The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1872-11-30
Why Flour and Bread snould be cheap.

Why Flour and Bread should be Cheap.
Early in the history of the wheat
harvest of this year, the impression
that there would be a short crop of
this cereal obtained so firm foot I
ing that prices advanced rapidly, /,
and have up to within few weeks I
past remained very firm in all the |
markets of this country. The uni
versal stringency in the money mar /
ket was the first cause which pro-
duced a weakening of prices. Mil
lers were compelled to pay cash for
whea;, while they could not convert
their product readily into that arti-
Gle. They could make shipments OF
-four to the East and draw against
them, but their drafts, we're e eneral-
ly for thirty days, and, therefore, to
a great extent, unconvertible IN a
market where sight exchange was at
discount and not wanted by the
banks The dem and for wheat con-
sequently lessened and the market
dragged heavily. On the top of this
depressed state OF feeling came the
October report of the Agricultural
Bureau, showing that the wheat crop
of 1871 amounted to 230.000,000
bushels, while that of 1872 footed up
$40, 100000. Here was an exhibit
which surprised the short crop men
amazingly, and shook their faith in
high prices for the winter Added
to this is the fact that the corn crop of
1872 is the largest and best crop
ever gathered in this country, and
that the price at which it is now
selling-30 to 81 for mixed-is so
v9ry low that a faffHer living 100
miles from market can not realize
ten cents per bushel for it. Under
these circum the farmer Will
eat corn and sell his wheat, because
corn is a wholesome and palatable
breadstutf, and is worth nothing to
sell. These causes are now unset
Ting the wheat market, and produc-
ing doubt and uncertainty IN regard
to future prices which are irritating
and embarrassing.
It is claimed by the adherents of
"high wheat" that the European de-
mand for breadstuffs of all kinds
Will be SC great that prices must rule
high. Europe's millions want the
cheapest bread they can get. Peo-
pie who do not get bit of meat to
eat oftener than once q week, be-
cause they are too poor to purchase
it, are not likely to consume much
wheat flour at SO to SO per barrel
when they can get good, sweet corn
| meal at third of the money. The
people of Europe have learned that
American maize, ground into meal,
makes a palatable. hearty, whole
some and very cheap breadstuff, and
they are ordering it a vastly in
creased quantities, as the fact that
on October l there were in store in
London 96.0S8 quarters of corn
against 1862 for the corresponding
date OF the previous year, abundant
ly proves. England will undoubted-
ly take large amount of wheat of
US at certain prices, but while pres
ent figures prevail she will buy her
wheat of France, Russia and Hun
gary, and her corn of America To
ship large supply of wheat to Eng
land at present figures, expecting
that the market there may advance,
has already been proven very poor
policy, Tor no sooner do English
operators find that an unusual num-
Der OF cargoes of wheat are afoat for
British ports than they induce an
advance in the Bank of England
rate OF interest, and by the time the
cargoes arrive. money is dear and
scarce, and wheat correspondingly
depressed and abundant. LabpuRull
hrs played it upo1
cousin in precisely this disgusting
fashion more than once this season,
as many an American shipper has
learned to his cost.
From the foregoing premises the
following deductions may properly
be inferred: First, that we have
more wheat in the country now than
we had at this time last year; Sc (
cond that our corn crop is also much
larger; third that Great Britain
will buy corn of us ad libitltm, and
wheat when the price suits her;
fourth, that wheat Will be more or
less firmly held in this country
throughout the winter; fifth, that
corn VIII much more largely enter
into home consumption as bread
stuff; and sixth. that Just upon the
eve of the wheat harvest of 1873 it
will suddenly be discovered that
wheat is In excessive supply, and
the attempt to rush it into market
may cause decline as much too low
as the present price is too high. 1t
will be well for our grain operators
to study all of these things.-,St.
LoIis Democrat