Year: 1867

DEAR SIR: returned day before yester
dav. having spent three weeks in Phlladel-
phia and New York. With rare exceptions,
and only then in small way, found North
ern capitalists afraid to invest at present in
the South !; but they are fully alive to the
magnificent resources of our country, and
are anxious to invest as soon as they can feel
anv security in doing so. The course of our
newspapers and politicians is such as to
drive away every thing which could benefit
US, and reduce the country from its present
PROSTATE condition to absolute ruin and
despair. could have brought mere than
100000 with me from one man, and could
have induced i've times as much more to
come out here, but for the obstacle continu
ally put in the way of reconstruction.
As it was, I returned without dollar.


1 hope yet, however, to do something as
soon as the policy of Congress is definitely
determined. The rice and timber lands and
the mineral interests particularly gold of
North Carolina are attracting attention at
the North l met several persons who had
bought, or became interested in, gold mines,
and who are very sanguine-Cotton lands
near market were also highly esteemed.
Indeed, if il were not for the present polit-
ical situation, millions of capital, now idle,
would flow in aceaseless stream to the South,
and more perhaps to North Carolina than
to any other State think this Congress
will settle things, and next spring there will
be better chance *


Some of this wisest men talked with are
convinced that the capital of the country. if
we will only permit it, must necessarily be
transferred to the South in a few years, to-
gether with an abundance of capital from
Europe. Money is superabundant with them.
I know personally of hundreds of thousands
now lying idle, and anxiously awaiting to
be transferred here. =


We copy the above from the Charlotte
Democrat, and in doing so We add the follow
ing extract from letter from one of the first
business men in the Northern States, address
ed to a citizen of this State:


''Time passed on rapidly, and it is not ne
cessary to enumerate to you the causes which
have produced the revolution of feeling on
thepart of Northern capitalists and North
ern bone and sinew, both of which would
have gone South and would have assisted
materially the restoration of your prosperity.
The impression fixed upon the minds of the
Northern people now is, that those rebels
who brought about the rebellion are still in
power, and expect to govern their respective
States. OF course, this puts an end to the
migration of Northern labor and capital,
and until the people of the South are willing
to throw overheard the conspirators against
the nations life and openly avow and main
tain for all liberal Union sentiment, and
full freedom on all things, you cannot expect
any change in the position of affairs. We
Of fha North ORC 10TH to baIiava fI,ot +l,o
intellect and energy of the South are con-
centrated in the x-Congressmen, ex-Sena-
tors and ex- Governors of the rebellion. We
believe that yen have many good and true
men who have neser committed themselves
to open or even secret rebellion who could
hold and minister your offices, or, at any
sumo control we will not feel safe to trust
ourselves, financially or politically, to the old
party. .ag


This is plain statement of the case from
one who-is no politician, but it is the exact
condition of the Northern mind think it
would be wise on the part of your masses to
assert their own control over their future, and
thus, by adopting tue Constitutional amend
ment or some similar provisions and electing
loyal and suitable representatives to Con-
SicsS, 10 db OHCt lulnl IHe CONDITIONS Oh
which the Congress of the nation would be
willing, no doubt, to charter new credit of
industry and open the way for the influx to
the South of capital and labor"


The writer of the above has hit the nail
exactly on the head. At one time, in 1865,
the general impression was that under the
Presidents plan the Union would soon be
restored, and with this expectation the most
extensive arrangements were set on foot to in
troduce capital and labor into the Southern
States. Con panies were formed with this
view, and large bodies Of land and town
property were put in market. Agents from


he Northern States were travelling all
through the South, making inquiries about