The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-11-18
FROM CHICAGO.
The BreadstuT narket.-.The Present
Condition of the EaFmeFs-.-A Theory
rs TO Prevailing High Prices for
Corn and wheat.

as to Prevailing High Prices for
Corn and Wheat
From a chicago Letter.
The almost unpI ecedented, and
might say unnecessary high prices oi
breadstutIs, is exciting much comment,
and much alarm throughout the coun-
try. The fact that in this city corn is
daily selling at 81 05; wheat at an aver
age of 81 IS, and flour at Sll, when the
Weld of all these staples during the past
season has been abundant, puzzles the
Judgment. of ECONOMISTS; and leaves
them no theory by which the matter
can be explained 10 their satisfaction.
In lS60-6l, when gold was at. par, the
prices of those staples ruled at about
one. third their present value. Today,
when gold is quoted at 14I, domestic
goods are selling at about the same
rates as previous to the war, and most
manufactured articles OF domestic use
in about the same ratio. our sta
pie food costs us three prices as
compared with the figures OF
the dates named. nave seen
tion of this remarkable discrepancy,
but none which, in my judgment
meets the merits of the case. Let me
give you new theory, which, upon re-
fection, I think you VIII indorse.-
When the war was inaugurated, most
OF our Western farmers were poor ana
in debt, Not one in twenty had his
farm free from mortgage. To supply
his family with the necessaries Of lie,
almost every farmer was compelled TO
hypothecate his crops before they were
Gathered. In order that he might obtain
the uecessaries of life; and as soon as
harvested, they went into the posses
sion OF his creditors to liqgidate ms
obligations. In this way he barely op-
talned sufficient for the support of his
family, and to pay the interest on the
mortgage which covered his farm
This, as I have said, was the almost
universal condition of the Western
farmer. SOS
To-day, IL is not so-all is changed.
The continued rule OF high prices, loIS
lowing the Immense consumption OF
the army-and the appreciation OF
gold, doubled and trebled his income,
while his current expenses bore no
relative increase. The result was that
the farmer soon became independents;
He paid for his farm, added acres anu
stock. and to-day, thousands and thou-
ssnds ofonr farmers have their poek-
ets well-liued with greenbacks have
United States bonds bearing handsome
fi1ures laid away in their ttlls; nave
wheat in their granary, corn IN theiE
crib. fat stock in their pasturesi sneeP
on a thousand hills" and owe no man man
a cent, They are NOT cothPeAIeu. ~ ~ -
their grain or their stock, ana Will Lo'
unless they get their price, 1.,5.,. :,
liza farmer has thousand bushels OF
corn. he will hold on until he gets ms ~
nTica. and YOU can't move him. BE
much prefers to sell one.hulf OF II at - y
ner bushel, and take his chances OF OF
Selling the rest at the same ngnre, ,ss as
some future period, to pntnns nIs ,,ms me
and getting forty to fifty cents ioE . u.
That is human nature, at least the hu-
n1an. nature OF our Western farmers;
And this they will continue to do until
the business of farming Is oyerdone oy
reason of its profitable chaTaG, HISn ssnSs a.
tbonsantis into the business, who nave
failed in other pursuits. The whole
story is in a NUTSHELL High price,
make rich farmers, and rtch laf i1
make high prices.