Year: 1875

Comparative Condition of the North


and South.


A correspondent of the atlanta Con-
stitution has interviewed General AL
fred Austell, President of the Atlanta
National Bank, who gives gloomy ac-
count of the business prospects of the
North, as compared with the South.
He says:


"The condition of the North is just
about this: They have been upon the
TOP of the house ever since the war
and now they are having to come down
The shrinkage Of values throughout
New England and New York city has
been immense. Rents of property have
fallen off from their maximum at least
so per cent, and there are more houses
to rent in New York than I ever knew
before. Jobbing houses and circles are
not doing much, as the lines OF trade
are being concentrated IN the wholesale
circles. There s-very. little money
there except in the hands of few, and
they demand the very best securities
before they wilIlet it go out OF their
possession.


"There are more goods already made
than there is demand for, and while l
was in New York cases of calicoes were
sold as low down as S.25, which was a
ruinous price. Much Of these goods
are not worth upon the market hardly
what the raw material cost at first
hands. was told that there are mill
lion and a half of people in the New
England States and New York who
will have to be taken care OF by the
people of the country this winter, as
they have no means of livelihood ex-
cept their labor, and for that there is
and will be no demand. Besides all this
the city debt of New York is $137 7,O00,-
900, the result of which is high taxation.
Property is valued at two thirds it cost
and upon this there is city tax in New
York city of three per cent, making
the property valueless to a great extent
Any one can forecast the result of this
state of affairs. AS tell you. they
must come down into the basement and
climb up again. They will, as I told
one of the leading men, have to see


hard times just as we did. They have


been doing business since the war upon
the imitation which is brought about.
they found themselves with over three
thousand millions of dollars more mon
ey, in greenbacks and bonds than they
had before, all our negro property and


wealth being lost to US and thus gained
to them. But they have lost all their


war fortunes, real estate has fallen from
fancy figures and they are now compell-
ed to come down to "hard pan" in ever
ything. .. =, NV,


They are depending upon the West
and South to bring in some trade


They calculate to get our cotton cheap.
goods are now cheaper than when cot
ton was from to 6 cents per pound.
IF they cannot sell the goods they make
they cannot pay big prices for cotton,
and they think that the price OF this
crop will 90 down to 10 cents. Con-
tracts are made now to deliver cotton
there in November for from ~! to III
cents per pound.-Last year we made
upwards OF four million bags of cotton
and yet the people can't consume all the
goods made. Matters will not be bet
tered much by the present crop.


ave are better of to day than the
North. They have their paupers and
their people out of work, and must pro-
vide for them. We are an agricul'
tural people and tproduce, by which,
if q man has anything made he can
sell it, If he has it, there's is a market
price for it. Such people are always
safe, but those who cannot make and
hence have nothing to sell must. suffer.
They must steal, commit crime, or be
provided for by public charity. We
have produced that which is staple ana
there is l,enty of money to buy it, and
we will sell and profit by our industry.
Our prosperity is measured only by our
Industry. This you may rely upon as
an axiom to the Southern people.


Our condition is in every way prom
ising. We are far better OFF than
! the Northern people, all things
considered. Our Georgia 7 per cent.
bonds are commanding par in New
York to-day. We owe less money than
almost any other set of people in the
Union and made our crops this year
with 90 per cent. less money than in
any since the war. What we want to
do is simply to practice economy, hus-
band our resources and develop our in
dustries. / don't think the South has
ANYTHING to fear from the prostration
and panics in the North; Well sell all
we produce, whether at high or low
prices makes little matter, for We'll buy
what we need at proportiohately high
or low figures