The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-08
Our Future.
LFrnn the New York World

~ 30 [Fron the New York World
The Southern States promise to be the motive
power by which our capitalists and commerce
shall be dragged out of the rut in which thew ha
been stagnsted since 1860. Last wear the south
was In debt, and its surplus money was mortgaged
to and swallowed up by Northern capitalists. This
year they are comparatively free from debt, be-
cause their credit is limited. Their crop of cotton
tobscco, etc.. are likely to realize in money value
more than ever-at least $500 900 000 The South.
ern crops differ from those of the North and West
essentially SO far as they affect our money mar
kets, inssmuch as they command specie in the
markets OF the world, even on their own soil.
Europe and America compete to buy Southern
products on Southern soil, for cash, at the option
Of the southerner. in greenbacks or gold. Besides
the $500, 100000 of produce salable for cash, in
the markets of Europe and America, the
Southernerr, owing to their poverty and
the crushing policy 70 which they have been sub.
jected by Congress. and the sentiments which
swsyed Northern capitalists, have this year raised
corn, wheat and other food, which will leave
them with a larger amount of surplus cash on
hand than the South has ever seen in any one
year since the foundation of our republic. The
Southern States before this year we're dependent
on the Western States for the bulk of their food,
but now they are not wholly independent of them
10 this respect, but they have commenced to be
exporters Of wheat and -four. The Southern
States will this year realize from their products
cash surplus and net profit, over aud above all
their expenses OF living, of at least $50 900 00O
~ - 10 ure shutting our eyes 10 tue TACT that
there is strong popular prejudice against the
national banks throughout the whole Southern
country, so that the New York city bank mana.
gers will do well to prepare in time for the alb
sorption and retention in the South by private
boarding Of at least $50 600 900 in greenbacks and
perhaps some gold. The New York banks are not
in the condition they ought to be to respond to
this drain for $50 100000 In greenbacks. erhe
South willnot be put of with national snk notes.
owing to the strong prejudice which exists aganst
them there. The temporary locking up of green.
backs by stock gamblers, limited to about So
10000 Is Of trifng importance compared with
the locking up of $50. 900 600 ereenbacks in the
South. Reference to the contraction of green.
backs by Mr.. McCulloch will awaken some doubt
as TO whether the aggregate amount il circulation
viii be sufficient TO respond to this Southern drain
for $60.0O0,O0O, without producing financial
crisis In the North. On October l. 1865. the
amount Of legal tender notes in circulation was
$676, l26 94S and on Septe mber of this year they
were reduced 10 $751;. s23 29l legal tenders, aud
{62, 205 900 three per cent. certificates; making
the total outstanding legal tenders 1859 02s, 29i,
showing decrease of s22s 900 900 since October
1. 1868. These are startling facts. They are the
opening M OF new era IN financial affairs, in
which the Southern States are destined to produce
revolution, In our banking and currency systems
for which every prudent banker and merchant will
prepare Bank contraction" enforced and in.
evitable s near at hand from this drain of green.
backs to the South