Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-05-28
IN CHICAGO,s TOLLS.

provisions at Chicago, which has al
ready affected other Western markets
and begins to show in our New York |
quotations, possesses a peculiar inter-
est for Tennessee, where the wheat har-
vest will open in few weeks. The
present bear movement comes at a
time disastrously inopportune for pro-
dueers, who have looked forward to
this first crop for the liquidation of
annoying debts. A circumstance that
makes it the more remarkable is that
the grasshopper cloud is by no means
dissipated, and no rational estimate OF
their possible rayages can be made IN
til the pests acquire wings and begin
to develop their movements and fields
Of operation. These two facts Indicate
that the Chicago crash is a well matured
"bear" movement, and while we pub
lish the comments of various ex-
changes, our readers must bear in
mind that reasons can always be given
as plentiful as blackberries for either
side of any speculative movement.
Having no bias in the matter, beyond
an interest in the welfare of our own
section, whose crops are first to find
their way to market, we viii state what
we take to be the key to the present
unfortunate situation. During the
past season a new element has entered
the breadstuffs markets, and brought
about a condition of affairs that is IN
precedented, if not anomalous. We
refer TO the class spoken Of by our ez-
changes as country holders" who
seem to be all on the bull side, and
whose margins have ID consequence
suffered almost exclusively by the de-
cline. The growth of the Grange and
Of Grange ideas has induced a large
class of well.tO-dO farmers throughout
the Northwest to endeavor TO sustain
the plce of their products. This
circumstance has thrown the old city
spectators on the defensive, and the
practical result appears to be that,
9hereas in former years the profess
siOnal middlemen were divided into
bulls and bears, and waging war
among themselves, they are now al
most a unit on the bear side against
the farmers, who are holding their
grain in bursting elevators for higher
prices. Hence no city failures attend
ed the startling decline of last Mon
day, while We are told that the margins
of country holders were in many cases
entirely wiped ont, forcing sales on
declining market and thus precipitat-
ing the crash.
From these facts, farmers in this lat
itude viii appreciate tie precarious-
ness Of the situation. We think the
producer should have some voice and
control in determining the value of his
grain, but initial efforts to accomplish
any great purpose seldom succeed,
though paving the way for success by
uncovering the difficulties to be sur
mounted. In the present case, the
Northwestern farmers, endeaEoring 70
maintain prices, have entered field Of
operations altogether unknown to them,
while familiar to the enemy. In be-
coming bulls" they have perhaps
forced prices unnaturally, and trenched
into the very system Of speculation
that they condemn as a class. We great
ly fear the matter has been carried
too far. These references to country
margins" are supicious. The farmer
that is able to hold his crop viii nat
urally DO SO till the glut Of harvest IS
over. To hold grain IN city elevators
or margins is a different transaction,
and savoTs Of the ways Of Wall street,
with which the farmer is unfamiliar,
and finds himself IN consequence at
the mercy of adopts.
Unsatisfactory as the present out
look Is, an intelligent understanding Of
its real cause must help the Tennessee
farmer in watching the course Of events
as the wheat harvest approaches and
forecasting the best policy to pursue.