Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-11-12
ANEW EaA FoR THE sour,,

The Nel0 York Commercial and
Financial Chronicle, a standard author
ity among the business men of the
country, in discussing the recent cleo
lions refers to the improved quotations
at London for our Government bonds
as answering one Of the questions agi-
tating monetary circles with regard to
the probable effects Of the storm that
swept over the political horizon. 1t
thinks that although differences
drawn from the few facts de-
veloped may be premature,
still those facts are positive as far as
they 60 They not only show that the
public credit has not been injured by
what has occurred, but also suggest
strong probability that it will receive
material benefit When the new Con-
gress meets a year hence, the Democratic
and Republican parties viii be more
nearly balanced than they have been
for many years. As a Consequence,
they viii have to be on their good beha-
vior. In other words, we shall have
once more IN force the great principle
of responsibility, which is an essential
safeguard of republican forms of gov
eminent. Each party being held re-
sponsible before the country, it is OBJ
vious that we shall have new guaran-
tee against bad Legislation. either on
the part of the fnanciers or in any
other department of the governmental
control.
The views of two other influential
trade journals were quoted by us yes
terday, as showing that the success of
the Democracy will be especially felt
in bringing about an improved indus
trial and political condition in the
South. On this point, the Commercial
and Financial Chronicle holds that, if
the whole country is to be made pros
porous, and if Congress is likely to
give more intelligent care than for
many years past to the business inter-
ests of the country, then the welfare
of the South as an integral part of the
whole body must be considered from a
broader and wiser standpoint. Capital
is the greatest need of the Southern
States. We have field here for the
lucrative employment of hundreds of
millions dollars which Northern CAPT.
taists, or those of Europe, are ready
to invest as soon as the necessary
guarantees are forthcoming. These
guarantees depend, in a great degree,
upon the liberal and enlightened treat
ment of Southern questions by Con-
gress. And so far as the late elections
have tended to facilitate the solution of
such questions, to that extent will they
contribute to the great object of open
ing an avenue for the employment of
American and foreign capital in the
South, and thus build up on newer and
broader foundations the structure of
our national wealth and industrial
prosperity.
In the meantime, it is gratifying to
notice that confidence is already being
restored in practical way at the great
business centres. We print in another
column an article from the Nelo York
San with regard to the feeling among
the dry goods merchants at that city,
and the following paragraph from the
Financial Record is equally satisfacto-
ry: a more hopeful feeling pervades
the commercial atmosphere. This is
seen already, as reported by our
merchants dealing particularly with
the South. Many Southern buy
ers who had been in the city for
weeks making their purchases sparing-
ly and doubtfully, in view of the I'M
certainty which surrounded alltLe en-
terprises of that section, have shown
their confidence by being free purchas-
ers, and thus giving activity to the dry
goods market. One of the chief causes
Of the dependency which has prevail
ed among our merchants has been the
fact that population numbering ten
or fifteen million people, who were the
chief producers Of our exports and
large consumers of our products, our
manufactured and imported merchan-
disc, indeed our most profitable custo-
mers, were laboring under the halluci-
nation, perhaps, that the North was
endeavoring to blast their prosperity by |
military rule and carpet-bag govern
ment."