Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-03-05

ohahges IN the funding system and
ne probable reduction Of thirty
miiiions Of taxes, Gays:
~ these directions. then, the q.
naneial situahon E assuming a
more hopeful aspect First the
funding Of the debt Is not likely 70
De prosecuted to the injury of our
monetary machinery, which Il
built up upon bonds, and suffers
perturbation when these bonds are
dislArbed. Secondly, the currency
Of The country, Shieh Is the debt.
paying machinery Of cur CONNER.
cial aud industrial system, is not to
be invaded by any rash and crude
innovations; and thirdly, certain
taxes, which press heavily Upon
the nations productive powers and
hamper our industrial progress, are
to be removed. Some Of the more
CALLING letters are to be stricken of
from commerce and trade, so that
health and active life may permeate
the body polite.
The Chronicle, writing Of the re-
tention of currency at the South,
SAYS:
%he reports Of the boarding of
currency Ia the Southern States to
Il large amount, appear to have q
good claim upon belief. They are
confirmed by the testimony OF Citi-
zens from that section best quail.
fed for judging upon the matter;
they are rendered probable from
the fact that, while the profits OF
late cotton crops have been very
large, yet there are few banks in
those States for receiving the sur.
plus while 1t is well ascertained
fact that Of tho many millions sent
from this city for moving the last
two cotton crops, the amounts re-
turned here have been quite nomi-
nal, and, thus far, the same is true
OF the present crop. IL Is the
opinion of those well informed on
Southern affairs, as well as OF
prominent bankers in that section,
that the amount of currency-in.
Guiding United States notes, bank
notes aud specie-retained there,
within the last four years, closely
approximates Sl00,000000. While
hesitating TO accept fully this est.
mate, We are well aware there are
reasons for believing that it does
not very greatly exceed the truth
1t would be a manifest error
however, 10 suppose that tile whole
Of this money is actually boarded
The results Of the cotton crop
though for the last two years aInplu
enough TO afford a partial return Il
former e%njoyments, have beef
either invested In the improvement
Of estates or the extension of plant
ing, or have been laid away in Sc
cret places. Northern merchants
seeing the handsome profits realizes
Upon the cotton crop, have eac
succeeding season, anticipated a re
turn of the old.lime demand 70
articles Of luxury and refinement
but the Southern trader has sti
confined his purchases to the classe
Of goods called for by
rigid economy of expenditure
Thus the South, from having bee
extravaganza aud luxurious, has Il,
Quired a habit Of economy border
ing upon ~parsimony. Iu a &eteI
mined effort to recover lost f0rtuI
and position, nothing is mere ma
ural than TO resort TO boarding, c
pecially where there are few o.
portunities at hand for investil
the funds probably.
The South Is amassing wealtl
the North has been for a long tin
recklessly squandering its and
these diverse processes are lor
continued, the relative positions
the seciORs,sso far Us respects Il
power aud varied Influences ass,
ciated with wealth must be, in
measure ~ least, changed.