The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-02

els being % per more canada than TO England
Or II we take the last three years have sent into ana
do 634S6o7 bushels and into England OS7 9S bushels he
ing more than hree times as much into Canada as INTO
England
From all this he infers that our exports are very
insignificant as compared with the consumption OF
this country. As far as the number of bushels are
concerned, the export is comparatively insignificant
but far its effects prices are concerned II 10
mighty 1t is the price obtained for the excess
exported, which fixes the price OF the whole
amount OF produce. The farmer consumes
more than half his own produce, but his own
consumption has nothing to do with the price
Of it. That depends upon what he gets in the
market for the surplus The price OF gram
in Virginia depends upon the price In New fork,
and the price there depends upon the price IN FOR
egn countries. thousand facts could De pro-
d9ced to establish this position but little reiec-
ton will satisfy any one of its truth. Whenever
in any country, there is n surplus Of any commodl-
ty whenever the supply exceeds the demand, COM
petition takes place between the holders OF It unit
the price Is brought down to the lowest point And
on the other hand, when there is deficiency OF
supply, competition takes place between the buy
ers, until the article is advanced TO very high
price And il does not require large surplus or
deficiency to produce this result The rise or fall
Of price is by in the ratio OF the excess or
deficiency Of supply. Very often very small sur
plus will cause very great fall and so "p'es usr'a
A striking illustration Of this cannot be pro-
duced than the corn trade Of England itself affords
Mr.. Patt in his history Of the corn.laws says;
"rhe average price Of wheat for 1885, was under
40s. the quarter AMI after 1889 II was 81 per cent
higher, or T0s. Cd; yet no one will assert that the
crops were nearly ons-half below an an aVearge or
even one-fouTth The deficiency in 1889 is not es-
tmated as more than seventh, or, at the utmost
one-hflh, yet the prices rose to nearly double
their amount. This the effect Of the increased
demand in England. What was Il on the CONT
nenR The same author says; ain 1888, after we
- = tRNg 10 he
continental markets, we again became extensive
purchasers Before this necessity fully appa-
rent, the price Of wheat at Dantzic was as low as
Pas. Id. tho quarter but in the course of the year
prices advanced to 6ls 2 l.. being rise Of l54 per
cent, occasioned by the demand in England. At
Amsterdam the rise was l3l per cent.
The New York price current and our commercial
document shows the same result IN this country,
flowing from decreased demand. In 1912 we ex-
ported I 237 968 bushels Of wheat to all the world.
To Great Britain direct, and through the CanadaS,
3 Cos 544, and the price in New York was from
81 % to 81 %. In l643 we exported to all the
world 4 sig O55 being falling off in the export Of
2,7lS9l3. To Great Britain direct and indirect,
our export ,3l6 ,522 being less by :, 1852 OPP
nearly the entire falling off being export TO
England; and the price in New York was from 30
to IS cents The falling off in the export lit
tie more than two per cent. upon entire crop,
and The fall in price was 40 per cent
But it is unnecessary to elaborate this point. We
all know with what anxety, small as is our export
to England, in comparison with our entire product
Of wheat, the farmers look out for the news Of the
character of the English harvest IL is fresh in the
recollection Of all Of how prices Of agricultural
produce advanced last autumn as soon as it was
certsined that the English crops were short
Having thus seen that the price OF grain in this
country WILL TO very great extent be regulated by
the price in England, let us what will be the
probable price there under a system Of free trade in
W ,v ,d,y hat he
Of wheat in England for the ten years endi"g lSi5
most Of which period one of good harvests-
has been SIS Id per quarter, or about 81 IS per
bushe.
We have also that the average price on the
continent for the last three years, when the demand
| in England has been comparatively light was Ass
the quarter. All charges added would bring about
up the average price in England for the last
years. | have read all the debates in Parliament
which have taken place on this subject in the last
few years; and also Of the authentic and vau
able publications. And no one, whose opinion has
any authority, or who gives any substantial reason
for his belief has supposed that the general average
under free admission of grain, will be less than it
has been for the last ten years; and in years Of
scarcity it is admitted il will he higher. Take the
general average Of 81 IS per bushel, and let in
qulre what will be the price in New York | am in
formed upon good authority that the freight from
! New York to Liverpool is generally IA cents per
bnshel, and that the exchange between this country
and England, which is generally about 9 per cent
will cover other charges. The gentleman from
Massachusetts Mr.. HuDsoS, estimates the freight
at from II to Is cents per bushe and comedies the
| exchange to be 10 per cent. But TO avoid all cavl
will put down the freight and charges, in addition
TO the exchange at 30 cents per bushel which, with
the exchange. would be between 25 and 80 cents
per bushel. That would leave the prlce, on the sea-
board, at 81 SIS per bushel. The freight from
Chicago to New York is 81 cents per bushel from
Detroit %; from BuffHlo % Indian corn is gen
orally little than half the price Of wheat
and oats, little than half the price
of corn. The New York price current of this
morning quotes corn at 6S So cents; wheat
farmer, want no more prosperity than can en-
Joy with 81 S. or even with steady price of 81 25
for my wheat, half the price for my corn and half
the price Of that for my oats. And that at least
shall enjoy, and | believe more, if Congress will
only give the agriculturst "a fair field and no ia
vor." That is all ask from them. Surely surely
they compose the great mass Of our popuIa-
tion have right to ask that.
The gentleman from Massachusetts,, Mr.. HUp-
SON. says that labor in the grain growing countries
of the continent of Europe is cheaper than with u.s.
and he insists that they will be able to undersel US
only in the English market; but even in own,
if the duty on wheat were repealed; he refers to
the fact that in 1887, imported 2 $780, 02 bushels
Of wheat more than we exported; and he asks the
independent ycomanry of the West if they
Are willing be brought competition with the
downtrodden Poles and serfs of Russia. and
PEELED to labor for fifteen twenty cents day. Would
devotion party the satisfaction OF following out the
uve theory Of free trade, reconcile them to a condition
degraded II they possess the independent spirit of
freemen-if they are Americans-they will spurn such
idea"
Can anything be more ridiculous than all ths9 I
would not degn to answer it, if had not found
that absurd fnIlacies have heretofore to some ex
tent received credence.
LIST. As to the import of wheat in 1897: that was
owing to a variety Of causes which then, for the
first time, and it is to be hoped for the last, co.
existed During the years 1894 1885, and 1886
there a succession Of good harvests in Europe
In 1897 the summer in Europe everywhere wns
warm and genial, and the crop was uncom.
monty abundant. In August 1887, wheat
sold in Hamburg for from 22s 4d. to 29s 4d. the
quarter That was the era of paper expansion and
wild enterprise in this country. The paper bubble
then at its extreme imitation, and reckless spec-
ulaton had usurped the place of regular industry.
Canals, railroads, morus multicaulis every sort of
humbug and scheme was started and projected in
every part Of the country and one-haf the industry
lOft he rted Il.