Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-28
Profit 10 the Miller,

81
Profit 10 the Miller. see
The bran and shorts will more than pay the cost OF
the barrel You will thus that on an investment
of sc SO the miller makes 81 60, or nearly Is per cent
and the whole operation does not occupy ~ days.
Nov 3d. 1887.
The correspondent who occasionally favors the p-
Gus Journal Of Commerce with lucubraons upon the
flour market, Is miller, man who elght years ago
sought the Office of Justice of the Peace to obtain
bread for his family bGt IS now supposed TO possess
fortune, acquired by profits upon the bread eaten by
others. mention this fact merely to show that the
correspondent efthe Journal is interested in nculca
ting the idea Of short crops Personally, ne IS gen.
tleman, if not "schoar." assure you that there
is no truth in the cry of a short crop The writer in
the Journal admits that the amount Of flour going
down the canal, is larger than last year'-and ac-
counts for i by mentioning the amount OF new
lands cleared up by the emigration westward" But
he tells us there is an outlet for this increased sup
py furnished by the "increase Of population in New
York, and other cities on the seaboard! Even the
interested and corrupt presses IN Wall street admit
that there has been large decrease in the population
ofNew York, and no doubt this is true OF other At
anc cites The population that has left the Allan
tic cities where last year they were consumers have
emigrated westward and not only raise their own
bread bu, have become producers for others. But
mark the charlatanery with which this, man speaks
Of New England having raised an abundant crop Of
coarse grains" and that they will not let loose
from the luxury Of wheat flour" He seems to have
overlooked the fact that Maine has raised surplus OF
wheat -four this year, and that much larger guam
titles of wheat than usual, have been raised all over
New England. l will venture to say that the crop of
potatoes was never so large IN this state as this year
The crop of oats is mmense--corn toleraby good,
and wheat, with the exception OF the counties bor-
dering on lake Ontario more than an average crop
The simple truth is that the wheat harvest this
year from ten to fifteen days later than usual This
made il necessary for the farmers to give their aten-
ton as soon as harvest was over to sowing the crop
for next year, instead of thrashing their wheat for
market. The laleness of the harvest will make il i'm
possible for Ohio and other western states TO get
heir wheat to market till next sprlng-but it's agreed
all hands that the crop in those states IS better and
larger than usual. The monopolsts have protted by
this late harvest to raise the cry OF short crops but
depend upon it, il is false alarm" The price Of
wheat here now is 81 GO, bat predict that soon
the canal closes, the mers will knock down the price
20 per cent. Mark this prediction. As proof that the
CORES pondent of the Journal thinks so himself will
call your attention to the close of his communication
where he intimates in the "most delicate manner"
that all wise and judcious dealers will lay in sup
ply now" &c, &C.
/ have in previous communication given you a
sketch of the progress of monopoly from the origin Of
the combination between the millers and forwarders
some years since, (say 1929 or 30) up TO the time
when by change of actcs the monopolists made
the instead OF the producers the subjects of
extortion. This new system began 10 develope itself
in 1888 a, and was perfected in 1885 g, when by the
creation of batch of new banks by the legislature
large amount of fictitious capital was thrown into the
hands of the menopollss. | have said that the new
tactics of the combination required an addition of
capital and facilities and thatit became necessary TO
enlist the banks in the crusade against the eaters of
bread You will recollect that about the same time
to which REFER commenced those siupendous specu-
aons in lands, particularly farms and wild lands IN
the western parts of this state in Ohio and Michigan
Farms that in 1888 lin this county, were sold at S25
go per acre. sold in 1895 and g at $50 to S75
The large capitalists of this state were deeply anga.
ged in these specuauons, and particularly the bank
yssidens, cashiers and large stockholders. The i'm
incnse estates fthe Holland Land Company, embra-
cling whole counties, were bought up by new compa-
MES of bank presidents. To enhance the value of
these lands II became necessary to raise the price of
agricultural produc 8.
You will therefore see what powerful motives i'm
PEELED the men who control the banks TO forward the
views Of the monopolists. These interests were iden
tical-both were TO be promoted by raising the price
of land and products at the expense OF the consul
ners and both would suffer by depreciation of
prices. Who then wonder that the whole power
of the bank interest was thrown into the scale to
enable the Combination" TO grasp the produce of the
country, and TO maintain prices at all hazards? Such
was the result And am now prepared TO assert
that the determination of the flour monopolists, the
land spectators and the banks, to maintain the high
prices Of produce at any and every hazard, actually
contributed more than any sher cause 10 the suspen
sion of specie payments by the banks Of this state
Had not the fortunes Of the banks themselves, and
OF the men who control them, been linked with the
fate of the flour monoposts, general suspension
would have taken place, and flour would have been
sold in your city last winter at IS barrel.
These may be startling assertions, but before ] am
done will establish their truth beyond cav. IL
therefore becomes necessary to alude 10 the manner
in which the Business of the produce dealers IS con-
Quoted.
IL has not been necessary for man to possess
any capital OF his own To become Hour monopollst,
and TO realise a fortune in n few years. lie buys
nll site and builds n mill Of cost Of say 10000
bank To secure his business when the mill Is IN ope-
ration, lends him $4,000 and takes mortgage on
his mill This is considered permanent loan. A
commission house in New York, TO secure his com.
mission business, lends him another sl5, 600 and
takes the same security. The house in New York
sells his flour and accepts his drafts Hell now rea-
dy to commence his operations. He draws upon his
agent in New York at thirty, sixty, or ninety days
gets his draft discounted the bank-goes into mar
ket and buys wheat, manufactures il into flour, and
forwards il 10 his agent in New York 10 be sold in
season 10 meet his draft when due This kind Of bus
ness is coveted by the country banks-the transac-
ton is based upon species ofproperty always salea
be-glves them funds in the city TO redeem their is
sues, upon which 10 draw nj a premum-and gives
their bills wide circulation among the farmers
Look al the ease with which Sinclair, the miller, OF
Seneca Falls, who was robbed recently, procured a
large sum from various banks in time of pressure
and Distress"
It's not surprising, then, that at the time OF the re-
vuson last spring, large proportion of the assets OF
the country banks consisted Of this description Of pa
Non uill zoe tharefsye he IN cOnneC lion