Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-11-13
from the New Fork World, Ctt. 2.l
OUR FUTURE.
rkGgouth 70 Bring A bout " Csmmer
-. cinl Revolution.


The Southern States prornise to be
the motive power by which our capt.
talists and commerce shall be dragged
out of the rut in which they have
been stagnated since 1855. Last year
the South was in debt, and its surplus
money was mortaged to and swallow
ed up Ivy Northern capitalists. This
year they are comparatively free from
debt, because their credit Is limited.
Their crop of cotton, tobacco, ETC.,
are likely to realize I'm money value
more than ever, at least $500, 900, 900.
The Southern crops differ from those
of the North and West, essentially SO
far as they affect our money markets,
inasmuch 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 Sontherner, in greenbacks or
gold. Besides the $500, 600, 900 of pro-
duce saleble for cash, in the markets of
Europe and America, the Southern
ers, owing to their poverty and the
been subjected by Congress, and the
sentiments which swayed Northern
capitalists, have this year raised corn,
wheat, and other food, which will
leave them with larger amount of
surplus cash OH hand than the South
has ever seen in any one year since
the foundation of our republic. The
Southern States before this year were
dependent on the Western States for
the bulk Of their food, but now they
are not only wholly Independent of
them in this respect, but they have
commenced to be exporters of wheat
and flour. The Southern States will
this year realize from their products
cash surplus and net profit, over
and above all their expenses of living,
of at least $60,000,000. 1t is no use
shutting our eyes to the fact that
there Is strong popular prejudice
against the national banks through
out the whole Southern country, SO
that the New York City bank mana
gers will do well to prepare in time
for the absorption and retention in
in thesSouth by private boarding of at
least 500, 100000 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. The
South will not be put off with nation
al bank notes. owing to the strong
prejudice which exists against them
there. The temporary locking up of
greenbacks by stock gamblers, limi-
ted to about SIC, 900, 600, is of trifiing
Importance, compared with the lock-
ing up of $50, 600, 900 greenbacks In the
South. Reference to the contraction
Of greenbacks by Mr.. McCulloch will
awaken some doubtas to whether the
aggregate amount in circulation will
be sufficient to respond to this South
ern drain for $50, 600, 900, without pro-
ducing a financial crisis In the North.
On October l, 1895, the amount of le-
gal tender notes in circulation was
1915, 126, 94S, and on September of
this year they were reduced to $751;
S23, 231 legal tenders, and 500, Dos, 600
three per cent. certificates; making
the total outstanding legal tenders
$3.50, OBS, 1891, showing decrease of
sos, 100000 since October l, 1866
These are startling facts. They are
the opening up ola new era in financial
affairs i'm which the Southern States
are destined to produce revolution
In our bank and currency systems
for which every prudent banker and
merchant will prepare. "Bank con-
traction, enforced and inevitable, is
near at hand from this drain ofgreen-
backs TO the South.