The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1869-07-31
VOLUME 3.
South Carolina Financially.

Gne iate war ieft the Southern States has
never been fully understood by large
majority Of the people of tho North
Their material condition wns utterly de-
plorable. Fortunes had been lost, busi-
ness interests ruined, railroads DESTROYED
fields had remained unplrnted, provi-
sions were far from plenty, and money
was not to be had. The temper of the
people, too, was melancholy, and not at
all favorable to effort or enterprise. They
Sgere depressed by the failure of their
political hopes, aud looked forward to
the future With anything but cheerful or
eosiident expectations. In fact, their
situation was less encouraging than that
OF the settlers of new country, for, in
addition to their poverty, they seemed
without ambition to rise from it.
This state Of things, however, could
not be otherwise than temporary. 1t
was the natural consequence of long
and determined conflict, where one of
the parties is eventually compelled to
yield to the authority of the other. The
necessity of improving their condition
was urgent, and whether they finally ac-
cepted their status gmo or not, the South
l-ern people. very econ commenced build
ing and planting as far as they were able
to provide for their immediate wants.
In addition, considerable Northern capi-
tal found its way to the South, often
times to its great relief; old business re-
aations were resumed; permanent govern
-ments were established; and now, five
years after the war, it may be safely said
that those States are fairly OH the way of
recovery from their unhappy condition
The Statc which appears to have the
best start and inc stendicst progress. as
yet. is South Carnlina. While. she sul.
Tered fully us much, il not more, thai,
any other of the Southern States. her
prospects t.,-d,y are morc satisfactory
= he reason Or sec, Get of rllissis the cx-
cellent Infringement OF iicr finances. The
I great want of the Suites has always been,
and still is, money. They had none at
the close of the war and they have but
little now, which all goes mainly for the
necessaries of life. Iu this respect South
carolina is mrrc fortunate than the rest
and the history of her financial recon
structiun is uf m,rc than ordinary intc-
rest, especially rs it shows how materially
Now York city has aided her and what
confidence capital has in the ultimate
prosperity of the entire South.
In 1865 Immediately after the war.
the public debt of South Carolina was
about SIS, ,400, 600. and her State securi
ties were worth but twonty-ccnts on every
dollar. The debt. aside from the laruc
amount of securities held in the State.
was owned in Europe, where, in the days
of king cotton, the South made its prin-
cipal negotiations. When the provision
al government of President johnson was
established, and the people had elected
Governor and Legislature Of their own,
the first thing to be provided was money
enough ut least to pay the State govern
1nent;s cxPcnsc The Legislature. ac-
cordingly, authorizc4 the Treasurer to
issue paper currency to the amount OF
about $3.50, 900, which should be legal
circulating medium in the State These
ISSUES were called "bills receivable" and
were as good as "grccnbacks," with the
people. Soon after, the provisional gov
Aefnnient gave way to the regular govern
ment authorized by the reconstruction
laws of Congress, a new constitution was
framed, new men were elected to office,
and q new policy adopted The old gov
erning class of South Carolina was re-
placed by new element, composed
largely of Northern men, and the eman.
scipated blacks. This reconstructed
State government, feeling like necessi-
ty with the provisional government also
ISSUED bills receivable" upon the same
basis as the first issue, but the people
1he old nhabitants--would have nothing
to do with them. They claimed that
the Legislature itself was "unconstitu-
aional,' and all its acts illegal With
shem the second issue of bills rcceiva
die" was spurious, aad the newspapers
ShronghOat the State denied the validity
even Of the bonds OH which the Treasu-
Eer Was attempting to negotiate loans
satianlai iziur Lhnm 49, hnrnratn Il