American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-08-31
A. T.. Stewart on Financial Crisis.

A. T. Stewart on Financial Crisis.
Mr.. A. T. STEWART, the most success
full merchant in the world, and who to
the campaign fund to aid the election of
Horace Greeley, denies, through New
York paper, that he ever said that-the
election of Greeley wonld be National
calamity, and gives his opinion that a
financial panic is much more likely to re-
suit from the continuance of the Grant
party in power The fact that he had
recommended Grants nomination in
1868, and had then subscribed literally to
aid his election; that he had headed the
subscription to present Grant with Il
house in Washington at the close OF the
war; that he had become socially lntim-
ate with Grant and knew him exactly
that Grant had nominated him for Secre-
tary of the .Treasury-added to his acute
and unerring financial judgment
ed the Grant party eager to array him as
the representative of the business men of
the country on the side of Grant. The
result is the utterance of his emphatic
opinion that the continuance of the Grant
party in power is more likely to produce
financial revulsion than the success of
Greeley. Though he does not state the
reasons on which this opinion is based,
we believe the strongest of them may be
summed up thus:
l. The financial danger of postponing
Reconciliation between the North and the
South.
2. The financial danger to all other
American securities of allowing the Stale
bonds of the carpet-bag States to be is
sued, as they have been, to an amount
and in manner which have already re-
suited il the virtual reputation of several
of them, and which threaten soon to end
in the open reputation of them all.
OF these causes we certainly regard the
postponement of Reconciliation as most
heavily freighted with disaster. The
bare thought that we are by any means
to maintain a smoldering war of hated
memories with one-third of our popula-
ton; that at every National and State
for seven years been peacefully tilling
their fields and restoring their desolated
homes, must be reminded that they are
outlaws in our Reptile, fiends in human
form, the miscreants of Andersonville
and Libby, ETC., etc.-is horribly impoli-
tic and barbarously unstatesmanlike. The
maintenance of a white party and a black
party at the South so that, whenever pas
sions are rife and liquor is flowing, each
man in mob can tell who votes with
him and who votes against him as plainly
as if the two political parties were uni
formed for fight, is the height of phil
anthropic stupidity. So long as the South
is kept smoldering political magazine of
explosive opposites, not only A. T. Stew
art, but every other man, must foresee the
danger. The social conflicts in the West
Indies after emancipation furnish the ex-
ample. The first step towards peace must
be by establishing perfect equal rights,
and by allowing the twelve millions of
whites in the South, on whom the pros
perity of that country must mainly de-
pend, to assert their just power in the
matter of laying taxes as well as paying
them, and preserving order.
The carpet-bag Governments make in
telligent Southern blacks ashamed by
their INSCRIPTIONS dishonesty and amaz-
ing waste. They make the average rate
of taxation ten times as great as in 1860
The area of land cultivated is diminish
ing. Extensive estates are being sold for
taxes. All through the carpet bag States,
from North Carolina following the coast
around to Texas, the value of farms has
declined from one to twO-thirds. In
these financial revolution is no predic-
ton. 1t has come already. Yet the in
terror States, most desolated by the
war, but by their white ascendency
prosperous. In Virginia, Kentucky,
Tennessee, and Missouri, all rescued
to Liberal rule, there are prosperity
and peace Schools are build
ing. Farms are widening. Land is ris-
ing. Ku-Klux are not known; but the
laws areenforced by the State authori-
ties. Wealth is increasing, and eman-
cipation is a success. Emigration is
pouring into these States, but for four
years it has been leaving or experiment.
ing doubtfully in the carpet-bag States.
The prosperity of these States tends
against a financial revulsion.
| But suppose carpet -bagism should cul-
inmate, in year or two more, in com
plete reputation by the carpet bag States
of the $500, 900, 600 of debt they have in
Cured during Grants term, 1t would
lower the price of every bond, whether
National, State, or private held at home
or abroad. 1t would excite unlimited dis
trust, and bring even the Northern States
into disrepute in the money markets of
Europe.
We do not apprehend that the election
of either Greeley or Grant will produce a
| financial crisis; but we agree with the re-
a crisis is more likely to result from con
tinuance Of the present Administration
than from the election of Greeley, since
the former represents policy opposed to
Peace, which is the perquisIte and condi
ton of prosperity, while the latter repre-
sents policy favorable to it.-Chicago
! Tribune.
North Carolina Again.