The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-07-29
FROM THE NORTH.
LETTER FROM G.. W. W.

New YORK, July 25.-Messrs Editors Il am IN
this great city seeing what can see. The feeling
here toward the people Of the South is that OF
kindness and sympathy. They arc more than
anxious to SEQ the old States back again into the
Union. They know their commercial and poltlcai
value to the whole country, and they arc feehng
keeny in their finances and trade the effects OF the
disorganization and anarchy which prevails at the
South. As soon as We are reconstructed, nllllons
of mon and money will pour into our Impoverished
land and aid in building up our waste cities, ana
in cultivatng the fields that are now growing up
in thorns and thistlos. New York comparatively
is almost as dull as Charleston. Those who are so
fortunate as to have few hundred pounds OF stef-
ling have gone to the Paris show; others have de-
serted their comfortable homes, and are ''cotting
on the sea side, Saratoga or Niagara, leaving the
town in the possession the sharpers OF both sexes
1 have never seen so few people here from the
South. Alas Confederate currency don't pay
railroad fare and hotel bills. The wheels OF COM
merce seems to have come to dead lock IN TINS
great metropolis. This state OF things ca annot
last much longer without running two-thlrds OF tne
merchants. There have already been several tali-
ures among the dry goods houses in the jobblng
and importing trade, and the end is not yet. line
people will have to look little more closely into
the laws of political economy, and they Will learn
that fortunes are not made in day, but by years
of toll, labor and economy. The vast volume OF
paper currency-the result Of the late war, hileo
the land with wild and reckless spectators. Inc
desire and facilities for making money rapidly
found its way among all classes and professions;
f>,.t, in fav months. md are De-
ing lost in as many days.
Tho people are realizing that riches nave
wings" even in New York, and che that hasteth to
be rich, shall not be innocent" The tendency
here is for the large houses to monopolize trade
aad thereby crush the smaller. How much better
it would bo for the city to have one hundred
ho1sss sell in the aggregate hundred millions OF
dollars than to have that amount OF BUSINESS aD-
sorbed by STEWART andGLAFL1N. STEWART began
here with less than hundred dollars capital, and
in forty years has become the richest man IN
America, if not in the world. It is said his heart
is as cold as the marble palaces in which ne has
amassed his colossal fortune. lis said no mer-
chant in New York has been 30 hard on his unfor-
tunate Southern creditors as A. T. STEWART. New
York is one of the most expensive cities in the
world. There are number of houses here tn at
pay $50 900 per annum rent, and as much more
for clerk hire, personal expenses, etc.
You can readily perceive what large amount OF
business must be done to pay, expenses. Rents
houses ito let" than has been known for years.
The aggregate banking capital Of New York city
is egGty-fve millions Of dollars, with Liabilities
amounting to three hundred and ffty mihons
large amount Of this money is due to ndvauai Svlu
These deposits are loaned by the banks on call.
II there should be commercial panic, it would
be like calling the spirits from the Vastly deep;
The banks have less than ten millions gold, but
not one dollar in ten Of this sum belongs to them
So long as Government bonds are good, the
$50, 100000 circulation will be redeemed. tell
the inancers here that if they don't want Sambo
to vote for repudiation they must take off the tax
tobacco. Would the farmers of the Empire State
of New York stand such tax on their wheat,
corn, hay, etc. :,
I think not. Why then impose this tax on the
labor Of the poor colored and white people OF the
Southp
If there ever was time when they required
light taxation, now is the time, when they arc
struggling for mere existence.
The Ommerce OF this city is immense, and the
vast accumulation and concentration OF capital
here must ever make New York the great CONNER
cial centre of America. The excessive imports at
this city in 1866 resulted in heavy losses, not
only to the importers but also to those who had
large stocks on hand The decline on many de-
scription Of goods was fifty per cent. The imports
into New York from July 1865 &c was one hundred
and eighty millions Of dollars $3.50 900 o0Ol against
one hundred and forty million (s140, ,O0O,O ,OO) the
present year. The above figures represent gold
valuations. When reduced topaper currency, with
the duties paid of course the amount is largely in
creased The exports Of domestic produce the
present fiscal year from New York was about one
hundred and seventy-four million, currency value,
and forty millions gold and bullion.
The merchants and bankers here arc
looking with great interest to the industrial
developments OF the South. Want OF capital is
great drawback to rapid progress, but what we
lack in capital should be made up in industry and
capital will flow into the South as soon as recon-
struction and confidence are restored, but never
while we remain in tho present distracted condi-
ton. Then let our people push on reconstruction.
Delay is fatal to our best interests. G. W. W.