The Aberdeen weekly. [volume] (Aberdeen, Miss.) 1878-1933, 1903-10-30

The south Can't BE Hurt.

Memphis Morning News.
n the reflex action W the Wall Street gam
bIers' panic shall hurt the South ut all. il will
10 this section less damage than any other sec
tion cf the country. This IL true for several
reasons In the first place the southern people
have not lsambled IN stocks like those Of the
North. Therefore. the shrinkage in stocks TO
the extent 81 Ss.oo.Go.Osn in the last Fix months
has eutaiied NO loss upon the investors IN this
part 80 the nation. Nor are banks In any
way ahecte, by this enormous slump in indus
trial values. The surplus money 81 our citizens
has been invested in lands. mines and manu-
factories If their own commodities. IL has gone
into timber, into improvement " farms, the de
velopmeut ~ coal iron and phosphate mines
into woodworking plants and cotton mills and
other enterprises IN the ncishborhood OF the in
vester-. and possesses the .olidity that comes
Of "A thorough knowledge Of their business by
the m-u who are conducting these concerns.
While Our people have been pursuing this
conservative. the Northern Ieopehave been in
vestine LARGELY in trust stocks. For instance.
there are more than b5.trs stockholders in tho
steel trust. Everyb body 1T consequence felt u
good policy Ito .take oat leasta flyer in some
sort of stock. IL was exactly upon the princi-
pie 81 horse race in most cases. but hnrt far
worse than horse races because IL involved so
much more money.
The South has been much more economical
than the North. The habits Of the two sections
have changed completely ia this respect since
the civil war. The enforced economy of the
gaunt years Immediately following that war be-
came fixed in the habits Of tho body Of the
Southern-rs. and what they then practicsd
from necessity they continue from choice. now
that they might indulge ia greater Iiberslity
They have become the Puritans IN habit. while
the de-cendents 81 the Puritan Fathers have
adopted the prodigal luxury OF the Cavaliers
The consequence Of this change has been So
give the South a greater proportional accumu-
lation Of wealth than the North, and to better
prepare this section to stand a rainy day than
the other side 80 the sectional line.
A. the Southerners have more money than
ever before and have lost nothing by the sIump>
an stocks and "a their habits a re such that they
could better stand falling of of income than
any other section. could view the business
depression with more equanimity than our
Northern uei<hbors. but fortunately Their. il no
indication that there will be any considerable
falling OIL in the demand for tine price Of our
PRINCIPAL commodities. Take cotton and 1um-
Der. for instance Cotton Is at a higher price
than ever before and Is certain Ia stay that way
Tor some years to come. No matter how much
the price of other commodities shall decrease.
The fact that all supplies which he must buy
should 80 down would help instead Of hurting
the ccttnn farmer IL the price of HE product IL
sustained at its present figure. increased
now seems probable. The same may be said of
lumber. There can be considerable falling
oil in this commodity. for the reason that the
supply Is being rapidly exhausted and that
when once gone 10 cannot he replaced in any
reasonable time. The products Of our factories
into which cotton aud lumber enter as consid-
cradle factors bound To command good
prices for the same reasons which will tend to
keep up the price of the raw materials. Our
cotton mills can he operated more cheaply than
any Others In the world. because they are nearer
the raw material. can get cheaper labor, have
the advantage Of a better climate and possess
many other favorins conditions. The southern
mills, therefore. would be the last to shut down
~ any Of tine cotton factories were forced to
suspend operations. This l. true also of the
coal and iron mines of this section and Of the
lumber and iron mills. Iron can be made mere
cheapiy IN Alabama and Tennessee than any
where else, because the materials can b Assem-
bled more chesply than anywhere else Our
iron mines and mills will be running right along
and making little money when the fires will
be banked In the Northern furnaces and found |
dries.
These facts can he better demonstrated in
times II general depression than at times OF |
great general prosperity The contrast will fur
nish an object lesson that ought 70 prove szsat