The morning star and Catholic messenger., 1877-11-11
NEW ORLEANS, SUNDAY MORNING. NOVEMBER II, 1871
4 REakzRKABLE FzLLACY.

4 REAEzRKABLE FzLLAcY.
wHx AMKaIcAFs SHOULD NOT BE ANXIOUS To
PAx orr TEE NATIONAL pEBr.
.5s y, o. Price Current
There. sre few facts more generally admitted
than that additional capital 10 vented in tbs
United States. This 10 especially the cass in
tho South and the Southwest. With moro
capital, the suc9essful cotton manufactcries In
Georgis would be quadrupled ia number BY
new mile In sonsh csrolina, Misais.ipRl.
wouid also be established In st. Loais; in fact
at every point In the South and tbs West.
eithes 10 the esittre cf cotton production or
e b. ssis ssDs cur
ton plnnters would not only enjoy . hone mar
kst for their pgoducts, but the sggsegate
wealth Of tho eafnmunfty would be q1adrup-
WhaAie trne kf cotton, fa equally trne Of
enrar, ahd with ampie capital double the nnn-
beraef reAuezies Hsight be established as tho
Wa9t and South. TO the csnamon bensns. y
Eonth Caroline, Georgia, and LcuisisnR !; 10
the iron works inz Tenneesee and tothsr South
western and Western States TO the ngricnltu-
tract labor ard their co-opsrafion would
increase pF0dnctiOp and 70 the commercial
narihe in estAhai9 ING lines ef ateanshins 20
Gonth Amefie& aud Beasrat Amertoa, enaOatnR
us thereby 20 largely increase tho fdfsign
markes for our agricultural prrdncts and home
manufactures, and TO suoeessfally coWpete
with Great Britain and the Continent IN snp.
plying the wants OF our Southern nsighbofs.
With additional capital we eoaid have NOS one
but several lines Of steem-bacEes for the
economical transportation of freight by she
Missfssippi and its tributaries. a. Pitteburg
paper denounoes the merchants Of Sk. Louis
for epbDitting to . charge Of 200 per hundred
ponnda ON grain from that port 60 New Or
leans, 70 which the PistsbuFgers eend coal 81
30 per hundred pounds, and aishoagh orr
misconceptions on this aubjsct, hie views are
undoubtedly founded on fscts whien caun0t
be oontrovertcd. With additional cspital we
would have ship yards Ut New Orio2ne and 81.
Louis Sor building icon barges, eteamboats and
eoagoiuR vessels; in fact 1t ie diftcals 10
specify . branch of industry In which addL-
tionsi capital ID not wanted, not only Tor fn-
dividnal interest but for the coumon welfare.
The West sees this, but has cummitted tbe
error Of mistekiug currency for capital. Il is
nos mere currency that No need. An inflated
correnoy might give temporary stlm nioos g
and unhealthy. Is would cause an advance
In prices, which would check instsad OF pro-
motiDg our export trade. The farmer would
Bat Bat the ooss Ct Of PRO producsng sSe crop, Is veil as
OF bis family expenses would be proportions
bly, increased. leaving him ut she end of the
year with less surPlus than ne has 81
ed bus moro resi- capital.
Where l. the capital 20 come frnm2 Evi-4
IDENTITY from abroad. ALI onr present available
capital is actively employed. We say asasIabss
netions, large amount OF money that 10 used
merely 70 faollitate commerce and move the
crops that have been already pTcduced. This
capital fHds employment in the baHke, on the
etroet, In the interchanSe of securities, or the
prrehnee Of exchange. Not dollar OF Ae 10
available for building otesmehips, establish-
ing manufactures, fnnnsng linsa q river
frsight boats, or even for facilitating the
opening Of new farms or plantaticne either By
direct Ioans to the agrioultuTiet or by Aioing
him Indirectly through his fastcr.
Ret, when, from contracted trade, there wao
very little business pApeE making, and 80 Lsflol
exchange, 0nF ba1ks had = eurplns OF money.
From their deposit iHts they had large
arnoant available for regular banking opera
eions. for which they cDnid End no employ
meut. Bnt evoa then Is would have been C0n-
trnry Co the Aooepted principles Of banking 70
lead this anTpiUs on long papae Tor the PeKpcse
Of bnildipg mnnuEactcr1es or .steen1erg cr sor
any other permanent investments Although
there was no immediate lsGitimnte denaHud
for sheiR funds, 10 waa essential that they
ehouid keen them we'll IA hand for the revival
of trade and the movement OF she crops. RowS
every dollar ehey have 70 spare Audg such EN-
plOyInent. They sre taxing theie utlnoSt re-
sonrces TO accommodates she cou1snereial move.
heut and yes the money maEkes ts tights and
will natuKally continue 80 until She procoeds
of the cotton and sugar crops diuoinleh tbe
prpasnre upon che bankss and inefeass the cir
cnfating nodiuus.
4 Hsnoe, even when banks ere oveEl0aded
with deposits che Deney is not egnileble for
permanent Investments and Hbe1 sueh in
yestments ate needed additional caPital is
required.
.hssc are Dot exe6ptioual faetS, They exist
20 1r6nfeR az less extent tbroUghpuS fbe oeuH-
~. Eyefvwhsro nose capital II needed not
~; ~ for private gain bat FOR che pahlio gDod-
6sae 81 Cur inGuetfiel estab blishmeats Wne
r6Srssnnnad with tho wfeW Of beildinG ltge
ifet baats WhLsh eeula psoat tensy eE.ng
ssT' n 7e6SI II 1ssaia Il s. tl1E last1l 6 ~
~ ~ - ~ Eneb q oaabl1 ssa
s.os sxa. a.1 - ~ tsle - 4