New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-01-21
THE REAL CAUSE.

English coast known as Goodwin Sands"
and curious traveller inquiring in regard
to its origin was gravely informed by an
old woman of the neighberhood that it
made lis appearance almost Immediately
after the, building of the new spire OF the
Tenterden church which stood hard by.
I" Indeed" said she, ." / am sure that Ten
terden steeple is the cause OF Goodwin
Sands" Her theory has passed into
proverlJ to illustrate the fallacies and non
seguitlrs which are continually passing
themselves off as frst-elass truths.
Ola similar character is the theory,
originating in ignorance but industriously
circulated by partisan malice, that tie
present depressed condition of the COM
mercial and agricultural interests Of tie
South is due to the enforcement of tie
congressional policy of reconstruction.
They happen to exist cotempOraneously,
and therefore we are graVely told the
latter is the cause of the former.
Now what are the facts in the case? The
South embarked in war which lasted
four years. She expended at least two
thousand millions of money, which is con-
pletely gone, as completely as if it had
been packed into columbiad and fired off
into the sea. But more than this, she
suffered other losses of which no census
can be taken. Her fields were nee
essarily desolated; their fences were burned;
houses and barns were destroyed or
fell to decay; horses and mules were
captured and worn out, cattle and sheep
were devoured as the food of contending
armies. 1t is safe to say that four thou
sand millions would not cover the actual
losses of the insurrectionary states in this
insane struggle. TIE war came to an end,
and financial ruin would have Immediately
ensued but for one reason-the high price
of cotton. This staple was Immediately
rushed into market, sold at high figures,
and realized just enough to inspire delu-
sive hopes of the future. Cotton factors
sprang up ia New Orleans and other cities
like mushrooms in a night. General this,
and colonel that, and major so-and-so
boosted their signs, sent out their circulars,
promised advances, and borrot7sd their capt
tai. Without cent of money of their own,
they loaned large sums to the planters, and
the planters, staving off their old debts,
went on to raise cotton on the theory that
it would always command fifty or sixty
cents pound. The crop of 1866 was largely
injured by worms, and it realized but from
twenty 10 thirty cents on an average. The
factors and the planters were really ruined
on the FIRST Of January, 1867; but they
made one more attempt. Again they
borrowed money and supplies, the factor
frem the banks and the North and
West, and the planter from the fac
tor, and the crop of 1867 was put
in the ground on the theory that it
would command from twenty to twenty
five cents a pound. With overflow and
worms it has turned cut shsrt crop, and
it does not bring on the average more than
twelve to sixteen cents pound. 1t is
coming in rapidly to market, and is being
sold; but whittier do the proceeds 60
Not to the planter, for he is over head and
ears in debt to his factor not to the
factor, for he is over head and ears in
debt to the North and the West.
The proceeds Of the crop are going
North and West, and very properly, as
fast as bills of exchange can take them /;
and naturally the South is very poor.
The tremendous losses Of the war,
the fall in the price of cotton,
the pressure of old debts growing every
day stronger by arrears Of interest, the mis-
fortunes of overflow, the ravages of the
worm are the cause, and the only cause;
and the reconstruction acts of congress have
no more to do with iris financial distress
than Tenterden steeple had to do with God
win Sands. Nay, less for the steeple pre-
coded the sands in point of time, whereas
the insOiVenc! Of the South really existed,
as we have seen, some months before the
reconstruction acts were passed, in March
1867.
In ihe name of candor and common sense
we appeal from this ignorant or ma
licious denunciation Of congress to the
sober sense Of the people. The
reconstruction acts stand to-day the
most beneheent legislation ever rendered
to a community torn by the talons of civil
war. Their intent and effect are to estab-
lish justice, to promote tranquility, to dig
nifty humanity, to ennoble and reward
labor, and to secure the benefits of mental
and moral culture to all sorts and condi-
tons Of men. And when these blessings
shall be provided by fundamental law and
in daily practice, material prosperity viii
follow as surely as vegetation follows the
shower and the sunshine.
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