You may bankrupt every man south of North
Carolina, so that his credit is reduced to such a point that he could
not discount a note for thirty dollars, at thirty days; but the next
autumn those Cotton States will have just as much money and as much
credit as they had before. They pick money off the cotton plant. Every
time that a Negro touches a cotton-pod with his hand, he pulls a piece
of silver out of it, and he drops it into the basket in which it is
carried to the gin-house. It is carried to the packing screw. A bale
of cotton rolls out-in other words, five ten-dollar pieces roll out
--covered with canvas. We shall never again make less than five million
bales of cotton. * * * We can produce five million bales of cotton,
every bale worth fifty dollars, which is the lowest market price it has
been for years past. We shall import a bale of something else, for
every bale of cotton that we export, and that bale will be worth fifty
dollars. We shall find no difficulty under a War-Tariff in raising an
abundance of money. We have been at Peace for a very long time, We are
very prosperous. Our planters use their cotton, not to buy the
necessaries of life, but for the superfluities, which they can do
without. The States themselves have a mine of wealth in the loyalty and
the wealth of their citizens. Georgia, Mississippi, any one of those
States can issue its six per cent. bonds tomorrow, and receive cotton in
payment to the extent almost of the entire crop.
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