Immigration wants encouragement. As far as this encouragement consists in the promise of material advantage, it is already given. There are large districts in the south in which an industrious and enterprising man, with some capital, and acting upon correct principles, cannot fail to accumulate large gains in a comparatively short time, as long as the prices of the staples do not fall below what they may reasonably be expected to be for some time to come. A northern man has, besides, the advantage of being served by the laboring population of that region with greater willingness. But among the principal requisites for the success of the immigrant are personal security and a settled condition of things. Personal security is honestly promised by the thinking men of the south; but another question is, whether the promise and good intentions of the thinking men will be sufficient to restrain and control the populace, whose animosity against "Yankee interlopers" is only second to their hostile feeling against the negro. If the military forces of the government should be soon and completely withdrawn, I see reasons to fear that in many localities immigrants would enjoy the necessary security only when settling down together in numbers strong enough to provide for their own protection. On the whole, no better encouragement can be given to immigration, as far as individual security is concerned, than the assurance that the national government will be near to protect them until such protection is no longer needed. The south needs capital. But capital is notoriously timid and averse to risk itself, not only where there actually is trouble, but where there is serious and continual danger of trouble. Capitalists will be apt to consider--and they are by no means wrong in doing so--that no safe investments can be made in the south as long as southern society is liable to be convulsed by anarchical disorders. No greater encouragement can, therefore, be given to capital to transfer itself to the south than the assurance that the government will continue to control the development of the new social system in the late rebel States until such dangers are averted by a final settlement of things upon a thorough free-labor basis.