Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1846-06-04
From the Richmond Times.
TO WHEAT GROWERS AND FARMERS,

The following from the N. Y. Express will do
for the perusal OF our farmers after the fatigue of
surveying their broad wheat fields but it scarcely
belongs to the department called light reading un-
less it may be so styled for the light it sheds upon
the farmers interests. Those farmers who assisted
the present dominant party into power, ought to
feel lively concern i'll 1t, il gives foretaste of
the fruits OF cardinal measure OF their party Sc
rl0,Siy. the common sense and tangible arguments
Of this article will ''come home' with painful effect
to the agricultural community; and those among
them who helped to elect MIR. Polk will feel its
force none the less severely for that:
The Price Of Whcat,-Flo,w,-and tcord to
the Fa1nerS-The wheat growers, particularly
those whose crops will soon be ready for market in
North Carolina, Virginia and Maryland, will OBJ
serve that wheat has gone down II cents b1shei
within three weeks, and flotr nearly dollar bar
rel This will be q sad loss to farmers, whose
crops are coming to market, or Upon whom the mar
ket is opening and they will naturally ask tho
reason ,chy.
The price of flour in this country is in good de-
gree regulated In that distinguished, but somewhat
notorious, and not often well spoken Of place. called
Wall street. II flour falls on Change in Wall
street, it falls in Richmond, in Baltimore. in Ro-
chester, in Buflaloe, in cleveland, Oswego and
elsewhere. Now there two causes that NAV
affect the price of -four in Wall street;-frst the
foreign price, and the next the plenty or scarceness
of money in the street. The foreign price ist now
has little or no effect but the scarcity Of money is
the real cause of the fall of wheat and flour
When money Is plenty, the holders of -four are
not driven upon the market, and compelled to sell
at any price. When money is scarce, they must
SELL and for what price they get. BY DIR City
Bank returns this day published it will be seen that
the decrease of loans in this city is 1873 470 and
the increase of deposites S741 SOD that Is so much
capital is Withdrawn from investment, and to the
aggregate amount, money has been made scarcer
Every body knows that for 60 DAYS the money mar
| l-rt IL al.
sure" upon it, and that fair mercantile paper has
been cashed at discount of from 8 to % Der cent
Consequently, people who had -four to SELL have
been compelled TO throw it upon the market and
for what they could get;--for in the absence Of
credit they must have the cash for IT,
! Ii we can now come at what has been the cause
oil this scarcity OF money, can at the cause
! OF the fall in the price OF -four. WELL the Sub
Treasury Bill enacted so suddenly bv the House Of
Representatives has undoubtedly been the caiise-.
When the banks saw, and merchants saw specie
currency was to be the only standard Of the Govern
ment-~-hat paper was to be diScredtcd, and consc-
quenty credit, every body wtnt to work reducing
the currency to the specie standard, that is making
I paper money scarce. in order TO have specie money
/ plentier,-of which last by the way. every body
knows there is not twentieth part enough to do
the business of this country. This subject, how
ever, we need not argue,for the fact that the Sub
! treasury Bill made money scarce here is hniycr-
sally admitted although the Polk party tell us the
scarcity was uncaed Ror and nothing but q panic
whereas and others think, that if tho banks dom
prepare for it when they set 1t really coinint the,
will be caught with too much sail oh again, and BIZ
compelled to suspend specie payments. Our pro
positions, then, are these, which we think, va
have demonstrated:
lst' That the ub'rteasuty bill ctsatcd ycsrci
iy of money.
Cd That this scarcity Of money has reduced th
price OF wheat II CENTS per bushei, aid khocke,
down the price of flour nearly dollar.
we wish the iarnefs Of the United States Il
ponder Upon these propositions, and to sec If il I
der"