Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1847-04-01
THE WHEAT TRADE OF THE CoUx-
TRY.
a letter to The Hon. Meredith p Gentry, 0
Tennessee.


"A letter to The Hon. Meredith p Gentry, o.
Tennessee.
/ S1R: In answer to the inquiry you propoun-
ded TO me before we left Washington, will
now proceed TO state the causes which have
contributed to raise the price OF our great agri-
cultural staples, and 10 enable US 10 send an
unusual quantity abroad. In rhe first place 1t
should be remarked, that no articles In the mar
ket are SO fuctualing in their prices as the
products Of the soil. Wheat, which sold in
our ports IN 1884 for from 81 to ST. 10 per bush
el, IN 1887 rose TO 81 so 10 81 go, and within
two years the price came down again to LILO
per busheI We have seen within she last
three months -four advance 20 per cent. with
in two days after the arrival OF the English
steamer. Potatoes in my immediate vicinity,
which usually command about % cents per
bushel, sold readily last autumn for so cents
Now, we look in vain for such variations 10
the prices of manufactured articles. The in
reduction and improvement OF machinery
have brought down the price ofmanufactures /;
but when the price is once reduced, ltrarely
comes up again 10 its former standard. The
law Of supply and demand which governs
prices applies with peculiar force TO all artl-
Giles of provision. The demand for food is al
ways more pressing than that for cloihing-as
man can wait longer for a new coat than he
can for his dinner. The supply Of agrcultu-
raj products is interrupted by more unforeseen
or accidental causes than almost any other
supply. The character Of the season, a super
abundance or a lack Of rain, a late or an early
frost. 4 blight or an insect, may greatly impair
ihecrop; and. as the demand is always immedl
ate, ihep price will suddenly advance Manyoithe
products of the soil, such as potatoes and most
Of the common vegetables, are so perishabie in
their nature. that no supply Of them can be
kept over from years Of plenty. The supply
Of agricultural products IS annual, whereas
most articles Of manufacture can be produced
al any time. If there is scarcity of cotton
and wooden goods and the price goes up in
consequence, The manufacturer will make an
effort 10 furnish larger quantity than usual,
and SO meet the demand al once. But if there
is a scarcity Of breadstufs. no effort OF the far
mer can increase the quantity till the next an
nual harvest All these causes contribute 10
render the price OF provisions more iuctuating
than the price OF other articles.
There are causes in Insecurity which have
tended to raise the price Of bFeadsuffs. The
wheat harvest Of 1915 was less than an ave
rage, owing 10 the long continued drought
which was experienced through a large section
Of the wheat growing States. Nor has the pro-
duct Of wheat for the last three years kept
pace with the increase Of our population The
failure OF the potato crop IN the Northern
States and the increasing use Of wheat among
all classes Of our population, have also con-
tributed TO raise the price Of flour. The Mex
lean war has likewise created new demand
for bread and meat. Those called into service
are generally agriculturists; and, besides,
soldiers ratlons amount TO nearly twice as
much meat and bread as they would consume
in civil society, where they had the usual va
riety Of vegetables and other articles found up
on almost every table. All these causes have
had the effect upon the prices Of grain and
meat. II should also be remembered that IL IS
fixed principle in the law of prices. that
small deficiency in the supply will affect the
whole commodity in the market, and increase
the aggregate value far beyond the worth Of
the deficit. We have, therefore, causes at
home which would naturally improve the
prices of bread and meat if left to themselves.
But the principal cause of the rise of bread
in this country is the unusual demand for the
English market. This demand has been crea-
ted, not by any change in The corn laws. but
by the failure OF the crops, not IN Great Britain
alone, but throughout Europe We learn
from the best English authorize, that the
wheat crop in Great Britain in 1916 was con-
siderably below the average; that barley and
oats have fallen off at least one fourth, and
peas and beans full one half. And il should
be remarked here that the poorer classes in
England depend in great degree upon the
last mentioned articles. viz: barley, oats, peas
and beans. 1t has been estimated that the
amount of wheat consumed in Great Britain
stands in relation TO these articles as SIX to five
The great falling off Of barley, oats, peas, and
beans would materially enhance the price, not
only OF these articles, but of provisions gener
ally. The effect Of the crop of 1916 upon the
prices in England will be seen by the prices at
which these articles were sold in November,
1915, and in November, 1916, as reported in
the London Farmers Magazine, periodical
Of high authority.
Prices Of The rario,s kinds Of grain per quarter
in England in .Norember, lS45, and .Norem-
L.. - i al