[112] Quoted in The News and Courier, Charleston, March 9, 1881. Said Olmsted in 1856: "Singularly simple, childlike ideas about commercial success, you find among the Virginians.... The agency by which commodities are transferred from the producer to the consumer, they seem to look upon as a kind of swindling operation: ... They speak angrily of New York, as if it fattened on the country without any good in return." (Olmsted, Seaboard Slave States, p. 138.) [113] "... the labor of negroes and blind horse can never supply the place of _steam_, and this power is withheld lest the smoke of an engine should disturb the delicate nerves of an agriculturist; or the noise of the mechanic's hammer should break in upon the slumber of a real estate holder, or importing merchant, while he is indulging in fanciful dreams, or building on paper, _the Queen City of the South_--the _paragon_ of the age. No reflections on the members of the City Council are here intended, they are no doubt fairly representing public opinion on this subject...." (Gregg, Essays on Domestic Industry, p. 23.) [114] "The State of South Carolina has been extremely guarded in extending grants to banking institutions, and in this she has shown her wisdom, for it is an extremely dangerous power to exercise." He hoped, however, that the danger to be apprehended from banking privileged would "not be confounded with, and brought injudiciously to bear against the charters which are necessary to develop the resources of our country, and give an impetus to all industrial pursuits.... The practice of operating by associated capital gives a wonderful stimulus to enterprise, and where such investments are fashionable, no undertaking is too great to be consummated. Why is it that the Bostonians are able in a day, or a week, to raise millions at one stroke, to purchase the land on both sides of a river, for miles, to secure a great water power and the erection of a manufacturing city?... The divine, lawyer, doctor, schoolmaster, guardian, widow, farmer, merchant, mechanic, common labourer, in fact, the whole community is made tributary to these great enterprises. The utility and safety of such institutions is no longer problematical.... If we shut the door against associated capital and place reliance on individual exertion, we may talk over the matter and grow poorer for fifty years to come, without effecting the change in our industrial pursuits, necessary to renovate the fortunes of our State. Individuals will not be found amongst us who are willing to embark their 100, 200 or $300,000 in untried pursuits: ... If liberal charters were granted, one hundred successful establishments would spring into existence, where one, of feeble order, could be expected from individual effort.... About three-fourths of the manufacturing of the United States, is carried on by joint-stock companies: ... We shall certainly have to look to such companies to