The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-10-23
Commercial Condition OF tho Old and New
Worlds.


Very few philosophers in Europe imagined
twenty years ago. that the United States would
be, in that short PERIOD the granary of the world;
that the starving millions of the old W ould look to
the producers of the new world for the staff of
life; or, that we could furnish supplies to
make good the slightest deficiency in their own
harvests.
Its a very fortunate circumstance that we are
able to meet any external demand the necess-
ties of foreign nations may create, and it is also
fortunate that such alterations and notifications
have been made in the commercial system of
Great Britain, as will not only freely admit our ag-
ncultural products, but which will cheaper the
price OF bread stufs to all classes. Necessity
knows no law, and the bread riots, which have
already taken place, at this early day show what
we may expect before the season closes, if some
thing is not done to relieve the distress of the
poorer classes The government of Great Britain
is fearful ofthe effects OF famine in Ireland, and
has adopted measures to put down any serious
outbreak among the starving millions. A large
naval force has been detailed for the coast service
for the transportation of food, and for the support
Of the local and civil authorities, in case of an
emergency. We anticipate dreadful times in
Ireland, in spite Of ali the efforts of the govern
ment to furnish food for the poorer classes A Sc
cond failure of the potato crop, must produce
vast deal OF distress.
It is estimated that the yield of this crop will
not amount to more than one-third that of lS45
Although larger per cent. OF the production
will! prove good this year, the aggregate quantity
will no, be near so large as last year Had the
crop OF 1915 turned out good, or in other words,
had there been no disease, the harvest would
have been immense. partial loss, therefore,
did not reduce the supply below the wants for
consumption. This year the cultivation has been
limited compared with last and q partial de-
struction must have a more serious effect upon
the supply.
II cannot be denied but that this must have
very important influence upon prices for bread
stufs, independent of any speculative movem ent
which may be produced by the increased demand
and we have no doubt but that prices, in all the
markets OF this country, will reach point as high
as any reslized for several years past. Every add
vance increases the speculative excitement, and
although the actual scarcity is of itself sufficient
to carry prices up considerably above present
rates,we have our fears that speculation will carry
them much higher than the circumstances will
warrant, and that ruinous reactions will break
down many engaged in the movement.
1t must be admitted that many of the accounts
which are put forth in relation to short crops are
grossly exaggerated; and it would be safe, as a
general rule, to make very great allowances for
those circulated for three or four months after
harvest. In consequence of this, it invariably
happens that prices in the fall, before the actual
extent of the harvest is known, higher than a,
any other time.
The demand for our staple products is likely to
be very extensive, and prices will, without doubt
60 far beyond remunerating points. Our pro-
ducing classes reaping rich harvests, and
rapidly increasing in prosperity. On the other
hand, the prosperity of the people OF Europe must
be very seriously checked by the high prices bread
stuffs comman and commerce must feel the de-
pressing influence this state of things.