The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-08-21
national treasury-in fine, was enjoying
tho Ureatest prOsperitv

Ing Was u6C6lblul. Lie COutu WIS cEeuILeu
with the loss of thousand millions in
slaves, which it had never lost because
1t had their labor yet; while the war,
though 1t brought many evils, brought
also habits Of economy and industry,
energy and determination, the lessons
that war teaches the vanquished, whose
weaknesses, false glories and vanities it
lays bare and destroys
The wealth Of the North, concentrated,
as it was, in a few hands, gave rise to a
moneyed aristocracy, begot mighty cor
porations and monopolies, imitation OF
values, and developed recklessness in
money matters. high-living, idleness,
waste and want. 1t took labor from its
proper fields into new industries, to sup
port, which it looked to the general gov
eminent for assistance 1t changed the
channels Of trade, and endeavored even
to change the laws Of nature.
The natural fruit of such policy was
the panic of 1873, which came just seven
years after the war, as Germany's "hard
times" fell on her just six years after
her victories and triumph over France.
That prosperity did not return as soon
to the South as it did to France is owing
to the fact that our war did not cease
with Lees surrender, but was kept up by
the Republican North in desultory,
guerilla like kind of warfare to this very
year. It was not until Louisiana and
South Carolina, two Of the brightest
| Jewels Of the South, were free, that this
section of the Union began to bloom
once more and promised to regain that
wealth, prosperity and happiness itonce
boasted.
Our sagacious and we'll informed cor
respondent Buell.. declares that the
| North is wholly bankrupt; that it must
soon suspend, pay fifteen or twenty
cents on the dollar. renew business on
this new basis and go to work in earnest !;
| and he warns the South, Southern
planters and merchants, not to allow
themselves to be entangled in the
| North's financial difficulties through
any mistaken generosity, or they will
be dragged down with it..
There seems to be a sort Of unwilling
ness N orth to confess to these facts, and
admit this general bankruptcy. The
newspapers do not altogether deny it,
but, at the same time, do not relish any
newspaper remarks on this subject, and
occasionally try to write up our prosper
ity. Each year we are treated to a
prophecy that business will be better
next year and shown, by figures indis-
putable, that American cotton goods,
iron, coal and manufactures of all kinds
are fast driving English goods out of the
English markets. But, despite the
| papers, business does not get better,
and foundries, manufactures and col
lieries reduce wages and forces, and
finally collapse altogether, bankr upted.
During the last few years we have been
going from worse to worse, until the late
terrible climax of the strike came, with
its awful threats of communism and
bread riots, to convince the most dubi-
Gus that the worst was not yet come.
That amid all this ruin the South lie
prospecting and improving, there Ia
hardly any need to say. The South was
not affected by the strike, because all
It's labor was employed, and at good
wages; our cotton crop Is as big as be.
fore the war; our farmers are learning
to raise their own provisions at last
while our own State promises to make
sugar raising more profitable than even
in ante-bellum times.
It is somewhat Of a coincidence, thai
while every parish in this State, and
this city as we'll, shows an immense in
crease in its assessment OF this year, that
Boston, the Northern city least affected
by the general bankruptcy OF the North
admits loss Of SAG, 900, 600; that while oul
debt was actually decreased during the
past year, that Of Boston's has increased
over sd, OOO, 900; and that while we are
decreasing our taxes, Boston Is increas
ing its taxes, without, however. meeting
its expenditures.
It Is neither necessary nor pleasant tx
90 into particulars to show the true con
dition Of affairs North. The Nationa
Republican of last week has list 0
fifty-two insurance companies that fail
ed between January and July l. 1877
six hundred and fifteen railroads, rep
resenting three thousand million dol
lars OF capital, have failed to pay divi
dends and interest, while the true in
wardness Of manufacturing and mining
enterprises have been shown In letters
fire in the past few weeks.
Neither standing army. as tn
Northern press suggest, nor an empir
as ay Gould wants, nor bureau
national industry, nor the finest crop
Of the West and South can save tn
North from the impending bankruptcy
With all its bogus capital swept away ant
money invested in proper enterprises
with property reduced to its real value
with labor turned to profitable pur
noses. and not continued in businesses