The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-10-15
COLUMBIA, s. G.
TAurs1ay Morning. October 15, 1874
Hho EVIL Eifsot Of Ba1 sHa Weak
Government, y

GOV0kn"6nts y
1t suits the purposes Of certain Ra-
.dical politicians to represent the con-
.aition of the country as one of very sa-
-eisfaotory prosperity. But the fact is.
that <he financial panic. which shook
trade, shrunk up values and disturbed
-sthe. entire monetary condition of the
.country, yet continues its disastrous
Jiifluence. There is abundant capital
lin the great commercial centres, but it
.is 10Th to enter Upon any ventures.
We learn from the New York Herald 5
.'aananoial and commercial review OF the
last week. that while money can be had
~on call, for purposes of stock specula-
! zion. at 2 and per cent. per annum,
= the merchant and the manufacturer,
; xithout the kind of capital which can
-be realized in an hour. have never
found it more difficult to borrow for
their legitimate wants. Trade still
) lianguishes. Iron mills are suspended
ia their operations, and woollen and
cotton manufacturers running their
mills ON half or three, quarters time.
continue to overstock the markets with
their productions. Every legitimate
and producing interest OF the country
. is at q low ebb,, and hundreds of thou.
sands Of laboring men are seeking in
vaiu for employment. The contrao-
hon Of values in all articles Of COM
: merce and in all CLASSES of prodno.
1ioas. has become painful and oppres-
aive. The tendency of prices. in nearly
every department of trade, is down.
Gotten stands at unremunerating
fgures. and is placed on the market
mainly because Of the necessity Of
meeting provision bills and necessary
: daily supplies. Financially and poll
ticaliy, we are ut sea, and trouble has
come and continues to stay with us. in
spite of the efforts of the National Le-
giblature, e1erted professedIy to bring
quiet and peace. reetore confidence,
and prepare the way for the time when
specie pay yments shall be resumed. and
cure all the supposed evils of the era
Of finfl alton OF the currency. >.esS
The government is lamentably weak
in al its depa rtments, and vicious and
partisan in se7eTal. It has not the ga
gscity to discern that the ruin. mis- CO.
exernment and excessive taxation i'm
posed upon the great Tproduoipg and
exporting States OF the Sonth, is work
ang disaster in the North. It is cotton
i. that pays the debt abroad, and what
ever interferes with its profitable pro-
duction, tends to turn the financial
beam against us. It knows no remedy
.1nr Southern troubles. which are
mostly manufactured by those who
. pander 60 its prejudices, aud use it as
an instrument to keep themselves in
power and position, than coercion and
repression. It has no heart to feel for
the depression OF Southern trade, and
no perception of it's importance to
Northern manufacturers. and Northern
-oonooAoo nuo opoAotAfcds VI duOtt-
>aighted political purposes, it has en-.
oourAged or permitted the impoverish.
@ent and degradation OF the Southern
people; and the consequences are ru-
ined trade. low prices. falling bonds,
and universal discomfort. The infeo-
Stion is not confined to one locality,
but is spreading all over the country.
To eomplicate matters. the personal
aspirations OF President Grant for 6
third term, are felt by business men to
forebode no good. They desire to be
rid OF his tinkering at the financial
question. and Of his delegation of the
powers OF his office to snch creatures
as williams, ~ho ;a :1Tn is ruled on
all Southern questions by the basest
carpet-baggers, who have spread them
.seives like lice over the Southern
States.
>Business men vainly thought that
&he reelection OF President Grant
would save the country from financial
disaster, and Wall street set its face
like flint against Horace Greeley. But
business men, unlike President Grant,