Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-01-12
ON CHANGE.

ON CHAM Es
In a lecture recently delivered before the
New York Historical Society, by Henry c. Ca
rev. Of Philadelphia, there are some Statements
on fact. and some enunciations o. principle,
which overflow with interest TO the southern
people.
The cardinal proposition which he undertakes
70 establish In his address is, that no country
can reach, even the remote neighborbood OF It's
maximum prosperity, which confines its indus
Try % the mere production OF crude material.
in the Illustration Of this proposition, which he
~inclines 70 assume as an unassailable postulate,
he employsa numbero Of historical comparisons
The general argument OF all these comparisons
Is, that diversity OF pursuits enlsrges wealth,
and develops civilization, while uniformity,
on the other hand, obstructs acquisition, and
retards national growth. The c~orollary which
he deduces from this Is, that fertility OF son,
salubrity OF climate, mineral resources, aud all
the other elements OF natural wealth, are but
dead fsctsrs OF prosperity, unless coupled with
that antithesis Of occupation, through which
alone they can be vigorously utilized.
The examples cited in proof OF this, MINER
upon u pertlnently, and with great practical
force. In Mexico, Ireland, Russia, Canada, and
Turkey, where all the natural constituents
abound, which are essential 10 a country's de-
velopment, we are greeted by fertile wastes, a
half-tIled so.l, and all the customary aspects
OF imperfect vitality. Belgium and Ireland,
nearly equal in point OF territory, and both
members Of the most enlightened society in
the world, are summoned 10 the witness box
together. The former gives in evidence, the
highest priced lands In Europe, a labor bounti-
fully remunerated, anu a currency solidly
founded, ana plentiful. The latter testihes, %
low-priced lands, an i'll requited labor, and
money difficult 10 obtain. y rance and Turkey
furnish another apt Illustration The former,
teens with a well employed population, blooms
in every acre or her thoroughly cultivated soil,
and proclaims in every department Of indus
try, 4 prospecting activity. The latter, though
blessed with a vernal atmosphere, and gifted
with a prolific soil, is poor in money, depleted
OF labor, and moving steadily towards general
desolatiou.
The history or Germany Is even more elo-
queut on the subject, for it witnesses upon both
sides. While she was ouly the producer OF the
raw materials which we're exported for manu-
fasture OF consumption, she remained stepped
In poverty, semi-barbarousi In development, and
Of paltry consideration in the politics OF the
Continent. When however she rose TO a just
conception Of her interests, and retained her
raw material at heme, and inaugurated a wise
diversihcatlon OF Industry, and thus became an
importer Of crude products, instead Of an ex-
porter, she merged into a higher civilization,
and assumed the political prominence, 10 which
her extent of TERRITORY, and her formidable pop
ulation entitled her
Coming from Europe to America, we are IA
vored with a contrast, both more startling, and
more Interesting. More startling, because the
features Of the contrast grew up cotemporane-
ously, and under the administration OF one
government. More Interesting, becsUsei il bears
with a personal emphasis upon our own sec
ton. Even before the late revolution, the
North scared above US IN every single iugredi-
ent which enters into a material prosperity.
Then as now, the average value Of its lands
was higher than ours. Then as now, they were
cultivated with greater skill, and larger results.
Then as now, labor in all of its departments,
was more generously rewarded. Then as now,
money was easier Of access and then as now,
we were subject TO whatever financial ulmina-
tisn, the North might see ut TO project.
In hue, America uniJes with Europe in de-
claring that uniformity OF labor is coma, and
diversity Of labor is life. Asmight be supposed,
a profound philosophy underIies the testimony
Of these concurrent examples. Mr.. Carey
evokes this philosophy with characteristic Wv
idness, and force. and lest a p~araphrase should
mar its point, we quote the paragraph which
50 luminously sets IL forth.
From these examples we must conclude that
prosperity does not follow from liberal natural
gifts. They are divisiDle into two classes those /
which export their crude products, and the
other which import and manufacture them ana /
send them out 70 all markets. In the one case
land is low, capital scarce, labor undignihed; /
and i'm the other the reverse. The same dis
tinctions are 10 be seen in our own States. Why
is this coincidence? In the language OF MIR. |
Peshine smith {" the growth Of wealth depends 1
m EnRHANawE s|HaHHNaHHAm HEnMnnH aM- HnANH .
between production and consumption" There /
fore there should be iEterfusion Of producers
and consumers. They should be together. We 1
lose the interest aceruing from our breadstuts
by having TO wait while they are transferred 10 /
Manchester or Lyons for "A consumer; so OF
porks Tobacco, BeeI, rice ana cotton. me /
amount Of sucn p~etrihed, unyieiding capital
before the war must be more than a thousand
million. Suppose We bad had side by side with
the producers factories Of cotton, WOOleDs and
iron TO furnish whatever the farmer wanted.
The interest would have been saved. In ma
lions as in individuals, rapidly Of circulation
is the true economy Of labor and means. The
waste Of force in the countries named cannot
be less than nve-siXths. Is IL wonderful that /
capital should be scarce and interest high2
In a subsequent article, the general PROPOSE
lion here treated, will be more specifically dis
cussed, and the policy which It ~counsels, directed
towards a practical enforcement
Exchange.
New York Sight moves with less alacrity than
on yesterday. only a moderate business is re-
ported at previous rates, buying at y of, and
selling at par.
New Orleans Sight is siin very scarce, and
difficult 70 obtain. We are advised Of a few
operations, very firm at former rates,
buying at par, and selling at y per cent pre-
MUM.
Time Bills.
We learn Of some transactions in New York
~Thirty-days Date, at IL discount, and In New
York ~Thirty-days Sight, at ~ discount. The
other denomination Of New York Time, re-
main AS before. Five-day Bills z OF, Ten-days
I per cent, and Fifteen-days ~ Oh.
New Orleans Time remains in good request.
but no supply comes forward 20 satisfy II.
Former quotations are therefore restated nomi-
naly. Five-day Bills q on, Ten-days =, FIJI
tesn-days per cent, and Tlirty-days "a per
cent, oil.
Borrowers to-day are singularly quiet, and
1nobtrusive, and bankers have only been called
upon 10 provide a mild amount Of
dation, at the stereotyped rates. Prime Five
days paper Z Oh, Ten-dsys = OF, Fifeen-days
= Of, and Thirty-days l per cent. OF.
city scrip.
City Scrip stn maintains itself in the active
demand, and the uuwonted assumption Of life,
which IL recently took on. We are advised Of
two transactions, involving modest amounts, at
80 buying, and 80 selling.
stocks.
Government securities have clearly not sue
ceeded IN extricatiDg themselves from the dead
lock, in which they we're discovered 10 be yes
terday. Seven-thirties are quietly nominal, at
% buying, and 80 selling, with accrued interest
Fiye-twentles are compOsedly nominal, atlOlh
Compound Int notes are ~complacently nOmi-
nal, after the following style:
Compound Int Notes June lsjI,---lO4