The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-06-12
COLUMBIA. S. c..
Saturday Morning, June IL, 1875.
The Times.

hard tlmeSl and 1T desires the knowing
politicians with Presidential aspimtions
to tell the people how it is and what is
the remedy. The matter is one upon
which there is II plenty of ignorance, and
one which it is n delicate and dangerous
undertaking frankly to discuss. The
discussion of, both the cause and the re-
medy necessarily involves questions of q
critical nature. Promising TINT we here
are really less directly under the financial
screws than some of our prctentious
Northern communities, the Richmond
Dispatch says that tho question Of the
evil and the remedy is more immetli-
ately theirs than ours Mt the present
time, we have had our narrowing and
hacking, and now we turn it over to them
along with the hot end of tho poker
When the war ended, We dropped right
down to the hard pan. Banks, insurance
companies, State currency, all tlisap-
peared, and the property in negroes was
annihilated. The presence of the armies
and tho disbursements through the
forces held here to keep us captive gave
us all the money we had for while.
Soon, however, spectators came down
to buy rich lands, become planters, and
with improved systems of agriculture to
coin money and live such imaginary
lives of success and leisure as the ante
war planters were supposed to have lived.
Much money came in that way, and thus
the South was gradually relieved from
the complete money famine that occurred
at the fall of the Confederacy. A specu-
lative MANN was caused in the South,
but it consumed chiefly Northern capital
It proved disastrous; but it fell chiefly
on Northern people, who were too much
in hurry and were ten years ahead in
time. The Southern people proper had
not the means for speculation if they had
the disposition. So they have been kept
down to hard work and slow gains, very
much curtailed by the vicious political
systom which n vicious and sordid and
vindictive Government has for greater
part of the time since the war kept in
existence in tho South. This was bad
state Of financial depression, exaggerated
in its terrible effects by mischievous
and cruel misgovernment. But still we
have not been permitted by circum-
stances to run pell-mell into financial
follies that are 30 often succeeded by
long periods Of repentance and suffering
We have been forced to economizc and
to struggle. We have Mt the worst failed
to pay old debts, but have not been per-
mitted to run riot and plunge into new
difficulties. We have bcen smartly fa-
vored. Cotton and tobacco have given
US money, and other agricultural pro-
ducts have helped us along, and VIC have
been growing stronger. The high price
tobacco and cotton have borne hns
helped the Southern States. So we are
not prostrate, and vet not uncommonly
thrifty. Under NIL the circumstances,
nevertheless, we are wonderfully we'll Off
When we turn to the North, however,
We find the sea strewed with wrecks
from the widest speculation ever known
in the land. One line of speculation has
lost millions to Northern capitalists, viz:
usurious loans to railroads and adven-
turers upon the hypothecation of stocks
The loans were not repaid, and the
stocks hypothecated hns been by degrees
forced to snle ut immense loss That
fearful ravager Of securities 'shrinkage"
Is not yet done with the "shaving" cnpi-
talistS; In vain have they fought against
it. They have struggled like man in
the quick-sands. Exertions but helped
to sink them, or at best only delayed the
end nd-cngulfment-whic could not be
avoided. But the rage fer speculation
gave life and wing to hundred bad
strategies for making money, which have
ended in widespread loss and misery;
such rs the Corners the desperate
tricks employed to elevate and deprcss
values, TINT the mercennry strategists
might, in spirit of cannibalism, prey
upon one another; the endless schemes
to make money where there was no in
creased production. All the arts of tho
gamblers in gold and stocks were but
cut-throat expedients. Along with these
evil practices there was a general ten
dency to recklessness and extravaganza.
Enormous salaries were the order Of the
day; insolvent corporations were diyid-
ing out their receipts amongst corrupt
officers; fashion ran riot; luxury knew no
restraint. 1t is not hard to see thut the
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