The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1859-08-23
How 10 Sell our crops.


On old Virginias shore
How 10 Sell our Crops.
Under the above heading the N. y Tri-
pune has long and interesting article, from
which we make an extract. After going
omewhat into the history of the imitation
and subsequent depression of prices which
proved 30 disastrous to the West, and tracing
the progress made up to the present period
in discharging our immense debt, the writer
proceeds
Millions of that debt have since been paid
under every possible disadvantage to the
payer, and the big heart Of the honest West
will doubtless continue its efforts to discharge
the millions that remain due. This condi-
ton of Indebtedness, however, must not be
accounted as crime in the West. The mis-
fortune has been brought on her by the bad
government which she has unfortunately
helped to fasien on the country. She has
been entrapped by demagogues into believ-
ing that Europe was her legitimate food
market, and that it would be constant one.
But while thus exporting one tun OF food,
she was at the same time importing i've tuns
of foreign food in the shape of cloth and
iron, that ought to have been manufactured
at homo. The balance has been paid for in
gold, the drain of which 10 at this time dri-
wing home her local currency, and stripping
her OF the hope Of even a shinplaster saliva
ton. At this port alone, 81, 900 900 Of this
foreign food was received last week. Had it
been wheat, or corn, or pork, her presses
would have proclaimed the folly, and even
her demagogues might have condescended to
notice it. But being concentrated into cloth,
and silk, and hardware, it is hailed by Trea-
surv chuckle- heads as q sign Of national
prosperity! While it keeps the Treasury
measuraby full, it keeps the pockets OF the
farmers hopelessly empty. They have raised
twice "a much food as the whole country can
eat, destroyed the manufacturers who would
have eaten it, and the Deepen dencs on Europe
is now realized to the uttermost. Let US see
to what it must lead.
The destruction of the manufacturers hav-
ing driven them to open new farms, the glut
of food they have now created is apparent.
But these farms have been established by GO
ing into debt for land, improvements, and
living while the crops were growing. All
these were entered on when prices were high,
and therefore cost much. The debt created
was in proportion but while the Drop to pay
this debt was expected to keep up in price,
it has fallen more than half. Yet the debt
remains at the old figure. Meantime, judy
ing from what reaches us from the West, we
gather that the farmers refuse to thresh out
and sell their grain beca use Of the low price
intending to hoard it for higher one. The
receipts OF new wheat ut the great centers
are less this year than for the corresponding
period OF the last. Merchants who have
kept the farmers going, relying on payment
now, are embarrassed by their refusal to sell
They in turn owe in the East, but cannot pay
for this reason. Money consequently be-
comes dearer, exchange rises, and is now
higher at some points than at any time
during the year, and the cloud which new
crop was confidently relied on to dissipate,
still hangs over the country. The movement
of this new crop from West to East has
been foI months past the sole dependence for
the railroads, but their receipts instead of
increasing have been diminishing.
| 1t is clear that this condition Of things can
not last. The East s indebted to Europe for
| importations Of unexampled magnitude, and
is increasing that debt every week. 1t must
be paid. Immense as have been our exports
of specie, the balance owing is still more so
We have no more gold to spare, and the
banks have shut down because they are sat
isfed of the fact. We have, therefore, no
resource but to liquidate by exporting food.
But food in Europe is cheap. We must
therefore sell ours little cheaper, and so
compel Europe to buy. II Europe will no,
give our price, she must take it at her own,
aud this she will unquestionabiy do in the
end, az we have insisted on having her for
our only customer. The sooner we begin
the process Of thus paying our debt the bet
ter will 1t be for US. 1t Is the delay which
occasions much Of the general embarrass
ment. and which II continued will end in an
other revulsion. The boarded surplus at the
West must come forward in payment oil
debts, &c matter 9. what saoI iaaco. This vii
draw money from the East, set all the wheel.
OF Western business inmotion, give large re.
celpts to railroads, improve stock values
ana intuse new life into the community. Ths
, farmer who sells now will be likely to get .
much higher price than by holding on. AL
the experience Of the past, all the facts OF tn,
present moment, point to season of ex
tremely low prices for food, and we beliey,
that he who realizes the soonest will receiv,
the greatest return.
u There are two Wises now attractine
; great deal OF attention-the one who ha,
just gone up in balloon, and the other wh,
has just s'gone up" in letter. The first ha
!. come down safely. The second has sudden
. ~ heard something 'sdrap" but he is not We
quite sure whether il is himself or one Of tn
other candidate fellows.-Davenport Gag.
In 4 horse, once owned by General Jack
son, died few days ago 10 Penns ylyania. 4
the venerable age Of AZ years.
u