I live in middle Georgia. Need to know if the cane that grows around here is river cane or bamboo? Is there a difference? What are you looking for when cutting it for arrows? Thanks

You probably have both(river cane and bamboo) growing in your area. My hunt club in Oglethorpe Co. has some pretty extensive stands on river cane(switch cane). I believe we have both Arundaneria tecta(switch cane) and A. gigantia(river cane). There are lots of exotic bamboos all over also. Some are good for arrows and some are good for bow backings.
 Arundaneria tecta and gigantia are the only native bamboos in the US. The tallest, A. gigantia, grows to about 15" or so and gets about 3/4" in diameter at the base. A. tecta grows to about 6" or maybe 8" and less than 1/2" in daimeter at the base.
  You want to be sure you cut mature cane for arrows or backings. Look for the paper sheaths to be deteriorating or gone all together and the base to be about 3/8" in diameter or slightly larger.    Pat

can you use either or? Is one preferred over the other?

Pat B covered it well as usual, but to answer your second question; you can use either one to make arrows.

My preference for cane arrows is (in order) bamboo, river cane(A.gigantia), and switch cane (A.tecta).

I agree with James. tecta first and gigantia next. The gigantia has thinner walls, larger diameter center hole and more pronounced nodes. They both make good arrows but I prefer the tecta.
  There are other exotic bamboos growing around the S.E.US that will make good arrows. Bambusa multiplex(a clumping type bamboo)makes the best cane arrows I've seen. Thick walls, narrow center hole and a 12" internodal area. Japaneese arrow bamboo and a few otheres are also growing around the South East.     Pat