The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1869-11-25
The Forthcoming Money Panic.

END or HrsH PRICEs APPHOlcnISa.-The fol-
owing from the financial article OF the Con-
srvative steady going and never sensational
Philadelphia Ledger, is worthy Of cOnsiderati on
Tho end Of high prices OF almost every thing
seems TO be approaching, and II not hutriedby
Q crash IL will be we'll. The recent failure OF
an old and supposed to be wealthy wine house
At New York, has quiekened apprehension 10
the money market, and apprehension is the
nourishinent Of trouble In the same line. At
Chicago ~e have reports of an apprehended
panic there. At Louisville there is right
sharp pressure with high rates for money, and
an indisposisiOn on the part OF the banks to dis.
count From Cincinnati reports are current OF
4 similar condition oil affairs.
This years grain and produce have onl been
marketed to a limited extent, and the current
prices thus far obtained have been so unsAtis-
factory that the West is poorer than 1t was
before. The farmer is now selling his wheat
in currency for a lower price than he got in
gold before the war, while he has bought his
land, hired his labor aud purchased his sup.
plies on IA inflated greenback basis. In plain
words, this Il the real trouble with the West at
the present time. The hog crop is yet to be
hArTested, aud grave apprehepsions are begin
ming to be excited everywhere lest prices give
way at the commencement of the movement.
Considering the entertainments which have
been occasioned by the low range OF prices in
grain, a corresponding decline in the price of
hogs would be but natural, though an event
which gonld greatly complicate and aggrayats
present financial oubles already shown at the
West, and have given signs here at the East.
These facts point to the grand conclusion Of
forced sales and lower prices. II has long been
felt that'prices were cxOrbitanuy high, but it
has been difficult TO find point at which to be-
gin a reduction, so interviewer are all the seve-
raj products oi labor, and 80 dependent Is each
upon another. The wages OF labor can not
come down while the cost OF all the articles
necessary 10 the feeding and clothing of the
iaborer's family are high, nor can the produc-
aion of those articles lessen in price while the
cost OF labor is kept up. High prices in one
direction make them necessary IN another, and
no one is willing to begin the downward move
ment Each Is anxious to get all he can for
labor or the product Of labor. The desired
reform seems to be awaiting some irresistible
crisis, financial or otherwise, involving all the
Interests OF tho country. Whether this move.
msnt at the West. beginning with stringency
in money, at time of unusually abundant
crops OF breadstuas and produce, is a irst step
towards general decline in prices, a little
time will determine. II Il shall be so accepted
By all, by producers as we'll as consumers, aud
be plainly yielded to. the crisis that has been
awaited as necessary to enforce the result may
be materially shorn of its severity.
Tue WESTERN MONEY SrRISoEsCY.-The Chi
cago Tine. says: The loan market rules very
close and stringent, and il is difficult TO obtain
loans for any purpose, and extremely limited
and the number and applications OF borrowers
small.
Think of farmer raising wheat aud wagon.
ing II thirty miles to a railroad station, CON
esaming two days time for himself and tw o hor
ses for every thirty bushels, with the expenses
by the way, and selling it for tnenty ihyes eeat.
per busAsi, and yet that is just what a great
Hal A.. a A
having wheat given TO him thirty miles from
the railroad could scarcely draw 1t to a rail
road station and sell 1t for twenty three cents
Ter Auk a, in sufficient quantities 10 live. Fiji
teen bushels per day, or one load Of thirty
bushels every two days, would be about all that
he could bring to market, which would leave
but 80 Is in gold per day for his wages, out Of
which he would be compelled to deduct the ex.
poases OF biaassIf aud two horses IL requires
no mathematical operation to demonstrate III 1t
no one could make any money in this kind Of
business, IT thtswheat were given to them
gratiP, or could be shoveled up out of the
grosnd ready for use. How much less, then,
could asaney be made at IL, when tho grain can
only be obtsined by devoting to It's produ Ell on
months Of toll aud laborf Nothing could have
bssa made at sach prices before the war, when
prices were aos, and taxes so small as to scarce
" enter into any ones calculations. How
much lesi can be made at these prices to-day
whoa prices Of many commodities rule high
and must continue to rule high. and taxes, ma
tional, State, county and municipal, are piled
on each other mountain high, and every State
county and township deeper in debt than the
general government
+; There can be no question as to where the
country will bring up, II such low prices for
produce become permanent They mean hard
times to everybody engaged or interested in
any kind Of legitimate business or industry
and irreirievablo bankruptcy to great many.