The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-06-01
The shylock. Amon.U,

Branch of the State Bank on Friday for 1913
900 in one demand, which was met with the
gold. The State Bank is receiving its full
share Of attentions from the Cincinnati Bro
kers. These demands are evidence that the
balance of Exchange is still heavily against
Us. and the run must continue till the new
crop Of wheat is prepared for shipment. We
are now within few weeks of the harvest
OF wheat which promises to be an abundant
one. The high price of grain will stimulate
farmers-particularly in the Southern region
where they have the advantage of one or
two weeks in time-to bring their crops early
into the market. As soon as the harvest is
over. we shall see an active shipping of -four
and wheat toward the East, that will serve
to check the current of gold that is setting
from us. Our spring purchases having
been light, and our summer imports from
the East-in the present condition Of the
money market are likely to be much more
diminished, an abundant harvest win
enable us soon to settle the exchange ac-
count. Practically, wheat, pork and cotton
are more the basis Of our exchanges and Cur
rency than gold. A shipment of wheat to
New York is just as good basis for check
or draft as remittance in gold; and as one
Is increased in value by the transportation
end tho other is not, the wheat is the most
profitable remittance, and will 60 first.
There are great many conflicting theories
10 account for the scarcity of money and bal
spco of axcbsp1aa The y,attor "a n, n pr
shell. The crops arc the bssis of our exchange
and our currency; and these are what consti
tutc, in the popular mind, money. We coin
the products OF our labor as fast as they are
In shipping order, and turn them into money
by drawing draft on them, which is taken
TO the Bank, and for which she gives her own
bills--which is to US money. In this way a
thousand sacks of wheat is turned into cur
rency the moment it leaves the thrashing ma
chine. The farmer is producing the elements
Of money as really as the gold digger in Cal
ifornia. The wheat cropin Indiana is worth
probably SIS, 900 900; one third of which is
consumed by the producers; the other two
thirds, in prolific year, goes to market and
becomes an element of trade, ard creates ex-
change and currency, and makes a circula-
ting medium. Corn and pork do the same
Our indebtedness at the East was created last
summer, in the expectation of an ordinary
harvest. 1t unfortunately proved short
one. The producers retained their ordinary
quantity for their own consumption, and the
deficiency was o subtraction from he
quantity that went into market. Prices ad-
vanced and the total value of the crop il
money would have been equal to that of
full crop. But it is not with wheat and corr
as it is with the cotton crop, which is all sold
by the raisers. The advance in the price i:
an extra cost of living to the farmer on tn,
amount of his own consumption. A farmer
who consumes one hundred bushels of whea
worth one dollar and twenty-five cents pei
bushel and one thousand bushels of corr
worth sixty cents, virtually expends in hi.
living two hundred and seventy-fve dollar:
more than he would expend with those ar
ticles at seventy-five and forty cents pei
bushel. This amount-in full crop year
would have gone into the market, and Great
ed currency and exchange. 1t would be diff
Acult to estimate the increased cost of living
in this State, the past year, from this con-
dition of affairs; the amount thus consumed
has been subtracted from the sum that would
otherwise have been coined into money anc
gone to pay our debts. To aggravate oul
losses, the present season. the prolonged win
ter has increased the consumption Of thi
high priced food, perhaps, ten per cent allow
ordinary years; and used up the stocks tina
would have constituted our spring and sum
mer shipments; these would have placed sew
oral millions Of dollars to'our credit at TIL
East, and saved the drain of coin that WI
have been suffering the last two months.
The rise too, in the prices of produce die
not occur till nearly all the crops that wer
for sale, had been purchased by Eastern spec
ulators, who realized all the advance; ant
took apart the means we should have had t.
pay our debts, had we retained possession. o
our products. Our Eastern friend hav
robbed us of all our legitimate profits
which would have enabled to square u
with them, and now that they have speculat
cd us out of our money, complain that W
can't pay them. This seems to be adding in
suit to injury.
The causes we have enumerated are sufi
cient we think, to explain the present none
pressure, which all the floods of money tina
have flowed in from the East for land specu
lations could not relieve.
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