The home journal. (Winchester, Tenn.) 1858-188?, 1867-04-25
rom the New York World, April III

from tlc New 1oTh WORM, ApIil i''I
10 the commercial as well as to the
general public, the prospects of a very
perceptible and even unusually large in
crease in the wheat crop and general
cereal products during the coming sea
son, with u probable diminution in
prices proportional to the increased
supply, will come with sincere graft ca
ton. The foundation for the state.
ment is the reasonable certainty of an
agricultural yield in the South common,
surate with the capabilities of her fertile
fields, and as a result Of the labor that
has been expended upon them. The
pressing necessities of the Southern
people have compelled the abandon
ment, for the present at least, of the
cultivation of the old staple produc-
tions of their section, such as cotton,
tobacco and rice, in place Of which &C.
reals have been planted. This will
tend to divert to the Eastern States the
ordinary flow of Western breadstuas
southwark, and by so much increase
the supply in this section. The an
omally that has characterized our mar
ket during 1S66-of dependence for
-four upon a section not less remote
than California-will no longer obtain ;
nor will the even greater marvel again
occur, of sending to Liverpool for
wheat tor reshipment to New York to
supply Northern consumption. The
gain in cereals, more particularly in
wheat, will not be so immediate as might
30 inferred from a superficial glance,
since, owing to the unusual backward
ness of the present season, the prospects
Of spring wheat are not encouraging
for either an early or a liberal yield
Yet the same causes that retard that
crop unite to promise a most abundant
return from the wheat sown in the win
ter, and, unless q drought or some
other unforeseen calamity occurs, the
supply of summer wheat will be un-
usually abundant.
A careful examination Of the causes
of the present panicky prices in -four
shows that, contrary to the general i'm.
preston it is not to be attributed to a
mania for speculation, but to the fact
that the United States have been &C
tually experiencing q partial famine as
respects the supply o wheat, and that
but for the large quantity sent hithel
from the Pacific coast, New Workers
would to-day be paying s25, $50, and
probably, still higher prices per barre
for -four, even of the average brand, il
not below it. The recent rise in the
price Of -four, and all the subsequent
ones that have occurred, is attributable
to this scarcity of wheat, and the fac
until now has escaped attention and
failed to create alarm simply because
the tendency of the times is to assig'
the reason for any sudden rise in prices
to the prevalence Of speculation en-
gendercd by an i~rredeemable paper cur
rency.
But, now that better times are a
hand, the long deferred hopes Of al
sections for a schedule Of prices con
sistent with the degree of wages, and
approximating to the intrinsic not thu
inflated values of products, will ere Ions
if not at once answered, be on thu
speedy road to realization.
1t is q sure indication Of the ap
preaching adjustment of prices to thu
actual values ofarticles to which they
are affixed, that speculation, particular
ly for a rise, is less frequent than ii ha.
been for a long time past. In this con
nection, the recent fall in the price o.
butter is very significant; and. though
one shadow does not make 2 summer,
it is evident from the signs of the time.
that the fictitious values fixed upor
many of the nccessaries of.life arc moi
to hold much longer. Money il be.
coming acarcer every day; and with
the scarcity of work, as cvinced by the
Thousands Of persons who arc seeking
employment, and the inability of en-
ployers to meet the demand for in.
creased wages, must come q depression
in the high prices that have obtained
for the past four years. Happily. this
depression in the case Of four, as we
have shown, will result not alone from
this cause, but from an actual increase
In the supply of wheat