The daily gazette. [volume] (Wilmington, Del.) 1874-1883, 1874-10-03
From the N. \. sun.
UHdt al Of US .SHHtr From.


has been attributed to various causes,
without taking into account one element
! OF very large Importance which lies at
| our own doors, j. visible to every eye,
and has not been properly considered i'll
It's true relation to the general condition
OF the country.
Explanation of the arrangement of
trade and the stagnation of business,
which continue to be felt severely long
after the actual crisis has passed away,
has been sought in over-trading. the
construction OF railroads in the remote
States and Territories iii advance of the
needs of population and production, and
| the creation of n vast debt abroad by the
sale of bonds, draining gold for the pay
ment of interest.
These causes and others like them un-
doubtedly contributed first to the panic
itself, and subsequently to the conse-
quenccs that followed it and still remain
to harass enterprise, res Grain the spread
| of confidence, and impoverish industry
in its various pursuits. But If there had
not been something deeper than all
| these, the country with natural cla--
ticity would have rebounded from this
| depression, and rightcd itself like a sea-
worthy ship after a violent storm.
| Twelve millions of people, white and
| colorcd. occupy the Southern States. In
| the rich region devoted to the culture
| of cotton, sugar, tobacco, and rice, which
are the great basis of our export com
merce, they are and long have been con-
sinners of Northern manufactures and
Western produce. They have furnished
not only most valuable markets for these
commodities, but a profitable carrying
| trade for ships engaged in their trans
| portation, besides the business to bro
kers, merchants and bankers who shared
in the gains derived from this source of
wealth and prosperity.
For five years past these States have
| been in position of poll zeal anarchy,
resulting directly from the partisan leg
islation of Congress designed to hold
them as conquered provinces, and the
| cooperative action Of the President in
appointing the worst class of corrupt
| adventures to rule over them. Their
| sutieringS sine" the war have been far
| harder to bear han their privations dur
| ing the war.
| 1t is estimated that the loss to the
| South from the rebellion was four-fold
| greater than that cXactcd 10y Germany
from France aS tie price of peace, tax
| ing into account the extinction of prop
| trty in slaves, the destruction of other
Glasses of property. and the dcsolation
| Of fields, farms, and verifying that pre-
viously represented values.
The figures of aScertaincd spoilation
under carpet bag domination in the nine
| States Of Arkansas, Alabama, Florida,
t;rorgia. Louisiana. Mississippi. North
ICaruiina. South Carolina ara nnnallinp
to enntpmplo1a. In the three wears he
Tween ls,is and 1871, these orranized and
| in ON, sense localized plundercrs added
over two hundred millions of debt f.
that which had previously existed. And
This. Too in presence of the a.tnundiua
fact revealed bv the census. that the a.
| snssrd valuation of property had fallen
from three Thousand three hundred mi
lions in 1860 to one thousand fonr hu
drrJ and four millions in 1870.
! Some of these States have partially re.
covered the right of self Government
sine. then. but in others like Louisiana
south Carolina. Florida. Mississ moi. Al.
Iab4ma. and Texas uni il recently tnr rnl.
berry Is still going on and the ia srality is
projected by the whole power of the Fed
Grad Government. welded by "A vrnal
reckless. and dc.pised Administration at
Washington.
/; is true that large crops Of cotton
have been produced. but the cost of thi.
production. enhanced by n variety Of
rallsrs. has left lttl. for the planter as +
r1ir after defrlyin, the nercnssarv on
; nans,s And tLat little is stolnn througl
a, arntfary system of taxation, imnos.,
for no other object than to enrich IN,
ktnoE,,5 andthat triha Of political locust
ST ia my. warmed and d,vnur.d tL,
/ substance. of the pooplr.
me Southern STATE tbu4 ,rn.h.,
down. bankrmtnd. and plnndn,cl Lv ,
.onsnj,,lcy of nnlitlcian3. are wholly now
I rrl,.-. fn,. their own rrG,f Thn H,innl,
= mn. poor. and cannot buy from In. No,tI
or Wost ~ thry once did. and wnnld stii
hL, Il. do mi grrnt market is In.i IN,
r1l,nut Ia. rn1,lacnl ,lsrwhrr,. Tn ~
= tw,ly, millions Of neonlr formerly mos
valuable customers and consumers ar,
,.omnell.d 10 live closely with rich 70
.o,Ir,...s around thrm 10 wear tbnir nj,
7 clothes. and 10 IKE ont a Subsistence
: when With decent Government tboy wnnl,
hn ,rost,,rou. Themselves and l,rgn con