Year: 1868

aA Times. High Rents. Low Wages.


ge are not disposed to overestimate the


tress which prevails among our people,


lich may he traced, first, to recent disas-


rs, but secondly and finally to the rebellion.
fhe prospect in 1855 was that the State
Ifould be speedily restored to the Union,
hnd that emigration and capital would be-
giff to flow in, thus enabling US to repair the
POSSES and the waste OF former years. But
this prospect was blasted. In 1856 it was
again hoped, for brief period, that the
State would accept the Howard amendment,
and return to the Union under it, as Tennes-
see has done; but this hope was destined
like the former to disappointment. The
start which the State should have taken in
her race of progress and development has
thus been postponed for two years, during
which period the people have made little if
any advancement in material wealth. At
the close of the war much of the lands had
goDe.t to waste, bitches had filled up, fences
and other Improvements had fallen away
the stock of cattle, horses. hogs and the like
had been greatly reduced-the farming i'm
plements had worn out with the lands; and
to compensate for all this, SO as to make
new and good beginning, the farmers for the
most part had but little if any money, and





no means of obtaining it, save from crops
vet to be raised. Then Northern debts had
to be paid, and heavy taxes OF all kinds,
and added to this the people were tempted
to encourage the merchants to bring out
large stocks of goods; and the result was
that the oeceipts from the cotton, tobacco
and naval stores of last year were not at all
adequate to meet these demands. The dis
tress would have been much less general and
severe than it is if the crops of 1867 had
been good, and if cotton had maintained the
figures paid for the crop of 1866. But the
crops both of cotton and breadstuffs failed,
and Immediately following that was reduc-
tion in the price of cotton to figure which
would not more than pay for its production.
As an illustration of the loss by the failure
of crops, on which labor and money had
been freely expended, a friend informs Us
that he has made an accurate estimate, and
finds that his corn produced last year cost
him sixty dollars per barrel, and his cotton
fifty cents per pound. This was not general.
but there were doubtless many instances of
as heavy loss as his, occasioned mainly by
the almost incessant rains and freshets Nor
are these losses to be attributed to idleness
or inattention. Our people never worked
more industriously than during the year
just passed. They we're obliged to be eco
nomical, for they had nothing to waste.


The result is that money is very scarce
Every thing seems in consequence to have
fallen in price, except breadstuffs and meats,
which maintain former prices on account of
their scarcity. Judgments are prcssed-exe-
cution sales are common-the bankrupt law
is taking hold of estate after estate-prop-
erty of all kinds is rapidly falling in price
lands are changing hands, and will soon be
knocked off for mere song and there is
no prospect, so far as we can see, that this
condition of things will speedily improve.
One of the first effects will be to greatly re-
strict, if not abolish the credit systeni.-
Every step, no matter how painful or how
much to be deplored, is in that direction
| Credit is based on confidence between man
and man, and where there is no confidence
there can be no credit. The end will be,
| as the result of the rebellion, and Of
causes put in operation in 1865 and 1866, as
heretofore stated, and the failure of the
crops for 1867 and the sudden fall in the price
of cotton, that large majority Of our peo
pie will find it impossible to meet their OBJ
legations, and must have indulgence in some
way, or the hard earnings of many years
| will be sacrificed under the sheriff's hammer
or in Courts of bankruptcy. No one sym.
pathizes with the people in their distress
more than the Editors of this journal, and
they are ready to endorse any practicable
scheme that may be devised for their relief


We hear from various quarters that farm
ers and other employers are determined to
reduce the price Of wages. This would be
feasible, provided the price of bread and
meat could be reduced to the same extent
II the farmers and other employers have
made but little during the year just passed.
their hands have been equally unfortunate,
for the latter for the most part worked for a
certain portion of the crop. The hand OF
hard times is on both both arc sufferers frcm
the same causes that could not be provided
against or overruled. Under these circum-
stances, it is not right that the owners o1
lands, or the owners of houses for rent
should unite to reduce the wages of the land
less and the houseess, and at the same time
to raise the rents for their houses aud lands
One cheerful laborer who is well paid, is
worth two sulky laborers at half price, who
feel that they are wronged, and have no
heart to work. We believe in good wages,
hard work, and prompt pay. The owners
ofhouses and lands will find it better for
themselves to demand only moderate, reason


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