The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1892-05-31
he Credit Of the South

ne NleOtt OF the South.
The address recently delivered be-
ore the Commercial Club, Nashville.
Tenn, by Mr.. j. x. Williams, Rich
nond, Va, on The Credit of the
South, contains some very interesting
statistics showing the remarkable pro-
gress of this section of the Union. A
full summary of the address appears
n the Richmond Dispatch of the 25th,
Rnd owing to the Importance Of the
spbject we present some of the salient
points from that journal:
"Mr. Williams began with eulogy
of the Old South and its civilization,
which had given the country many of
Its greatest men, under the domination
of which our government had been
formed and our people had risen to
strength, prosperity, and power. The
basis of that civilization, he said, was
the basis of all credit, character, and
high and jealous regard for personal
honor. This had been illustrated by
the care with which the southern
states had protected the interests of
their creditors. He gave the figures
of the debts of these States at the be-
ginning of the war and showed that
the first effort of their people amid all
the ruin and dangers following had
been to maintain their credit by just
settlements. He rapidly sketched the
means by which the debts were so
enormously swollen during the recon
struction period and urged that the ad-
justments made were far more gener
Gus than were to have been expected,
Especially as the people had the power
Of reputation and somewhat decent
excuse for it,
Referring to the credit Of Southern
cities and the rapid decline in the rate
Of interest they pay, Mr.. Williams
said:
"Cities which few years ago bor-
rowed at 10 per cent. now find eager
buyers for their SIS at par. No south
orn cities had ever resorted to the
wholesale reputation of obligations
such as had been made by western
cities after the panic of 1857. He had
seen list Of the defaulted securities o1
sixteen cities, counties and townships
in the ssas4iraerty 4.irerty per cspita 81 Unity: Fly:
We principal southern cities in 1890
ad increased 25 per cent. over 1880,
While the Indebtedness per capita in
he same time shows an average de-
Irease Of over IL per cent. per capita.
The average debt per capita of these
cities in 1890 was $42, against an
average of $40 for New York, Boston,
Pittsburg, Cincinnati, Jersey City,
Providence and St. Louis, and an aver
age of 1920 for Antwerp, Brussels.
Liverpool, Manchester and Paris"
Speaking of the per capita mortgage
Indebtedness in the South and West
Mr.. Williams showed that it was $40
in Kansas, 800 in Illinois and $40
in Iowa, while in Alabama it was 81
and in Tennessee only $23. And th
information regarding the comparativ
real estate mortgage Indebtedness il
the South and West is equally as favor
able to the South. The census return
we're quoted from to show the South
prosperity:
"This section has $4,000 miles {
railroad against 2O,OO9 in 1881, an
the Improvement in quality and facii
ties has been enormous. The averag
decline in passenger rates on Souther
roads in ten years has been 81 pc
cent. against 8 per cent. decline in th
North and % per cent. in the Wes
Freight rates had declined so per cen
in the South against FL per cent.
the North, and 81 per cent. in th
West. In 1880 Southern railroad
carried 100000 passengers; in 188
they carried 35, 100000. They move
2O.OOO,OOO tons Of freight in 1885,
and 7O,OOO,OOO in 1889. Passengt
transportation has increased 1872 p'
cent. in the South against 1875 p'
cent. in the rest of the country. Freigl
tonnage in the South had increased d
per cent. against 81 per cent. in Il
North and West"
In the growth of business the fgur
are truly eloquent:
"The business concerns of the Sou
had increased from 96,297, in 1877
to 17o,75e in 1890. In 1878 this Sc
t;on had one failure for every 68 {
+oh1ishments; in 1890, one for z
wb;le there was reduction of 80 p
cent. in the average liabilities. I
reports Of Bradstreet showed th
Southern failures have been less Sc
ous than in other parts Of the count1
this