The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-19
The Casn Gu pital Of the State.

The solid wealth of the State of Soutl
Carolina has been increasing steadily since
the end of the war, and at the close Of th'
present year we should have in TIE whole
State IN amount of money at least equa
to our banking capital eight years ago.
In the winter of 1865 large quantities o.
produce, made in that year or stored du
ring the war, were sent to market and solo
at high prices. The producers or owners
were not disposed to sell their property fol
paper money, of which they had so sad an
experience during four trying years, and in
nearly every case the proceeds were, by
order, remitted to the seller in coin. The
hard money SO obtained was not spent ex-
cept when absolutely necessary, so that
nearly the whole amount was laid securely
by to meet the expected accidents of the
future.
In 1866 and 1867, large Gums of money
were made in particular places, although
the general crop was uufavorable. They
who were fortunate added to their store
and increased their hoard of specie. Du-
ring the three years, 1865, 1866 and 1867,
the low country planters made, of course,
but little. Many Of them were ruined by
the ravages of the caterpillar, but the fear
full loss along the coast did not by any means
neutralize the profits of the middle and
upper districts.
But the money boarded up throughout
the State as rapidly as it was made could
not be safely used as active capital. Trade
was dull and gave no prospect Unmarked sua-
cess. Land was too abundant to serve as
an investment. Slavery was one of the
things of the past. And the farmers and
planters were not tempted to spend in ex-
travagance of dress or habit what little
means they had. During the war, they had
learned to live confortably without thou
sand things which, before the war, were
considered indispensable to contented
existence. Extravaganza and luxury had
lost their ancient charm, and few were
tempted to waste in Northern dissipation
the wages which had been wrung from our
fertile Southern soil. So it was that the
beginning of the present year found the
State in possession of a dormant specie cap
;to1 ,rh;ob sc - ,o,,ld horo hoon oollo al ~, y
life, would have freed our commercial inter-
course from many serious embarrassment
But it was better so; for our position is
now so strong that we need not fear, as u
people, any disturbance which may be
caused in the Northern States by the l.
deavor to secure at once resumption of
specie payments. The money which was
boarded up is still ours, and at this time
FIVE hundred thousand dollars in gold and
greenbacks is lying in the vaults of one
country bank alone.
Wearc now strong-because to the boards
of 1865, 1866 and 1867 we are adding the
products of 1868. The cotton and rice
crops of South Carolina this year should
be worth about twenty-five million dollars
and Of this grand sum six million or seven
million dollars should be profit to the pro-
ducer; that is to say, the State at the close of
this season should be at least six million or
seven million dollars richer than she was
twelve months ago.
This money will not, perhaps, be tempted
soon into the ordinary channels of trade.
1t was boarded and cherished because Of o
distrustful and timorous feeling, and viii!
not return to its natural uses until con-
tinuance Of peace and quiet has taught the
possessors that what came out of the ground
need no more be given to the ground for
safekeeping, The accumulated capital
will, by degrees, be employed in agricul-
tural improvements, in the purchase of real
estate, in retail or wholesale trade, and
most important of all-in the building of
! mills and factories. To it will be added
capital which will flow in from abroad, Civ
ing US the means, without begging and plead
ing, ofdoing all that is necessary, as well for
our personal benefit as the general good of
the State.
We are lot yet out of the woods. There
may be some trouble yet in store for this
people. But while We have within our bor-
ders fourteen or fifteen million Of home
capital, fifty thousand hardy and intelligent
white men and eighty thousand freedmen,-
who may be made as good laborers for our
purposes as can be found from pole to pole,-
we are not ruined, we are not bankrupt,
and we have every reason for faith in our
returning fortune, and for faith in the fu-
:ure Of our State.