The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-10-15
S. G.
Thursiay Morning. October ID. 1874
Hae EVIL Effect OF Bad and Weak
GOYern muni. 3

AoNx01dy xnV4AAA6D Oot0O0A ~ A0sS
Tzae EVIL Eject OF Bad and Weak
Government.
1t suits the purposes OF certain Ra-
...iaicai politicians to represent the con-
.adition of the country as one of very sa-
'tisfaotory prosperity. But the fact is.
tibet che financial panic. which shook
trade. shrunk up values and disturbed
sttse, entire monetary condition of the
.uountry, yet continues its disastrous
Jin6uence. There is abundant capital
in the great commercial centres, but it
:is 10th to enter upon any ventures.
We learn from the New York Herald's
-:sinancial and commercial review of the
Last week. that while money can be had
ION cali, for purposes of stock specula.
tion, at 2 and per cent. per annum.
1.-The merchant and the manufacturer,
without the kind of capital which can
'are realized in an hour. have never
found It more difficult to borrow for
their legitimate wants. Trade still
liAuguishes. Iron mills are suspended
in 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
j is at . low ebb., and hundreds OF thou
sands Of laboring men are seeking in
vaiu for employment. The oontrao-
:. lon OF values in all articles of com.
smerce and in all Glasses of produc-
s4ioas. has become painful and oppres-
sive. The tendency of prices, in nearly
every department of trade. is down.
Cotton stands at unremunerating
figures, and is placed on the market
mainly because Of the necessity of
sneeting provision bills and necessary
daily supplies. Financially and poll
tically, we are ut sea. and trouble has,
como and continues to stay with Ms, in
epite of the efforts of the National Lee
RiSlature, exerted pr. .ssedly to bring
quiet and peace. restore confidence.
and prepare the way for the time when
specie payments shall be resumed, and
sure; all the supposed evils of the era
OF inf alton of the currency. s~a4.f
The government is lamentabIy weak
in all Its depa rtments. and vicious and
partisan in several. It has net the ga
Gaoity to discern that the ruin, mis- CO.
ezarnment and excessive taxation i'm
%Pceed upon the great Tproducing and
exporting States OF the Sonth. is work
dag disaster in the North. It is cotton
THAT pays the debt abroad, and what
ever interferes with its profitable pro-
dretion, tends to turn the financial
beam against us. Il knows no remedy
e1nr Southern troubles. which are
mostly manufactured by those who
:psnder to it's prejudioes, 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, aud
no perception OF it's importance to
Northern manufacturers, and Northern
saechanics and operatives. For short
4aighted political purposes, it has en-
oouraged or permitted the impoverish-
nent and degradation of the Southern
people; and the consequences are ru-
ined trade. low prices. falling bonds,
and universal discomfort The infec-
Ssio:s is not confined to one locality,
but is spreading oil over the country.
To eomplicate matters. the personal
aspirations Of President Grant for q
third term, nre felt by business men to
soTeoode no good. They desire 10 be
lid OF his tinkering at the financial
question, and of his delegation Of the
powers OF his Office to suoh creatures
Ss Williams. who in turn is ruled on
all Southern questions by the basest
-earpet-baggers, who have spread them
= seiVes like lice over the Southern
States.
>business men vainly thought that
che reelection OF President Grant
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