The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-06-20

Messrs w. P. McLaren d Co., well known
authorities Of grain, write as follows regard
ing the wheat prospects:
From none of the winter wheat States, say
California Texas, Tennessee, Kentucky, Vir-
ginia Maryland, Pennsylvania, New York,
New Jersey, Ohio, Michigan, or Southern
Illinois, are complaints current while from
the great spring wheat section, Minnesota,
Wisconsin, Iowa, and parts OF Nebraska Kan
sas and Illinois, the prospects are thus far
generally good. 1t would, however, be folly
TO argue from this that with the new crop
wheat Is to become an article OF such album
dance as TO supply all the world and his wife at
prices far below present limits, and still leave
d large surplus uncOnsumed. Accidents may
yet befall the new spring crop before haT-
vest and threshing time have come round,
and experience has shown that the first pre-
dictiOnS of abundance are almost certain to be
exaggerated and that with increased produc-
ton comes largely-augmented consumption.
It has been seen that despite the large yield
Of the 1877 crop, stocks as well as reserves In
farmers hands are light, and 1t would be alb
surd to count on unlimited supplies this CAM
paign before the extent OF the yield has been
ascertained. Individuals who travel over "at
least $4,000 miles" within one hundred days,
and who have discovered the proportion OF
winter wheat raised In this country to be rs
per cent-whereas those practically aequaint-
cd with the facts estimate 1T at from so to 62l1a
per cent--may comment as glibly as they
please on the unheard-of abundance and
fabulously low prices, yet common sense will
In the trade, and lead them to the view that
the chain of events accompanying the matu-
ration, marketing and disposal OF the 1878
crops Is not likely after all to be SO entirely
dlssimilar from that Of preceding years.
The st. Louis Republican has this to say
regarding the increase In the value of green
backs caused by the bill passed by the United
States Senate, and the effects of the same:
The Senate has passed bill making green
backs receivable the same as coin for per
cent sbonds and after October /, next, re-
Ceivable for customs duties. tt fs the COM
plement Of the silver bill, and is intended to
facilitate resumption. The House passed
a bill to repeal the resumption act, but the
passed the present bill instead, The differ
ence Is important. The repeal OF the re-
sumption act would degrade greenbacks by
making coin more valuable than they,
whereas the Senate bill adds to the value Of
greenbacks by giving them. powers they did
could not pay duties with them, and a .citi-
zen could not buy United States bonds from
the government at par with them. But now
they are available for both these purposes,
and their value Is Correspondingly increased.
The Eastern tinanciers have been asking OF
OF It's gold after resumption begins, Ii gold
shall be worth even a slight fraction on the
dollar more than greenbacks. They have
assumed that IL gold continues to be one
quarter above par the holders Of greenbacks
will demand it for shipment abroad for the
purpose OF making the profit. But the SEN
ate bill goes far towards answering the CUES
ton. BY investing greenbacks with all the
attributes OF coin, and giving them power to
do anything and everything that coin can do,
the premium on gold will be destroyed and
there will be no demand for 1t after resump-
greenbacks as coin; indeed, they will prefer
them, on account of the greater convenience
Of handling and carrying them. The whole
volume OF them now In circulation will. there
fore. remain in circulation after resumption,
and the coin hoard In the treasury will re-
main there as the ultimate guarantee Of their
redeemability.