The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-03-24

clincd to carry ont their intention of
investing largely III Southern lands
and enterprises of all descriptions,
simply from the insecurity of the per-
mancncy OF property, arising out of
the political situation and the mani
festations i'll Congress in relation to
the future status of the Southern
! States. They therefore returned to
England with their large amount Of
wealth and treasure, designed to aid
the South III the development of her
resources At that time, had we
been restored, or any guarantees given
by those in authority of an early re-
storation, these large contributions
to promote and facilitate Southern
recuperation would probably to-day
have been fulfilling their mission of
cultivating our lands, now lying
waste and unproductive, building up
our manufacturers, facilitating rail
road enterprises, and opening up new
avenues of trade and commerce, which
would have soon not only reclaimed
our section, bat placed her on the
highway OF success and prosperity.
This is the vast injury which the in
stability and uncertainty of our po-
litical relations, and the natural
sequence of insecurity Of property,
have inflicted upon the Southern
States-nn injury from which we fear
it viii take many years to recover.
But the great gain of the MILITARY
Bill, - as it is called, or the ld,c by
which these States are now governed,
is that, to a great extent, it will re-
move such apprehensions as those
referred to. Terms of reconstruction
and restoration are offered to our
people, for the first time since the
cessation of hostilities, by the law
making power of the Government
the power which, rightfully or wrong
fully, controls our destiny. The
constitutional amendment, per- Sc, was
offered to us and rejected, but that
did not, on its face, proffer terms Of
restoration. Now, the proposal from
the same governing power, while it
embraces that amendment, distinctly
assumes the form of q contract that,
on its acceptance honestly and sin
cerely by the people of the Southern
States, said States will be re-admitted
to their rights and proper position
as members Of the Federal Union.
| This, then, is measure of fnality,
and the postponement (perhaps in
definitely of the confiscation mea-
sure of Stevens, by those who gave
us the present law, demonstrates,
almost beyond cavil, that they regard
the Sherman bill-our present law
as the final measure of legislation
against the Southern States.
This being determined, there is no
longer any obstacle to the revival OF
trade-no longer any bugbear Of CON
tiscation to frigEten capital from our
plantations and factories. The duty
of our people is. therefore, clear, and
especially the duty of landowners
and real estate owners, and that is,
/
to faithfully aid in carrying out uH
the provisions Of the new law. Sta
bility and confidence will be re-es-
tablished; property will appreciate to
| its full value; the wheels of industry
set vigorously in motion, and the
rights Of property fully secured.
Where such stability and confidence
does not exist, and the security
arising thcrcfrom, as MI NIcCulloch
says in the foregoing extract, cit is
ic2e TO expect eit1e'' riches, prosperity,
on crea ln'olonged ciriHsMion."