The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-06-30
High Prices Ahead.

lET0m The ~. J.. Daily NeUs, June 26
The prospects for the immediate future are I'M
favorable. TO the presumption that there will be
any reduction in the prices either Of commodities
or coin The prSphese;s Of persons who possess
estimate Of future values are very gloomy, and
point most decidedly to their enhancement. The
ducts ebreadstufs and cotton will be far below
the average. AS we noticed day or two ago, it
is the opinion Of Mr. W. II Langley, of Ohio, Who
has taken great pains to investigate the matter,
that the grain crop will not exceed one-third the
average of former years, and he predicts that we
shall have the highest prices of breadstuffs and
many other products Of the soil and necessaries
Of life, for one or two years, that we have seen.
The Gotten crop has also suffered very severely
during thelspring, and the present antioipations
a5A tRt hh9 aredpGa yi II not he SH t5bhp milh
the product OF the crop of 1859.
1t is, therefore, evident that we shall have no
grain that we can spare for expectation, and that
our exports OF cotton must be but limited. It is
not at all uncertain but that Of the former we
may have. to become importers, if the wants of
the people are to be fully supplied; for there will
be no old stock to fall back upon as, according to
nearly exhausted that it cannot last longer than
fso long ias the arrival Of the time when new
wheat will'be brought into the market.
The short supply will not only raise the prices
Of both the products, but the effect Of the depre-
citation in the amount of our exports, caused by
generally. 'Importations Of foreign merchandise
will continue, and though probably it will not be
as large as it has been Of late, still it will be Of
sufficient an amount to cause heavy drain upon
our supplies of specie and the precious metals.
The foreign merchant will require equivalent
Tor the goods he sends us, and If we cannot pay
him in kind, we must do 30 in coin. It is inevi-
table, then, that gold will be required for this
purpose, and the demand for it bids fair to be
greater than is generally admitted
1t is fallacious to suppose that the European
war will tend to any large quantity Of specie be-
ing sent to this country for Investment in our se-
curities. Should hostilities become general
throughout Germany, it is more than probable
that many Of our fve-twenties which have been
purchased by the Germans, will find their way
back to the. e.United States. As our own people too
well know, the tramp Of armies is not beneficial
many will have to purchase these abroad where
with to feed her army and her people. She will
have to payin gold, for foreigners will not take
her paper securities. Our own short supply Of
grain will preclude us from sending her any; and
consequently. we may expect that she will send to
us for gold in exchange for the United States Sc
curities which she holds. But some persons may
curities for the purpose of Investing the proceeds
in the obligations OF their own Governments, and
thus supply them with the specie they will need?"
We all know that when q country is at war the
patriotism of its people generally tends to such
result. Such was the effect, both North and
reason to believe that the Germans will not be in
fuenced by o. like patriotic impulse. /,
Everything, then, points to an advance in prices
The prospects or the future are certainly gloomy
but there s'no good in shutting our ewes to them
We must prepare to meet the hard times when
they arrive. Another year will have to roll round
before we can hope to Wow brighter picture, and
season than has been allotted to us in the present
year.