Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1865-07-11
PLAN OF FINANCIAL RELIEF FOR THE
SOUTH.


TIE New York World dkcusses the means of
building up the waste places and ro'establishing
the prosperity of the Southern States. Even
sbould the President remove the incubus Of the
$4,000 exception, the World thinks the South Is
thrown back 70 its condition Of h.h 0 century
ago. The 10, ses Of its people by the most mode
rate estm lies, are placed at two thirds of their
entire tax ID property. In this state of affairs
one of two things must come 10 pas. Either the
able bodied white population must be depleted
by emigration, or some means must be found Tor
putting the landowners and particularly the
small farmers, in command Of capital enough to
replenish their stock and working material, and
10 meet the immediate demands Of their families
aud the tax gatherers. There are objections the
World saws, to governmental assistance, and pri-
yate exertlons cannot be depended on to meet so
vast an emergency, it therefore suggests that
Probably the most practicable way OF relieving
the financial helplessness of the South would lie
the app ication TO that section OF our country oil
the sys.em Of Agricultural Credits which mas
been in successful operation fol nearly century
In many parts Of Europe, and particularly in Ger
many. These Credit" have this in their favor,
that they can be established without calling upon
the government, and without going into the mar
kets of the Northern cities, or of Europe TO raise
funds. Known as the Credit Fonciers, they are
TO be found disse uinatng life and energy through
Pomerania, GallcIa, POsen, Mecklenburg, Bel
Rium and such is the simplicity OF their mach
nery that in the busiest market towns, where they
are controlling a movement OF millions OF dollars
the stranger would hardly suspect their existence
and would never probably hear them so mucn as
spoken of, while the n anne OF the smallest CONNER
cial bank would swiftly become familiar TO his
cara They neither borrow nor lend mo-
new, they have no capital to WELD
or 10 be embarrassed by, they AJAX little
or nothing from the State they lAssue
no paper money properly Sd called but simply
negotiable obligations, the safety OF which every
one recognizes, which breed 10 confusion, and
rest upon the legal assessments open to al the
world. In Gallicia the Credit Foncier meets
the agricultural needs of nearly five millions OF
inhabitants, or mole than the whole white popu-
lation of the South. The Silesian "Crein serves
three millions Of people, has been hrSe'quartes
of a century in existence and its letters OF
pledce." based on a public valuation of the by
pothecated lands Of the members OF the associa'
ton, and on their Joint guarantee, represent on
the average no less sum than thirty millions OF
dollars. These letters of pledge" are made pay
able to bearer and such is their general credit
that the Pomeranian letters, bearing four per cent
interest have been commonly negotiated al SIX,
seven and eight per cent premium.
The Pomsrauiln three-and a-half per cents
have been constantly quoted on the exchange at
Berlin at ninety five and q half, when shares OF
the Royal Prussign Bank, paying the same inter
est stood at ninety our, and the Prussian public
debt, three and. s-half per cents, at eighty SIX
and a half. OF course, The different constitution
of society at the South would necesstate consla.
cradle notifications in the European systems of
Credit Fouc.ers" before 1t could be successfully
applied there. But the overwhelmingly agricul-
tural character Of the South, combined with the
actual state Of things in that region are eminent
Iy favorable 10 the naturalization Of the princi.
pie of these systems; and We commend the sub.
iect very earnestly to the attention OF practical
men throughout the States interested.