The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1874-01-22

nnallv buys more than he sells-who ex-
nanas more than he receives must uitI-
I,,o+alv become insolvent. We hear much
so;d about the immense annual value OF
the cotton crop of the South. Our jour
,sals harm upon tour orators descan1
mon II Ii is proclaimed in tones OF trl-
nronb that the South can't be kept down
that her prosperity and power are eXem-
plifed in her cotton crop, worth TWO nun
bred millions-two hundred and hlty
millions of money. Why, It Il every
dollar spent in the making, and more TOO
Not a dollar Of it remains to add to our
permanent wealth. =,
IF II were a thousand millions, twould
be all the same, provided that on strik-
inc balance, the South was found TO De
n debt. Why, after all, the cotton crop
of the South is not worth as many dol
lars as the hay crop of the North. The
North is prosperous, because, after pay
inc for ali it buys, our cotton included
II has vet a large surplus lett. The
south. so far, from having surplus Is
left in debt: and thus it is that with her
two hundred millions Of cotton, her peo-
ple are not able to pay taxes. taking
mn diamonds by the bnshel, would not
he \ profitable business, if the expense OF
raking and getting them to market cost
more than they would sell for in the
market of the world. ~
The Southern people never eXhloIied
so plainly the delusion under which they
1 Iabored. in regard TO cotton, rs they ad
Immediately after the war IN their course
upon the subject of railroads. Strange
there should have been so little states
mauship found in our State Legislatures.
| These latter bodies assumed the fact, thai
the amount of the cotton crop was 50
much independent permanent income,
without reference to the debtor side OF
the account, that had to be invested in
something; and that nothing presented a
more profitable investment for this two
hundred millions, than the building OF
railroads. Hence it was charters were
obtained by the score for grld-lronlng the
| States all over with railroads The sew
eral Southern States ran race IN this
grand system Of improvement 1t was
the cant language Of the day-''invest-
ments that formerly sought negroes and
! land must 90 somewhere-and nothing Is
better than improving the State. The
/ lOGd WIS, Alltlt AllO N'l'NA'N"
growers could well bear taxation, and
taxation through States, counties and
corporations, ran riot over the South.
But it soon turned out that chartering
railroad and building it, were very
different things. The two hundred mil
lions were not in the farmers pockets. If
had gone North to pay the thousand and
one items on the debtor side of the ac
count. There was nothing found t.
bear the taxation but the land and the
stock that worked il. Northern capital
lists were soon emptied Of their surplus
cash. Hundreds Of railroads, the first
/ spadeful Of dirt, on which had been
thrown with flourish OF trumpets, soon
broke people got. tired Of taxing
| themselves through county subscription,
and now in most Of the Southern States
tire interest on their bonds can not be
met To pay the ordinary taxes for the
support of the State government Is as
much as they can stagger under. The
| bubble has burst The annual two hun
bred millions proceeds Of the cotton crop,
has proven an ignis ftu9s. The Southern
people have walked up to the reality that
they are on the verge Of bankruptcy and
ruin! Truth.