The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-05-03
PICTURES OF THE SOUTH.

e.
We published yesterday an editorial from
the Journal Of Commerce, which We hope will
have its proper effect upon the press Of the
North. MIR. PRIME, the editor, has quite
large and deserved reputation as writer OF
great point, and an accurate and impartial OBJ:
server His travels in other countries have
been very popular, and We hope that his peo-
pie will listen to him now with the same conf
dence Mr. PRIME has just returned from
long journey through the South, and we have
no where seen fairer statement Of its condi-
tion, nor juster appreciation Of the causes Of
its distress, and the means of its restoration.
The whole is summed up in the words "want
of capital 1t does seem strange, but it is
true, that the North does not begin to appre-
ciate the ruin it has wrought Politicians dis
cuss Southern strength and Southern interests
and possibly political Southern combinations,
as if it was the same South that SO proudly and
confidently commenced the war of 1860; and
they seem afraid to increase the natural re-
sources of the South for fear of its removed
strength. The political agitation at the North
has had as much to do with the mistrusts Of
capitalists as the condition of the South itself.
And sensible men seem unwilling to under
stand that government of Northern capital
would more readily effect speedy, hearty,
and a prosperous reconstruction than any mill
tary government, or any scheme Of suffrage.
Now both the politicians and the people of the
North are educated through their press, and if
such papers as the Times, the Tribune and the
Herald, instead of trusting to the casual cor
respondence of men who use their columns oc-
casionally for their own special purposes, would
send intelligent observers throughout the South
who would not talk politics at the hotels, but
make it point to associate with the business
men, and study the leading material interests
of the country, the people Of the North would
soon understand the secret of what is called in
political phraseology disatfection, but which is
really the depression of poverty and which
will disappear before the hopeful energy of re-
| turning capital. :
Mr.. PRIME is right also in saying that there
never was such field for the successful en-
ployment of capital, whether it be used for the
generous purpose of giving aid OF the selfish
purpose of making profits. There is no money
in the country, and there is no credit. Nobody
can venture because nobody has wherewith to
uan4,,.0 ant..;...- -k-navuri, hrot-tuLe
opportunities for business establishments are
neglected, the school and the press are feeble
because those who see the opportunity have
not the means, and those who have the means
| do not see the opportunity.
The enormous rate of interest which has
been paid in the last year, especially for agri-
cultural enterprises, is not only ruinous but it
disturbs the confidence of all real and substan-
tial capitalists. Men with the money to lend,
and who have made it by steady industry, feel
very naturally that the borrower who is will
ing to pay twenty five OF thirty per cent. must
be playing a desperate game, and the conse-
quence is that the real capitalists, the men who
are willing to make fair investments on fair Sc
curity, feel unwilling to venture into busi-
ness which is neither more nor less than gamb-
| ling. In this view it is much to be regretted
that our Legislature, in its repeal Of the usury
laws, did not make their repeal gradual one
That the repeal of the usury laws is right in
principle no one doubts, but that, under the
circumstances, the absolute repeal was inju-
dicious we have no doubt. We believe that
the power to demand, and, under the circum-
stances, to enforce an exorbitant interest has
kept away more capital than it has brought in.
If the Northern Press is really in earnest its
present desire to serve the purpose of recon-
struction, the observation of Mr.. PRIME will
be safe guide. If it will only inform itself Of
| the magnificent resources even now of these
PROSTATE and despoiled "Districts," if it will
impress upon Northern capital the many ways
in which capital can be judiciously employed !;
if it will enforce upon the people that now the
question of reconstruction is IN industrial
rather than political question; if in word,
it will follow the sure and honorable course of
Mr.. PRImE,-it will contribute more to great
and happy result than by the surest political
philosophy OF the cleaverest party hits. -
II