Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-08
MORNING HERALD.
sATURDAY, July ., 1897.
s.r thern Commerce Moral, Politicai' INV
Economical Effects.


mean North Louisiana, Mississippi Alabama Ar
I.nsas and West Tennessee, were settled IN the
first instance by bold adventurers WIN porhaPs
60 ,ho,s.nd dollars ai their command, invested ge-
nerallv IN negroes The course was TO enter and pay
for the requisite quantity of United States lands at
thar minimum nrice Immediately few huts were
e,ac,e3 and the business of clearing the land and
rIoo,;no cotton commenced. These men carried
The nroduct of their labor to New Oreans-there sold
il for cash-bough what groceries they wanted, and
returned home In Alabama and East Mississippi the
same thing was done through the medium OF Mobile.
Now and then country merchant to be found
in some thcky settled district for the purpose of sup
plying families with dry goods, groceries, &c, but his
business regular, and he was faithfully pad at
the end of the year either in cash in cotton at the
market price Specua ton had not yet raised It's gor-
gon head in that section of the Unlon and the few
merchants that were nterspersed in those districts
husbanded their pay their northern credi-
tors, enter the markets of New YORK ana rhila-
delpha with the greatest advantage Under this
system of things those gradually began to as
sumo importance in the eyes o. the nation. The IN
variable certainty Of drew in 1928 for the first
time The attention of heavy northern capitalists to-
wards the rich auvons Of the south and south west.
Every body hurried thther, dreaming of unbounded
wealth without the pain of labor. Lands that had
been entered at Congress price rose rapidly. The
first settlers became ambitious of lettering their for
tunes They sold out to greedy buyers, and bid high
prices themselves for lands which their experience
taught them were more eligible This excitement
produced corresponding feeling IN the Land office
department. The surveys were fastened Large
bodies ofthe finest land were thrown into the market
10 the highest bidder. Ii was no uncommon occur
that lands IN their native condition should bring
high as twenty dollars per The news of this
high handed success went on the wings of the wind
TO every hamlet in the Union. Dry goods dealers
brushed up their "old shop keepers-ther half moth
eaten stock and turned their faces southwark Young
men with few dollars in their chest determined on
becoming merchants, and through the influence of
dad or other relation got credit of perhaps
from eight to ten thousand dollars in old and
fashionable goods Farmers IN the middle and
northern states deserted their native fields, and left
the share III the urrow in order TO cotton
under southern For successive years did
the stream of emigration set southwark. Georgia. the
Carolinas, and Virginia sent forth their into
the favored state Of Alabama, and into East Mlssis
sppi. In the midst Of all this prosperity, whole herds
OF spectators entered the market bought up govern
ment lands in the most eligible situations and sold
them to the settlers at enormous prices. The conflict
between the real settler and the Spectator in south
ern lands is of the most fruitful of the pre-
sent distress Ii shall be treated as it deserves in an
other paper
While this rapid and unparalleled retaining of the
Southern and Western WILLIS were gong on, what
course did the great chuanel Of commerce take Was
there no alteration in il? Let us inquire
About the beginning of the year 1890, clique Of
heavy capitalists called brokers reared Its head
in New Orleans and Mobile. The grateful ,idings
went forth that advances would be made upon the
ensuing crop. Hundreds of needy planters jumped
at the proposal of these liberal and distinguished CAPT
talists They made regular schedule of their pro-
perty and debts and according to their ability was
interest charged spon the money advanced Not con-
tent with this, hundreds of emigrans possessing
few negroes only proposed to the good nalured and
accommodating capitals, to advance him sufficient
sum in order TO enable him to pay the first nsralment
on the purchase Of his plantation! Being secured by
the aext crop at the market price the arrangement
was easily effected Fifteen to sixteen per cent inter-
est formed no bar to the transaction. The new plan
ter painted for the lands, and yielded any thing the
demand Of the capitalist
Now all this system was good enough Nobody
could except to it. Ii voluntarily erected the
part OF the parties But the efiects2 Men in pros
perity forgot this question Here then is the stu
alton OF the planter and his broker throughout the
South The broker has advanced him money and
the planter is indebted TO him for it, How is that
debt TO be paid Not in cash. but by cotton at the
market price. SO much for this portion Of Southern
commerce
Let Ms now look to the question Of supplies. The
planter with the brokers' acceptances in his hands
goes into the warehouse Of merchant either in New
Orleans, Mobile or some interior town, and gets al
fair prices whatever goods he may want Here the
transaction between the merchant and planter ceases
The merchant throws the brokers' accepiances into
bank gets them discounted, aud thus all parties are
satisfied. In this way has tho mercantile susnesso
the South been done from 1880 1897 That there are
exceptions | admit. In some cases q country mer-
chant will supply the planter with goods for year,
and take his cetton in payment SO sosn as the crop
10 ready for delivery. But such transactions are most
" confined TO those planters who are independent Of
the brokers and their advances and able 10 subslst
within themselves. Why then have not the mer-
chants mel their engagements at the NORTH In
New Orleans and Mobile, and mos, Of TIE country
towns, where they received brokers' paper they re-
allied il before the beginning Of troubles las, March.
The amount outstanding does not, J am well in
formed exceed AlOO 600 i'm ali fhe Sosthern S,,,a.