1839] 



FARMERS' REGISTER, 



10^ 



ted as our single postulate for the sure result of 

 "sufFiL'ient prices" for mulberry plants of the next 

 crop, that is, a bona fide commencement of silk- 

 culture to sulTicient extent— as to Virginia, at least 

 — is made more probable, by every later account 

 received. 



No one, even six months ago, could have anti- 

 cipated the recent occurrences in this strange bu- 

 siness and speculation ; and we therefore dare not 

 presume much upon the certainty of our present 

 expectations of the future. But whatever may be 

 their degree of correctness, our opinions were 

 weighed carefully, and stated fairly. — Ed. Fak. 

 Reg. 



Extract of a letter from the editor of the Silk 

 Guitarist, dated Jan. 1st, 1839.- 



With these preliminary remarks, 1 now pro- 

 ceed to give a definite answer to your several en- 

 quiries ; and, taken together, they appear to in- 

 volve the general and oft-repealed question, 

 What niill the multicaulis be worth next autumn? 

 Let us first look at the past. The sales of trees 

 of last year's growth commenced with us in Au- 

 gust. The market opened at about twenty cents, 

 though thousands had been sold in JVlassachu- 

 setls and elsewhere for ten cents, and even less. 

 Soon speculation commenced, and they chantred 

 hands at different prices, until they commanded $1, 

 and in some cases more, under the hammer of the 

 auctioneer. The last auction sales in New York, 

 were a lot of very small trees, and the prices 

 ranged from ST^ to 70 cents, equal to from 25 to 

 30 cents a foot, and this, 1 think, may be saiely 

 assumed as their present value at auction. Willi 

 this brief view of the past, let us now look into 

 the future, and see if we can form any rational 

 opinion of their market value next autunm. How- 

 ever, before embarking upon the ocean of con- 

 jecture, I will state one fact, and it is a very im- 

 portant one in my estimation. While in Balti- 

 more, and on ray return, I ascertaineil that pur- 

 chasers were offering twenty cents for trees de- 

 liverable next autumn. One gentleman told me 

 he had contracied lor 100,000 at 12.\ cents, had 

 been offered twenty cents lor a part of them, and 

 had declined the offer. Another very intelligent 

 gentleman, residing in Wilmington, Delaware, 

 told me he had been offered 20 cents for his next 

 year's crop, and had refused the ofl'er. He 

 also mentioned several other instances within his 

 knowledge, of like offers and refusals. From 

 these fads and other corroborating circumstances, 

 I am satisfied that contracts may l>e made with 



rules of philosophy, and say they unquestionably 

 will, unless the causes which produce the advance 

 the last year, have been removed. But have they? 

 In order to answer this inquiry, we must first as- 

 certain what they were. The causes which oc- 

 casioned the demand, and the rapid advance, were 

 two-told : 1st. The small number of trees in the 

 country, compared with the great interest awa- 

 kened in the culture of silk. The liberal boun- 

 ties oflered by the states of New Jersey, Pennsyl- 

 vania, &c., for the culture ot' silk lor a limited peri- 

 od, aroused a s[)irit of enterprise which could be 

 gratified with nothing short of immediate ac- 

 tion. Hence large invesiiments were made, for 

 the purpose of permanent plantations, in the hope 

 of rich returns arising from the profit on growing 

 silk, as well as from the munificience of the go- 

 vernment. This was one of the causes and as the 

 laws giving ihe bouniies remain unrepealed, we 

 may confidently conclude, it is not removed in this 

 respect. 



But, it is said, the number will be so increased 

 by another crop, and importations, that the coun- 

 try will be fully supplied, the market overstocked, 

 and the price reduced to their actual value for 

 feeiling the worm. With respect to the number 

 necessary to supply the country and make every 

 farmer a silk-grower on a very limited scale, I 

 can form no very rational conjecture ; but when I 

 look over its vast extent, and take into considera- 

 tion the number required to plant an acre, 1 can 

 conceive it to be almost innumerable. Though I 

 am not aware that any calculations have been 

 made on this subject, yet estimates of the actual 

 number now in this country have been made, by 

 difl'erent persons, and on difierent data, but with 

 substantially the same results. All unite in the 

 opinion that the number does not materially vary 

 from 3,000,000. With respect to importations, 

 but little need be said, as it has been ascertained 

 that not more than 100,000 could be procured in 

 all Europe lor exportation to this or any other 

 country. It is, however, believed that a lew will 

 be imported, possibly enough to swell the number 

 to 3,500,000. Admit this then to be the number 

 on hand for planlinff the coming spring, and make 

 ten the ratio of increase, whicii, after deduc- 

 tions for ordinary losses, is certainly large enough, 

 and we sliall have 35,000,000; a large number 

 truly, but not enough to supply the little state of 

 Connecticut, a small spot on the map of the United 

 Stales. The market, therefore, cannot be over- 

 stocked, or the price reduced by the increase of 

 the next crop. 



2d. Another cause of the last year's demand 

 and price is of the same general character, but 

 developing itself in a different form. Like the 



responsible men in Maryland and Delaware, lor other, it originates in the love of money, but is 



the delivery of trees next tall at twenty cents, 

 and probably more. If I am correct in this opi- 

 nion, it follows, as a matter of course, that the mar- 

 ket value of trees of next year's growth, is about 

 the same as it was of last year's growth in Au- 

 gust. If this be so, the next inquiry is, will they 

 advance, and if so, to what point? We have 

 seen that they advanced several hundred per rent 

 the last year, in two or three months, and the ques- 

 tion is, will they advance in like manner, or at all, 

 during the nine or ten months that must inter- 

 vene between this time and the time of delivering 

 the next year's crop? and here let me apply my 



less patient lor its gratification. I allude to spe- 

 culation; for no one conversant with the subject 

 denies the fact, that of all speculations in this 

 country, the mulberry speculation is the greatest. 

 This rage for speculation in mulberry trees is not 

 content with the rich profits which may be re- 

 alized fi'om their cultivation, but strives to en- 

 hance them by buying and selling, like other ar- 

 ticles of commerce. So common has this prac- 

 tice already pbtained, that it is becoming a cus- 

 tom with editors and publishers of newspapers to 

 give the sales and prices of multicaulis ; and the 

 ediior of one very respect ibie dfiily paper in the 



