, 1860-07-17

What VIC Bud few 'lay since Of the probable
:.'!cicncy in the grain crops Of England, and OF
ments, has been contrmsl by the recent ar
rivals. Not only ia q late harvest looked Tor,
but the returus OF that hsrye.t are not likely TO
be 30 abr adant as to encourage the hopes OF
producers and ttafers. In some places the
wteat crop has bccn Injured; in otaers the
lators Of the Exchange are alreadv begioningto
calculate the eli cts Of an appreacnted tenci-
ercy on the state Of the money market.
writer in the London EconomisE remarks as
follows:~ i
"Experieuce shows that no circumstance has
70 dtslocating an effect on the money market as
q very bad harves:. and it is not unrea enable
that suci sho I'd be the case. a very bad har-
vest implies that most important part OF our
industry has been very unproductise. It means
that much .ewer commodities than usual have
been produced. The lntrJ is greatly inpos-
:ish-d by the unexpected inelhciency OF us
industry, and we shou'd expec;, in fact, the
lamentable results. A bad b harvest operates IN
two w.ys. First, it causes q heavy drain % sne
reserve Of bullion in The Bank Of Eagland, ana
it specially tends to diminish the reserve OIL
notes in the Banking Department. The reason
is obvious. We have all at once to pay for
commodity which we did not expect, which We
coald hare produced at home if the phVslca!
circumstances Of the Year had permitted, anu
NC mus: pay for it IN hard cash. The nations
from whom we import grain are not on sud
den prepared 70 take p.oportionate quantity
Of our productions. They will not. rs rule, be
prepared to buy more Of our manufactures than
they have been used to buy. A regular trade
implies regular interchange Of the character,
istic commodities of each country. But casr a
trade, such as 4 bad harvest Immediately pro
duces, does not imply it. The nation which
suffers from the calamity must expect to haze
the hoard Of bullion which it keeps in store as
a reserve against contingencies materially and
suddenly reduced By it. We know how gricv-
ouIy this country suffered in 1;47 from this
cause.
On eth June ls17 the Of notes se6tes,
- - bullion. .........~,...... l05l1,bs7
On :oth October i:Ss4o
........-.-..-.,....... T. 6335stt{
This shows how Immediately bad harvest
requires payment in cash, and how powerfully
the necessity for foreign payments operltes on
the reserve IN the Banking Department"
1t Is not, however, in respect to breadstuffs
u1one that alarm has been created; another
staple, almost as important, has greatly risen
in price and we are told that butchers meat is
now so high that public meetings have been
held in several towas to enter into agreements
tn abstain from the use of it for the present.
In able article in the journal we 1ave already
cited, argues the CAUSES Of this priyaiion. The
writer cadeayors to show that great increase
| in tue consumption OF meat, to which there has
been no corresponding increase in Tue product
| ion of live stuck, is the cause Of the enhance
nlent OF prices. Again, be says there have been
changes in the mode Of maoaging STOCK which
| tare operated in the game direction; such as
| the habit OF farmers to feed ttock rather than
to breed IT Tor the market. The la'e winters
| have been long also, aud the turnip crops have
fallen short, while various local causes have
contributed to the scarcity. But the writer
| does not anticipate any immediate or speedy
Improvement in the state oil things, and recon-
lnends the people to a careful outstanding Of
their means.
.Attne saule time VIC have painful evidence Of
the etlects Of the scarcity among the poorer
classes OF society. Assemblies Of laborers to
consider the lnadeqno;cy Of their wages to meet
the demands Of subsistence, have been held for
some time past. and, for some reasoE or otheT,
no account OF them has appeared in tue leading
| Lon1o1 Journals. The latter ap1ear to be un
willing to arouse the 'ears Of society. Never
theless, the Lo.dnn Star gives Us q report OF
some OF these, which STOW IN unusual fer1neu-
tation among the laborers- 1t au * ra,rtina.
r. meeting Of agricultural lasorers, held at
owlndoD, 1t was generally confessed that at the
present rates of wages the men must starye.
One man said, according to the Star that be had
himself, his wife and seven children to keep on
eightesn pence day. Another had wife aud
six children, with only nine shi'lings a week
oue and s'xpence went to pay rent, "but aItel
other thinEs are PAID for. tie money isu't bull
; had only vile and two children to keep out O
his nine sh,llings. declared " can't do it. anl
an getting behind every week" fourth, .
returned convict, gare ii as bis decided Opinion
ttut tue condition Of laborer, with wife ant
family 10 keep on one and sixpence day. i
worse than that Of a convict.
. 1t this meeting the men I'LL beha7ed il rea
,, sonable,. orderly manner. They rejected ,
proposition to combine for rise Of wages bu
they agreed to represent the case to their EN-
ploye and ask tor twelyc shilIings a week in
stead OF niue shillings. 1t ia admitted bT IL
; same authority that meat is not eaten once
week BY this class, and il such he the fact, ho,
long will 1t he before they are reduced to leye
w. ::ae Irish PEASANTS Of Il few years agos
) The British workman, so long ~ bis countr
is prosperous, Is content=d he vii! core notl
ing about political reform, and snnp his Gngp
I It the eloquence Of the radicals; but let him b
pinched. let the harTest tail, let that failue
i bring about commercial crisis, and he wi
= listen with eagerness to the appeals OF any on
{ who will whisper hope to his ear. Lord Joll
Russell, who is 50 much laughed at for his re
), enuial Fostponements Of the Reform bill. un
E Mr. Bright, whose schemes for an enlar.eur1
: Of tue popular franc, ;sea are often rekar,led ,
. . visionary, may augur u succesa fron, thef
= = Events which their speeches nigh. not perha,
| command