The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-08-18

SPECULATION IN BREADsTUFFs.-All spe-
culation, as this term is commonly under
stood, is foolish and wicked. 1t is foolish,
because the Spectator has not an even
chance of turning it to his own profit; 1t Is
wicked, because it inficts real injury upon
the public with no corresponding benefit to
anybody. A speculative movement In
breadstuffs or other necessarles OF LIE ID no
worse in principle than speculation in
stocks, but it is more to be condemned be-
cause the injury it inhictS is more extern
sive and the recovery more tedious and I'M
certain. On this subject the Neao York
Journal of Commerce remarks
There are certain newspapers IN the
country whose editors are devoted advocates
of speculation in all its branches. They
are generally those which hold that ma
tional debt is public blessing. Having
swallowed that absurdity, they are pre-
pared to urge @ speculative movement in
breadstuffs as desirable species of public
activity, on the ground, doubtless, that an
artificial advance in price for the necesSa-
ries of life is q benefit to all classes OF socl-
ETY..
The immediate occasion for their present
effort is the recent drouth in England.
Early in May the crop prospects there were
unusually brilliant. The only fear was
that the summer rains with which the coun-
try is often deluged would diminish the
yield. For wonder, the danger was re-
versed. The farmers looked for rain, but
none came. Through June and July the
drouth was more severe than has been
experienced for very long series of years.
The turnip fields were bare, the meadows
burned up, the ponds and streams were dry,
and the whole country put on russell
brown. 1t is no wonder that the first I'M
preston of those who witnessed the unac-
customed sight was that the fall grain, like
the spring crops, would be q disastrous
failure. in former years they had seen the
golden fields whitening for the harvest amid
the green, growing foliage of the most luxu-
RANT vegetation; and they could not be-
lieve that the drouth which wasted all other
life should not cut off the yield from the
standing grain.
The English papers at hand under date
Of the last Of July tell more hopeful
story. The straw is weak and deficient, but
the grain is small and hard, and the loss in
quantity is partly compensated for by a
gain in quality. The crop has ripened two
weeks earlier than usual, and is in q very
fine condition. The yield, notwithstanding
the drouth, is declared to be above the
average even in quantity, the grain stand
ing dry weather much better than was an
ticipated. Prices in England have been
affected materially by the evidence Of the
result, and the decline in Mark Lane from
week to week had at times amounted al
most to panic.
There will still be great deficiency in
succulent food for sheep and cattle, with u
corresponding scarcity in milk and butter,
and dearer market for meat. At the last
accounts there had been fall of rain but
no sufficient supply to fill all the springs
can be expected in the usual order Of things
before late September.
1t 80 happens that the experience Of
farmers in this country has been such that
our surplus is we'll calculated to meet the
English deficiency. We have grain to spare
if they need it; and we shall hayean ex-
traordinary yield Of butter, cheese, ind
hay, for which market is very desirable.
But there has been no good ground for the
very exciting articles which some of our
contemporaries have published, and much
harm will come from them if they are
widely Needed. A sudden advance in price
just at the close of harvest is certain to
benefit no one, while it tends onlyto keep
back the crops from market to tho mani
fest injury of all concerned. Prices are