The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-07-29
syeegyi miscellaneous Attifles.
.ls From the NeU York Times.
The Financial Condition of South Carolina.

The poverty and helplessness in which
the late war left the Southern States has
never been fully understood by large
majority of the people of the North.
Their material condition was utterly de-
plorable. Fortunes had been lost, ous,-
ness interests ruined, railroads DESTROYED,
fields had remained Implanted, provisions
were far from plenty, and money was not
to be had. The temper OF the people,
too, was melancholy and not at all favor
!. able to effort or enterprise. They were
depressed by the failure of their political
hopes and looked forward to the future
with anything but cheerful or confident
expectations In fact, their situation was
less encouraging than that of the settlers
of a 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 ne
cessity of improving their condition was
urgent, and whether they finally accepted
their status quo or not, the Southern peo-
pie very soon commenced building and
planting as far as they were able to pro
vide for their immediate wants. In addi-
tion, considerable Northern capital found
it's way to the South, oftenSimes to its
great relief; old business relations were
resumed /; permanent governments were
established, and now, 6ve years after the
war, it may be safely said that those
States are fairly on the way of recovery
from their unhappy condition.
The State which appears to have the
best start and the steadiest progress, as
vet, is South Carolina. While she sui
fered fully as much, it not more, than any
of the Southern States, her prospects to-
day are more satisfactory. The reason
or secret of this is the excellent manage
ment of her finances. The great want OF
the States 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 ncccssarios
of life. In this respect South Carolina is
more unfortunate than the rest, and the
history of her financial reconstruction is
of more than ordinary interest, especially
as it shows how materially New 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
S5.400,000 and her State securities were
worth but twenty-five cents on every COL
lar This debt, aside from the large
amount of securities held in the State,
was owned in Europe, where, in the days
of King Cotton, the South made it's 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 at least to pay the State Govern
ment's expenses The Legislature, ac-
cordingly, authorized the Treasurer to is
sue paper currency to The amount of about
$250,0O0, which should be legal circula-
ting medium in the State. These issues
were called Bills Receivable" and were
as good as "greenbacks I" with the peo-
pie. Soon after, the Provisional Govern
mlent 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 new policy adopted. The old gov
erning class Of South Carolina was re-
placed by new element, composed large
ly OF Northern men and the emancipatcd
blacks. This reconstructed State Gov
ernment, feeling like necessity with the
Provisional Government, also issued "biils
receivable" upon the same basis as the
first issue, but the people-the old inhab-
itants-would have nothing to do with
them. They claimed that the Legislature
isself was unconstitutional" and all its
acts illegal. With them the second issue
of bills receivable" was spurious, and
the newspapers throughout the State de-
MED the validity even of the bonds on
which the Treasurer was attempting to
negotiate loans-stigmatizing them as
"bayonet" and F" scalawag" bonds. So
little faith did a majority of the people
have in them, that their value, little af:
ter the new Government came into pow
er, was sixty per cent below par.
Under this condition of things the State
authorities were greatly embarrassed, it
being difficult to pay even the ordinary
expenses Of carrying on the Government,
and there was but little money in the
State. How to raise funds was the i'm
portant question. 1t was finally solved.
About year and half ago, in the
early spring of 1868, 8 young man of con-
siderable experience in financial matters
in New York went to South Carolina
with no special purpose other than to
note matters and prospects there. 1t
happened that the Acknowledgement of
the State, D. Fl. Chamberlain, Esq, also
young man of much ability and prom
ise, had formerly known this gentleman
fron New Ynck and hninr infarmad ct