The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-08-08
COLUMBIA.
Thursday Morning, August 8. 1857.
The Great Obstruction.

at the present unfortunate juncture in
her affairs, to restore her prosperity
recuperate her. energies and shattered
fortunes, are capital and labor. The
New York Tribune, a few days ago
asserted that 800, OOO.O 900 might BE
30 invested in the South as to increase
at least by that sum the annual pro.
duction of the soil. The Atlanta Ne,t
Era, however, in discussing propo-
sition to send q deputation from Ala
bama to New York, to induce the in
vestment Of Northern capital, points
out the great impediment to the in
f1ux of capital to these Southern
States, and very sensibly remarks,
that "the best way to draw capital to
the South is, to complete the work OF
reconstruction" If that work shall
go on smoothly and successfully to it,,
accomplishment, we have every rea-
son to believe millions of capital and
abundance of labor would flow to our
rich, but at present impoverished,
section.
From an article which we find in
one of our exchanges, without credit,
but which is from New York Jour-
nal, we extract the following para
graph. It is speaking of the induce
ments held out in the United States
for British capitalists to invest. Of
the field which the Southern States
present for such investments, the ar
ticle says:
"The South, particularly, is full of
natural resources. Money is much
needed, and if used there now will,
in few years, return immense profits
to those who invest. That section,
beyond all question, is the richest
portion of the continent. Its politi-
cal troubles are approaching q set
tlement; and when these are settled,
slavery being abolished, both capital
and immigration must naturally flow
there. Here, then, is the best field
for the employment of British as
well as American capital. And now,
while money is SO much needed, and
before the full tide of prosperity sets
in, is the time to make the best bar
gains and secure the greatest advan-
tages, Let the capitalists of Eng
land, who can only get one and half
per cent. for money, and in the best
times not over three to five, bring it
here, where they can obtain much
higher interest in the safest invest
ments The Old World is approach
ing the limit of development, while
we are just beginning. Money will
double itself here in u third the time
it can in England.
This is all true; but as has been
said, the position of these States is
as yet too full of doubt and uncer-
tainty for monied men to risk their
capital here, even with the tempta-
tion of the highest rates of interest.
AS it is with capital, so it is with
labor. The various immigration So
cieties of the Southern States have
comparatively done little or nothing
in the accomplishment of the object
for which they were formed; while
foreign immigrants are pouring by
tens of thousands into the Western
States. These immigrants are of the
best class-skilled agriculturists, me-
chanics and tradesmen-just such a
population as the South, in her pre-
sent sore need, requires. The great
obstacle to all these desired benefits,
as admitted on all hands, is her pre-
sent anomalous political position.
We have not urged reconstruction