rs well us i'll wheat. Or fthe scar
city existed IN wheat only, 1t would thut the
high price OF wheat must have increased the con-
sumption flower grains and in the end raised their
prices proporlionably. IF the high price of wheat
was owing entirely or chiefly to speculation, it is
strange that coarse grains should have been UNDECIDED
by Spectators. But that the high price of wheat
was owing to Il real scarcity think is evident
from the fact that there was such reaction in the
market as there must have been if by too high
price consumption had been improperly restraned.-
1t any body can giTc US solution Of this anomy we
Shpll be glad to see il.
The above outline affords full evidence oithe fol-
~ of governmental regulations III time of scarcity
That mysterious controller of ali these things price
adjusted the consumption to the supply with surpri-
sing eXactness. The crop of 1873 was made exact
ly to reach that of 1929, and no more So iudici
ousiy did the price of fionr down that in the
extreme, 1t did not go by the correct point than
! l2acts. per barrel. No government ON earth could
have so IIdicouSly dealt out the crop of 1925.
The history we have given is honorable to the pru-
dence anu sound discretion of American merchants;
and especially c say it only because it is true) those
! OF New York. Tho there was less excitement and
less random speculation throughout the country than
might nave been expected, there oil other inl-
porant tnarscis, more than in New York. And il
off a
New York merchants connected With the corn trade
that fhc Country gathered from this business so MANY
profits, and sustained SO few losses. The farmers
every where wore benefited, and great many ner-
chants added TO their fortunes; while the number
rho the whole suffered loss was not great and
or those who suffered runously very small indeed
1t is WORTHY of remark, that although the crop Of
1929 Is known to be abundant both ut the West
and South the receipts of the season. thus far have
entirely disappointed the expectations founded o.: that
fnc having been really much less than thew were d
year ago. The reasons assigned for this early in
the season, wcro drought al the North wet al tho
South, aud the disposition of the agyculturst not to
sell too early. as some of them think they did last
year. 20 al this, however, it must no doubt be ed-
died. that the high prices ofia year brought forv I'd
al the Old stocks, and left the granaries, both of Eu-
rope and America, empty. So that, should prices
Tor this year continue low, considerable part of the
crop Will go to supply this vacuum, and be retained
III the hands OF the growers. After all the attention
winch was turned to the English markets. the exports
0c 1nat country from the crop ct 1928 compar-
atiVey trlilng, and whole export to Europe bore
but small proportion to the exports which the north
crn ports of the Continent made to England alone.
ite following is an extract ofa letter, dated
~ , IivERPooI., August 81.
you allowed your anticipaio1s 10 outr1ln the re-
ahty last season. Your prices advanced so RAPIDLY.
that not single shipment was made which Jeff a
profit and while have had since last harvest near
lY 3,ooo,oOo quarters of grain from the Continent
we have had only 10000 bbls. OF Flour from the
United States