The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-07
The Wheat Crop-suppIy and Demnnd-Hon.
Willoughby Newton, Of Va, and the New
York Herald.

The Wheat Crop-supply and Demand--IIon.
Willoughby Newton, OF Va, and the New
York Herald.
We refer our readers to an interesting letter,
which we publish this morning, from Hon.
Willoughby Newton, Of Virginia, on the wheat
crop Of the present year, and the prospect of
high prices for the future. 1t will be seen
that Mr.. Newton is what would be known in
Wall street as bull, on the article Of wheat.
He is producer-in favor Of keeping prices
np--and his arguments made ont accordingly.
He thinks that we have over-estimated the
wheat crop of the present year by at least
fifty-four millions of bushels; that our home
price will range from two dollars to two fifty
till the next harvest; that the increased costs
of production, and the rapid increase of the
specie currency of the world, paper currency
&c, together with the war in Europe will do
the business Finally, he admonshes the
farmers to "beware Of the Baltimore Corn Ex-
change, till after the close Of September
which shows that his .fears stick deep" in the
spectators.
To all this we have few general remarks
to submit in reply, particularly in regard to
the Spectators and the extent of their power
over our simple and unsuspecting farmers.
Without being able to measure the exact di-
mansions of the wheat crop of this year, it is
altogether certain it will immensely exceed
that of 1854, or that Of any preceding
year. Assuming the crop of last year at
1907 900 bushels, we believe that this cannot
be less than l5o,000,o00, and it may be much
more. Nor is il wheat alone that promises abun-
even fruits, look equally we'll in the field
All these products, and many others, enter d.
rectly or indirectly into consumption at home,
and thus, to some extent, influence the quantity
which may be spared for export. That we
shall have large surplus with which to sup
ply the demand from abroad, is now altogether
certain. Whether il will be twenty or fifty
millions will depend upon the extent of that
demand, and very little, indeed upon the
movements Of spectators on this or the other
side of the water.
The public mind, in view Of large crop. is
o little anxious to ascertain how to determine
lie real value, and it looks with vast deal of
cue fAeiou upon Tue rPtcuihtofs, ana, indeed,
upon an counsel on the subject Now, IL oc-
ours to US that there is no earthly diSiculty In
settling upon general principles to guide us
We have no idea that the famine prices of last
year can be maintained. There is no warrant
for such conclusion to be found, either in the
abundance of our own supplies or in the con-
diton Of things on the other side Of the water.
Let US see.
As general rule, men will sell In the dear
est market, and buy in the cheapest. They
sometimes make mistakes, are often swayed by
convenience, and again are deceived and mis-
led; but these are exceptions, which in no
sense initiate against the principle involved.
Prices, too, are regulated by supply and de-
mand; but these are again influenced by indi-
viduai embarrassments, by great political
events, which threaten to obstruct the
channels Of trade, derange the Offices