The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-06-03
Letters wheat Deal.

The profits of Joseph Letters wheat
deal, which was closed on May 81, have
been estimated all the way from little or
nothing to S,OOO,OO one paper says that
if he came out even he did well, another
says his profits amounted to A,5OOoOO and
still another that he did not make a cent
less than 5000 600. Mr.. Letter himself
doesn't say how much he made, but he
states that he handled approximately 49,
C00O00 bushels of wheat.
The comments on Mr.. Letters wheat
dealings have been, and still are widely
different. By some his wheat purchases
are approved, and by others condemned.
One thing is certain, and that IS that if
he put up the price of wheat he is enti-
lied to the credit of bringing large de-
gree of prosperity 10 the West, There is
more money in circulation in that section
of the country this year than in any pre-
vious year for a long time. The people
are happy. and are not only paying off
their mortgages, but are buying freely of
all sorts of manufactured goods. Their
prosperity therefore is helpful to the man
ufacturers in all parts of the country, and,
hence, incidently to factory operatives
But it is said that Mr.. Letters wheat
transactions put up the price of bread,
and therefore worked hardship to the
poor. In answer to that we have already
shown that by making the West more
prosperous he has helped some of the
wage earners. The benefits arising from
The high price of wheat may not have
reached all classes of tOilers, but is il
possible for one section of the country 10
be benefited by higher prices for its spec
ial products without another section suf-
fering to some extent? If the South should
get 10 cents pound for her cotton would
not the people of the West, especially the
poor people, find it more difficult to supply
themselves with such cotton clothes as
! they need?
| The people of the West have no fault
to find with Mr.. Letter, but the people of
other sections of this country and of Eu-
| rope think they have, because on account
| of his wheat dealings, they have had to
pay higher price for bread.
No doubt Mr.. Letter Influenced the price
of wheat very considerably, but the price
of that article would have been high even
if he had not purchased a bushel of it,
There was a short crop in Europe, and,
hence. there was a great demand for our
wheat The demand being great and the
supply limited the price advanced greatly.
We do not know whether Mr.. Letter
made much money in his wheat purchases
or not, but we feel sure that If he should
help put up the price of cotton by specu-
lating in that article and thus bring great
prosperity to the South, there would be
very few in this part of the country who
would condemn him.
When the farmers are prosperous the
whole country is prosperous. Political
parties are always pretending to legislate
so as TO bring prosperity to the farmers.
The farmers, as a rule, are prosperous
when they get high prices for their pro-
ducts. What reason is there then in con-
demning man who, by means of speeu-
laion, assists them to get higher prices
No method has yet been devised by which
the producers-the farmers-can get high
prices for their products and the consum-
ers can, at the same time, get their sup
plies at low prices.