Uuhealthy speculation in (r&in has agiiiu borne its legitímate fruit - us so many times iu thu past. The wheat D sevcnil of our CLicago elevatore is declared to bu hot, wlyeh is a prelude to aouring, us tbe latter coiulition is the ba"inning of an iujourous geriuiaatiun. I'he oxact extent of the evil is uot inowp but there is reasoo to hope that it will nut. prove tu be very serious, as tl:o warehouse proprietora liavc doubled the etorage charges on the liadly oooditiooed gruin, whioh v i 1 1 uotvs-itate its speedy renaoval It s alvvays daügerous to let arain lie in large masuts ihrough tho summcr, on the accouul of ihis tendency to spontuucous germina tioo, whieli is oxaotlv tho same procesa aa is excitad io barley in the procesa of conversión into malt. It was epecially dangerous this year, as the erop of spring wheat of ltíüí) waa ol very poor quali'y, tliough a good one in point of yield. It waa oonstitutiouallj uiii-ound to begin witli. Yet such accuniulatious of wheat as have been kept here during the preseut sumnaer havo scarcely a parallel, except in 1808. Iu both oasos the causa wüs tho simo, and the ooiisequences eijuully disastrouthough different in kind. The spirit o; local epeoulation was busy, and for inonths the price of wheat, iu this market was kopt up tjeveral cents per bushel higher than the figures at wbieh it would pay to send it East. As a consetiueiice, the shipperw wero idle, and the griün accumulated. In 18U8, our sur plus was uot taken out uf store benanse England could sapply her detioiencios more clieuply fi om Northern Europo than at the prices at wiiicli it was held hero. Whi-u tho fuct bceaine eviddqt a heavy breuk iu priees followed, ant wheiit hecatno a drug, tliough it did not spoil. Now the ooosequeoee of undue boarding i visible in duieriorated vheal sorno of which may prove to bo a tota loss to tho holdera.