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Southern Bankruptcy

Southern Bankruptcy image
Parent Issue
Day
22
Month
September
Year
1841
Copyright
Public Domain
OCR Text

The following articlo is irom the Portg. mouth, N. H. Gozette, a Democratie )aper, of the straitest Beet, July 20. The Northampton Courier, from which it quoteB s a Whig paper, in the interior of Massachuseits. Let the politicians look at thia in Beason ! The following extracta ftom the Northampton Courier, founded in part upon Btatements of a writer in the New Xork Journal f Commerce, will make us prize morehighy our northern system of indu6try, and deprécate that system which carries its own curse, and tenda to hankruptcy. Tlie writer affirms, that the Northern, in their commercial ntercourse with the Southern state, annually lese moro than 850,000,000! He 8ays - "When it is considered, that on the calculation, that it costson an average only g5( a year to support each individual of the white aopulation, and 18 a year each, for the support of the elaves, at the South, eo far are Lhey from mamtaining themselve3, that the Southern Btates eink, in the excess of their expenditurea over the income more than $50,000,000 every year! every dollar of which, by the way, comes out of the productive industry of the Norlh." "A few years ago, the credit of the South, ern merchante knew no bounds; and they are now involved in debe to a vast amount, and cannot poy. The truth is, the whole Southern and Southwestern sections of the Union are hopeleesly bankrupt. They owe to the North not only more than they can pay, but more than they can ever possibly raise, under their present domestic arrangementa. At the rate they have proceeded during the last few yeare, they will not only sink themselvee, but will ultünately drag down the nation with them. Besides the millions of dollars they havo swallowed up in the Bhape of goods, purchased of Northern merchants and manufacturera, it is terrible to look at the havoc that has been made in our monied institutions, in consequence of trusting to southern resource. Some 820,000,000 have gone from the United States Bank clone, besides an aggregate of many millions more, from other banking institutions, into the same fathomless gulf," The South is indebted to the manufacturera of slave shoes in Lynn, Massachuaetts, about 3,000,0o0 of dollars; to the city of New York more than 100,000.000 of dollars; and to the whole North from 3 to 500,000,000 of dollars. Such statements we have seen going the rounds of the press. Can they be truel If so, we seem to have something to do with the domestic system of the South, at Iea6t so far as the Northern puree is concerned. Can the South pay their debta in moneyi It is conceded they cannot. What then have they beside their growing crops I Twelve hundred millions in elaves. But these will not sell for a single dollar in northern markets. We fear that tbere is too much truth in the assertion, that they cancel their debts by becoming bankrupt.

Article

Subjects
Signal of Liberty
Old News