Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-11-21
SOUTHERN

The Bankers Magazine for November
contains a valuable article Of statistics
aud comments, occupying eight pages
under the heading Of failures in the
United States. Itembraces a compilation
of the failures and amount Of liabilities
by States, as furnished by r. G. Damn 4
Co. A remarkable omission, however
occurs in the comments, as no notice /;
taken whatever Of the conspicuous fac.
that these failures nearly all occurred
in the North, and comparatively few
in the South. For the quarter end
ing October, 1876, the liabilities OF those
failing in the United States amounted
to more than SAT, 900, 600, while Of this
amount less than one million was in the
ten cotton States Of the South. This is
less than oneiorty-ssventh Of the whole,
even less than some OF the most unim'
portsnt States, such as Minnesota, for
Instance. Such a showingis highly favor
able 10 the South 1t proves that we are
laying th. foundation for q substantial
and abiding progress, which even polili-
cal Disturbances cannot take away. Toe
people have adapted themselves to the
etsat changes ia the labor aud CONNER
cial syslems with surprising facility. b
thrifty hsbits, economy and, patient in.
dustry they have gone on and rebuilt
their waste places, reclaimed abandoned
and fenceiess fields, set out orchards
where brsmbles grew, and lear2ed to live
within their scanty reTOurces. They
have learned to husband their means
and to live within themselves. They
have but little capital, and consequently
depend upon the profits Of small ard
c~los,ly conducted Business end the re-
turnsoi their honest toll. Ia tso face
Of many discoursgsments, and under
great wrongs and interpretations
they have steedIT pursued the rish'
course, paid their debts IS they could
made improvements. OosyeA ibe laws,
whether rigat or Wong, and waited pa
tiently aud hopefully for q better day
OF course they have not INDUCED in
wild spsculations, or become CORRUPTED
6y goTernment patronage. or subsidies,
or fat contracts. What they have they
cane By lGirly. They are only btgn-
ming to ~rsslize CHAT they a d., and TO
develop . wond..<si energy in the new
race for prosperity. There ia. no
question but What The So7tk is bnsn-
cislly in a better condition to7tsy
than sny other par; Of the Union.
owing less 10 proportion 70 sSssis, and
having fewer mortgages on property. 10
. few years, despite Of politics and ogL
tation. this will be, instead Of another
Ireland, the most prosperous secdo0 Of
the country. Let politieS 90 10 the dogs
and we will still be able TO take care Of
Of. rselges. Let the ToHug and rising
geus,siion be taught ttat labo, Is honor
able anu that idlsBess 10 o shane and
Disgrace. The day must coon ssss
away when Il will be the ambition
Of every father 70 educate Bis
soDs for a p~roles,eo. Or some
easy, efemiuaie calling aE4 tbs time
will come not long hence when % gsn
will shrink from the gaze OF beauty 90
account Of brown hands or a completion
ID, 1ted By the sun in the fields, shen
there will be d premium on muscle sad
energy ghich will develop q more yigor
Gus mauhdOd than was possible undel
the old sysssm. The virgin soil DO.
wants the magic Touch Of labor, wher
teeming plenty SHAH bless and FIJI th'
land. All efforts 80 far have been II
the right direction, aud each YER To.
diligent husbaudman il rewarded NOR
abundantly than before. We Of Vi
South have great cause to feel encoui
aged aud to persevere in tie cours
taken for the last few years. II
thrifty, economical habits acquired fror
stern necessity will abide with US an
promote our comfort and welfare lon
after the occasion has passed away. W
hsve no armies OF tramps, 40 erowis {
unemployed wOrkmen. no starving pei
pie in our midst, as in the North. "
have enough 10 eat and wear and o lArg
balance in our favor. Let US quit Srur
bling. look at the blessings we have al
prors ourselves worthy Of still greater.
---o--
SEVERAL pepers and politicians ado,
the country are claiming the honor