The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-11-13
COLUMBIA.
Tuesday Morning, November Is, 1866
The Business of the Country.


The New York commercial journals,
and other organs of trade, unite in
announcing q general stagnation In
business throughout the whole coun
try. 1t is attributed, by some of their
experienced journals, to over-trading
and to the rage for speculation, to
which are to be added the political
complications of the country. The
Natioao5 LnteOigence7'-by the way,
having financial and commercial
editor that is not surpassed in this
country, not even in the business me-
tropolis of the nation-says that, so
far as the last-named and chief cause
is concerned, politics,) the elections
of October and November have done
nothing towards the removal of the
evil.
We learn from all the business men
who have visited New York, and from
the daily journals Of that city, that
the plethora in the money market
there shows no abatement, while it is
notorious that money is scarce in
other parts of tho country, and that
1t seeks neither investment or en-
ployment in the Southern States.
The distributing points at the South
are not supplied with money, even
1or the necessary purposes of ex-
change The IateAigencer says that
exchange on New York, offered in
Charleston and New Orleans, is hardly
saleable, though wanted, because
there is no money to buy it. Thus,
while the Sohth needs more banking
capital and currency, the Northern
cities are glutted with both.
The New York Iimes-a paper. bv-
the-way, that, in its insane love for
radicalism, has helped to keep the
South crushed, politically and fnan-
clally-says it does not admit of
doubt, that Northern capital is being
withdrawn from New Orleans and
every business point in the South.
and that it is equally certain that no
further investments of Northern capi-
tai In that direction will be made.
pending the continuance of the sec
tional differences.
The present stagnation in business
commenced in the interior. and must
soon reach and affect the commercial
centres of the country. Mercantile
wholesale houses cannot collect from
their customers, and the people will
not buy the large stocks of imported
and domestic goods, for either one of
two or three good reasons-they have
not the money; they are, therefore,
becoming moro economical, or else
they expect that prices will be low
cred
But the North, with all its means
and facilities, cannot escape. A num-
Der OF important failures of manufac
turing houses have occurred during
the last week in the East. These
failures or suspensions may be attri-
buted to the renewal of the credit
system, and that dealers in the inte-
nor cannot pay promptly for their
goods; but that they will be followed
by failures in the jobbing houses of
New York is not to be doubted The
policy of the people of the South is.
to live IN accordance with the strictest
cconomy-buy nothing they can do
without; and when this commercial
crash comes, they will come out of it
more unscathed than their more fusb
nelGhbors of the present day.
WHAT DOES IT MEAN?-In asking
this question, the Baltimore Trans
c7'lot goes on to say that the South is
at this moment, in the most profound
quiet and reposc There is not a
rebel in arms; there is not United
States soldier necessary TO Dresarx-a