The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-10-16

bv the rude hand of war, and brief review
of the course of Southern trade since the close
of the rebellion will show that New York deal
ers are justified in taking rose-c0lored view
of the situation. In the fall Of 1865, the South
was SO destitute of supplies that every one en-
ragged in merchandising made money with
rapidity that epticed many inexperienced men
into attemptine q mercantile life. In 1866,
these ex-panters, professional men, Northern
speculatols and other noviccs bought heavy
stocks upon small capital, and fooded Che
South with more goods than could be retaiieu
at profitable rates. AS necessary consequence,
many of this class of dealers were compelled 10
sell out at any price, and quit business tney
did not understand. In 1867, their successors
boupht boldly in September and October upon
the strength of the good cotton crop OF that
wear. but the sudden fall of go or 70 per cent.
In the price of the great staple later in the
season unset all their calculations and entailed
a second year of commercial misfortune upon
the South. In 1868 another good cotton crop
was gathered, and of this the Southern people
realized the profits, instead Of the spectators
who had carried off the lions share the year
before. Disaster had taught prudence and
compelled economy, and returning good for
tune enabled the Southerners to re-establsh
themselves on sound and comfortable loot
ing. And now comes the cotton crop of 1859
to swell this tide of prosperity, to insure plen-
ty, and even luxury, at the South; 10 NIL tne
Golfers of the merchants OF Manhattan, ana TO
out the civilized world. In no country
but the South, and with no crop out
cotton. can three hundred millions OF
wealth be so easily created in twelve-month
out of the soil. And while this holds true,
the Southern trade must continue the main
stay of mercantile prosperity In New YORK. Not
only does the cotton crop this year furnish
broad and satisfactory basis for Southern trade,
but the business is almost universally In good
and experienced hands, old merchants who
traded here before the war having taken ad-
vantage Of the bankrupt law, accumulated Suf-
ficient capital for business venture, and made
their appearance in New York this fall In un-
usual numbers. Caution Is also manifested
against Overstocking "a fault to which South
ern dealers are especially prone,) the increase
in the volume Of trade being due to the greater
number of buyers, rather than to the purchase
Of heavier invoices. Few favors are asked in
the way Of credit, many dealers paying cash,
ard the others giving very satisfactory paper.
In all respects the Southern trade this fall Is
excellent, but the same cannot be said OF trade
with the West In New England trade no
change is observed, and In New YORK ana
Pennsylvania a visible Improvement is noted IN
some instances; but In the West q degree OF
embarrassment prevails which delays busi-
ness. hinders collections, and makes eau
tious merchants chary of selling largely except
for cash Recent letters from Michigan,
Wisconsin and Minnesota corroborate this
statement, and attribute the evil mainly to the
action of the farmers in holding back last
wears produce for a rise. Money is in extreme
demand for moving the crops, and business,
which has, moreover, been decidedly over
done in many localities, feels the pressure
keenly. The contrast between the shrewd
but sometimes overreaching Westerner, and
the liberal, but perhaps prodigal, Southron,
is clearly seen and felt in this state of affairs
The latter puts his crop in the market before
it is gathered, and begins distributing its pro-
ceeds before the first bale is packed. The for
mer holds the produce of his land with firm
clutch, and would rather embarrass himself
and all his neighbors than run the risk of los
ing possible profit. Either course may result
in disaster to the agriculturist, but the South
ern style oils the wheels, while the Western
plan claps down the brakes Of trade; and now
that the South, of old the favorite market OF
New York, has commenced anew prosperous
career, it needs no wizard to reveal the COM
mercial quarter for which shrewd merchants
will hereafter steer their course and trim their
sails