Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1891-10-02

England ia counted upon to re-
quire $50 millions Of bushels; Ger
many aud France each 100 mil
lions, and other smaller European
countries, from so to so millions.
Russia being out OF the way, who
are the competitive sellers against
ourselves Y First, India, which may
supply 30 millions, but. probably
will not because of drought; Aun-
tralia, tho Argentines, Egypt and
the Dsnublan provinces. All told,
their aggregate export surplus will
not much more than equal tho sup.
ply required for the smaller Euro.
pcan countries; so that the task OF
supplying the three greatest con-
suming nations Of that continent
falls upon us. Those markets are
practically our own for the next
twelve ..or fourteen months. With
our enormous crops VIC can supply
all needs, and wcrc it not for this
Europe next year would suffer
from actual famine. There is %
place for every surplus bushel we
have, at satisfactory prices. 1t is
mainly u question of Transports
ton. And it may he assumed as
% certainty that one of the consc-
Quenccs, in addition to enormous
tonnage, will he All Improvement
in the rates at which it is carried.
a very small advance which would
not be felt and to which no obiec-
ton would be raised, would make Il
heavy increase in the aggregate
earnings of the roads, taxed az
they must be to their utmost en-
pacity to carry the freight.
If the present bull movement in
the market rests Oh such a basis
as that indicated, and it is plain
that it does, and on no other, then
obviously it is 30 thirty day affair.
The propclling impulse will con
tinua through eighteen months or
possibly two years. SO far we
have seen only the first surge of
the rising tide. Ncw elements are
coming into activity. Financiers
whose opportunities for Observe
ton arc Of the best, say that thu,
foreign buying in the market is
German end Frcacn; the English.
men hCvG not come in yct, having
been dishcartcncd by the event.;
OF last year. Much OF the German
buying liz new and virtually all of
the French. The attention OF the
capitalists has been forced to this
country rs IT never was before by
VIZ ioot Httltliutl. w u utNG Sllll
the English buying OK q reserve
force, which will surely come in
later. And in respect to our get
ting the money for what We soll
abroad, about which there arc still
vague apprehensions that tho
Bank OF England or the Bank of
France will be able to keep gold
away from us, there is simple
,, fundamental fact to keep in mind
III international trade there is
only one currency, gold, and the
buyer his to pay tho seller that, OF
its equivalent. That ia MI there
is to it. Tho Bank OF England can
hinder the FREQ movement or gold
to the extent of raising the rate OF
exchange about ] OF one per cent,
the Bank OF France something
more. In zach case the extra cost
Ill getting tho money here is paid
by the European consumer, who
has to pay just that amount more
for his wheat.
Last June, when there was much
talk of gold being withheld from
us, Mr.. Cammack ridiculed the no.
ton very thoroughly. "If wo have
the wheat and they want it," said
he, "it must be paid for by the
consumer. The Bank of England
don't eat it nor the Bank Of France,
and they can'G prevent the seller
getting paid for it," AS matter
of fact the gold movement this
way has already begun. 1t will
fill up the bank reserves hero as
they arc drawn down by the de,
mand from tho West, BEING inst