The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-08-22
COLUMBIA.
Thursday Morning, August22. 1857.
Our ln.lustrial Prospecta.

1t is evident that the prospects of
the Southern States, aside from their
political situation, are frightening
Plentiful harvests, and prospective
crop OF cotton of 2,5G0,O0O bales,
combined with the manifest determi-
nation of the people to, surmount
their difficulties, must shortly renew
that confidence, both at home and
abroad, which is necessary in all
financial and commercial operations.
We have signs of this in many ways;
the people of che North are beginning
to realize that, although paralyzed
for the moment by stupendous
change in her industrial and labor
system, and bowed down by such
tremendous losses as scarcely the
people of any section ever suffered,
the South and her people are very
far from being ruined. That people
have Shown to the world that, while
they had q. keen sense Of what they
deemed their political rights, as
evidenced by the fearful struggle into
which they \ plunged to. maintain
them, they have also the manhood
which submits to the DEGREES of fate.
and which, moreover; incites to the
noble duty of retrieving the losses
that defeat heaped upon them. The
high reputation they gained in war
for courage and endurance, is being
amply maintained by an unequaled
exhibition of fortitude under disas-
ters and defeat.
And now as to their present condi-
tion and future prospects, as regards
their material prosperity. We read
with much interest an editorial arti-
Gle, which appeared last week, in the
New York Times, which undertook
to prove that the industry of this sec
ton would soon re-adjust itself. de-
spite the present exceptional condi-
tion of political affairs. The writer
bases this prediction on the, we'll
grounded supposition that the South,
to-day, has probably mortgaged
smaller portion of her products than
she has been accustomed to do
in any one season for thirty years
past; and also on the well known fact
that she has borrowed less and owes
less at the North or in Europe, than
at any time preceding the gathering
of her crops for many years past.
We believe the position of the
Times to be correct. In former
years, there was scarcely planter,
whatever was his wealth or means,
who did not owe either the banks,
which discounted literally, or the
merchants. who credited freely, the
full amount, and more frequently ex-
ceeding the amount of his whole crop
of corn and cotton. This indebted
ness, or such portion of it as he was
able to pay, having been cancelled,
the planter again entered upon this
unthrifty and ruinous system for an
other year, and thus continually liv-
ing one yea, in adlra,,ce of his income.
This system, we have no doubt, was
to great extent induced by the in
stitution of slavery, and the habits
engendered and fostered, under its
influences, from one generation to
another. Men owning large planta-
tions and negroes sufficient to till
them, had no difficulty in borrowing
money from the banking institutions
of the South. Too frequently the
money, the use of which was so easily
obtained, was spent more for plea
sure than utility, going into the cof-
fers of those who rendered no equi-
valent. Northern watering places
absorbed annually thousands upon
thousands of the money the planter
had borrowed just before he and his
family started on their tour; and in
this way, MS we'll rs in many others
similar i'll their depicting effects. anv