The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-03-24
COLUMBIA.
Sunday Morning, March "a, 1867.
The Great Gnin OF the nc,v Law.

Sorrowfully rs the Southern people
may regard the harsh provisions OF
Ihe late law of Congress, prescribing
the terms on which reconstruction is
based, and upon which alone they
can be restored to the Union, yet
there has been one thing gained
one great obstacle removed which
has prevented the progress OF recu-
Deratlon at the South and of the re-
vival of trade and commerce in all
sections of the country, after the ter
mination Of four years civil war.
Naturally, that termination, and
under the conditions of surrender
which brought the struggle to Il
close, and the disposition evinced by
the conquered, business and com
merce ought to have at once revived
and resumed their progress in their
former healthful avenues and chan
nels; but it was not to be so, and u
two years interregnum of doubt and
uncertainty, induced by political par
tizanship, has occurred, completely
clogging the wheels Of enterprise, to
the great damage of the progress
and business interests of the whole
country.
The one thing gained, the great
obstacle removed, by the law now in
force in these Southern States, is the
security Of property. Of course, there
is looming up before us the dark
spectre of Thad. Stevens confsca-
tion bill; but every indication-the
postpenement of the subject until
next December, and the opinions of
the ultra press freely expressed-a
note of which we give elsewhere in
our columns-relieves any apprehcn-
sion the timid may entertain in rela-
tion to it. If the Southern people
act as they ought to act unler the
peculiar circumstances in which they
are placed, that bill is consigned to
ats final resting place, and will scarce
~ be resurrected
The security of property is the
handspring of success in all enter
prises, and enables men to confide
capital and effort to the legitimate
pursuits of that healthful industry
which contributes to the prosperity
of communities, States and nations.
Insecurity, in this respect, begets
timidity and apprehension, and with
draws capital from its legitimate en-
ployment, to be buried in the shape
of gold coin and other valuables, or
1t is driven to some other locality
than its natural field of operations.
Our remarks are induced by the fol-
lowing extract from that well-known
political economist, McCulloch, a
writer now universally acknowledged
to be standard authority on such sub
iects. The extract is this:
Security OF property is the prin-
cipal clement III every properly con-
structed Government. When main
tanned inviolate, country can
support without much difficulty a
very heavy load of taxes; but where
there is no security-where property
is a prey to rapinc and spoliation, to
the attacks Of the needy, The power
full or the profligate-the smallest
burdens arc justly regarded as oppres-
sive, and uniformly exceed the means
of the impoverished and spiritless
inhabitants. Security is indispensa-
bly, necessary to the successful exert
ing Of the powers of industry. Where
it is wanting, it is idle to expect
either riches, prosperity or even pro-
longed civilization.
How applicable is this brief para
graph to the condition of the South
ern States as it has been for the past
two yeals and, indeed, since the
breaking out Of the civil war! During
the existence of that unfortunate
struggle, property in the South was
lnsecure-men were groping blindly,
not knowing what a week OF even a
day might bring forth-and their APP
prehenSlOnS We're not in vain. for the