The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1867-01-16
The True Reason.

I The cause OF Northern capital not flow
ing to the South is, perhaps, owing as mucl
to the fact of the Southern States a
} present having no governments recognized
by the Congress Of the United States. q.
to the absurd usury laws which prevail il
some Of the Southern States. Moneyec
men in the North have no confidence in the
stability Of civil institutions "so-called" il
this section. At any moment the Radicals
may upset the civil government in the
Southern States, and re-establish martial
law, or else send territorial governors down
upon US, OF the stamp Of Butler and Banks
AS to the idea that we will not be terri.
torialzed because it would expunge the
States debts, that's fellacious. A large
portion ofthe Southern indebtedness is held
at the North, and Yankee ingenuity will
assuredly fnd means to make us nav,
whether our political status be as States or
Territories. We need not lay any such
iiattering JUNCTION to our souls. Whether
the President would recognize any such
bogus government, set up by Congress in
the Southern States, is another Question.
This uncertainty of'affairs prevents our
business men from getting money or long
credit ut the North. But let the South be
readmitted to a participation Of the govern
ment they have been forced to live under.
let our political stotus become settled, and
there will be no difficulty about getting
money for those who offer enough interest
and good collateral security AS it stands
now, you may go North and get loan as
q personal favor, when the same party
would refuse it as a business transaction.
1t is because we are a conquered people, at
the mercy Of q triumphant Radical faction,
that capital is scared away from us and
long credit is refused. We are going on
quietly, paying the tax-gather, treating the
military authorities with Difference and
civility, and trying our best to keep out of
the way Of military commissions. But this
will not do. Take up seven out of ten
Northern newspapers, and you will find
our people denounced as "rebels" aud
"pirates'-a bloody-thirsty, villaiuous set
and utterly unfit to govern ourselves and to
have q part Of the rights and benefits of the
"best government the world ever saw"
But we have one consolation If we cam.
not get money ourselves, and that is, Of
knowing that the same state of.affairs that
Is Gripping our business and trade is telling
upon the North. While the English three
per cents, brings nearly 90, the United
States five-twenties (six per cent in qold)
bring only little over 70. The cause that
affects US keeps the United States stocks
at low rate abroad. With all it's vast
resources-its public lands, its mineral,
agricultural, manufacturing and marine
wealth-its gold-bearing six per cent stock
is worth but little over two-thirds of the
market value ofthe English three per cents.
Foreign capital has no more confidence in
the stability of the United States Govern
ment--so long as the Radical party have
control of the country-than the Wall
street man has in Mr.. Pierpont's province.
The threats Of the Radicals, the prospects
OF a collision between the Executive and
Congress, causes foreign capital to shrink
from United States securities. The Eng
lish Government is stable, it has a fixed
policy, but who can tell what will be the
policy of the United States ninety days
hence? Talk with the bankers, who are
the most intelligent men In Europe, and
they will give you correct idea of the
estimation in which that great and unfail-
ing test, MONEY" holds the United States
Government, as administered by the Radi-
cal party. Nothing short of q financial
crash wi ] break down the Republican par
ty-one which will scatter ruin and misery
broadcast over the North. And some
morning the country will awake to the sense
that it has been financially wrecked by
lad, Stevens, Sumner 4 Co.. Richmond
Times.