The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1859-08-20
Crop SpeCulatiOns.

IF the statements of the leading COM
1nercial PAPERS OF the large cities are to be
credited the wheat crop ct the present
wear is by fifty millions Of bushels the lar
sest crop the country has ever rrodt'ce<i
If we look for reliable data upon which
this assertion is based, we look III vain
New York. Pennsy lyania, and ONO nave
an average crop, we are told MarS!and
and Virginia little over half a crop; but
then there is the great Northwest! Here
The New York IilJpne, Herald, &c., assure
their readers, the wheat crop is immensely
heavier than it was ever known before
Our readers know exactly how true this is.
Indiana, Michigan, Illinois, Wisconsin, and
Iowa make up the great Northwest. In
Iowa the wheat crop was good, but all &C
counts agree in saying that less was sown
than ought to have been The same Is
said of Michigan and Wisconsin. In lndi-
ana and Illinois not only the usual breadth
was not sown, but in many portions OF
these States the crop was positive iail-
ure It was certainly below half crop Ill
Northern Illinois and in two-thirds OF In
diana. Middle Illinois and Indiana had
far from an average crop, while IN the
southern portions of these States only was
the crop really good Where, then, is the
authority for the statement Of such an i'm
mense increase in the wheat crop Of the
Northwest?
Why are the commercial papers Of the
eastern cities so eager to eXaggcratc the
crops? Not only this year but every year
they are chargeable with the fault IS 1t
to benefit the "speculators. rs Is COM
monty charged? Who arc the specuia-
tors? They are the grain buyers IN New
York. Chicago, &c But do these srecu-
lators only buy and never sell? OF course
not They buy TO sell again. and the grain
passes through their hands much more IA
pidly than most persons imagine. We are
told there are two classes OF them-the
bulls and the bears The bulls want TO sell
and labor to put prices mp; the bears want
to buy, and cry prices down. hen the
bull has made n sale he becomes a bear,
and rice .si,sg; and the change OF position
occurs as often as once week with most
of them ii the life of the bulls and
bears-the speculatorS-is such contInu-
ed balancing back and forth-to-day cry
ing prices ND and tomorrow down, does 1t
seem probable that they are at the bottom
of this annual systematic effort to eXagge-
rate the crops? Would one-half of then
for instance. the bulls. who bought wheat
a month ago at $3.50 bUshel. sit 10y qui-
etly and lei the bears cry it dora to I3c
We think the "spcculators' are accused
wronglully They can gamble as well in
hirh as in low priced grain i not the so
luton of the mystery nearer at home? II
strikes Us the following from the NORTH
,ccstrs PraiTe Farmer hits the nail right on
the ilead.
Scattered all over the Northwest are re-
tail dealers who are in debt to the whole
salers Many of them want more goods
OH credit. and many Of them want an eN
tension Of time on their notes. Their abil
ity to par Is in proportion to the ability o
the farmers in their respective localities Il
make purchases. These men are the cor
respondents Of city newspapers: and they
omit no opportunity I" eXa%gerate crol
prospects Their creditors read these re
ports are mislcd lv them. and give NOR
goods and more time. New York grain
dealers are mi-led. stand aloof from Tn
market and advise their European cores
pondentS that tn. unusually abuadan
crops will keep down prices: and prlce
are kept down, both in times OF scarcit,
and in time Of plenty. 1t Is to swarm O
about 10000 Of such vampires that farm
ers are indebted for the privilege of sell
ing their grain at half its value.