Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1842-04-20

~ Cdu Dc SuOWu bnub bANy 1880 80 Il
cal power to support themselves ana tneir
masters, provided the latter pursued rig
id economy, we do not know, though we
think it doubtful but that they do not
produce sufficient to support their masters,
with their present extravagant habits, can
be shown, we think, to demonstration.
1t is well known that the first blow re-
ceived by the North, THE commencement
of the commercial distress in 1886, came
from the South. For number of years
previous to these disasters, the opinion had
prevailed that the South was very eldora-
do; that slave labor yielded a hundred per |
cent to the owner. and that the power of
the South to pay any debt she migh con-
tract was undoubted. Acting on these err
roneons impressions, a southern merchant
or planter had only to present himself iH
northern market and receive goods. on cred
[ it, to any amount he chose; until the debt |
ofthe South to the North lad become so
vast as to swallow up the entire floating
capital Of the North.
The northern manufacturer and mechaN-
ic, 10 order to enable him to secure thisthen
| desirable trade, by giving the necessary
credits, had resorted to back loans, and
the merchant and shipper had contracted
!, immense debts in England for tho same
purpose.
This, then. was the condition of affairs
at the commencement ofthe great pressure.
The North, although ran wild with specu-
lations, had yet produced enough by her
labor for her wants but she was largely
indebted TO Europe and the banks for goods
which she had sold the South and the
South was overwhel lined in debt to the
North, for money and goods, which had
+ enabled her to riot in luxury, extravaganza,
aud idleness, while the delusion lasted.
But at length payday came. This, by
. one and another expedient, had been put off
E until it could be delayed no longer. The
a time had come whenth actual produce of
i labor must be forthcoming no SUBJ
/ terfuges or expedients would answer land
e what was the consequence? Was it found
c that the slave had produced, by mis- unre-
e hitting toll, a sufficiency for himself and
e his extravagant master? Let the univer-
!. sal bankruptcy of northern dealers in
i southern trade answer the question? Let
v the thousands of northern manufacturers
~ 0h0 uASNAohlOS, HAOSS I'LL was dUSOFDSu Ill
b this southern vortex, answer, as ruin stares
e them Ia the face, whether the slave had pro.
n dGced a sufficiency for himself and his mas
4 ter2 So far from this being the case, i,
was found that nearly the whole of the i'm.
mense debt due to the North by southern
planters and dealers, was lost 1t is estimat
ed that upwards OF three hundred million
% of dollars were thus lost by the North
se which went 10 make up the difference be
~ tween what the slaves produced and wha
the master spent.
ne Now this three hundred millions ofdol
lat lars is an actual tax upon the free labor o
%: the North. Our honorable merchants, b,
Is impoverishingth themselves, have nearly pait
IS oftheir Indebtedness to Europe, so that tn
ne great weight Of this fearful burden ha
- fallen on northern labor. The free labo
'ie Of the North has to make up that suppor
m for idlefreemen at the South, which th
90 slave could not do.
), Now, is not this sufficient reason 70
Old the unparalleled distress which has presse
(, upon the country, like an incubus, paralyz
le. ing her energies, and eating out her sub
ne stance. The North may, in time, by in
u dustry and economy, and by the help of
Se. discriminating tariff, get over this dreadful
l 'm loss. Blessed with bountiful soil, wit
oil rich mines of iron, lead and coal, and wit
'y' inhabitants of hardy frames, and indomi
nc able perseverance, no disaster can lon,
oe keep her down. But is there not DANCE
" of the same results! following from lh
or' same causes. Unless the actual labor {
ca. the South produces sufficient for the SUP
'ed port of her population, (which we thin
ho cannot be done by slave labor alone tn
= labor of some other portion of the countr
na' must make up the deficiency and Will
the North credits the south at all, conslar
losses will be occurring.
But admit that with prudence and econ
oh omy, and by over-working the slaves, q
en-. present, the South. can supply her ow
o wants,-will she be able to do SO when til
English market for her great staple, col
ton, is lost Coming events cast thei
shadows before, and show plainly to ever
unprecedented mind, that the peculiar proc
he ucts of slave labor are in fair way to b
NO. less demanded, and consequently to bear
m. less price, in every coming year, from th
a.. great competition offree labor in India an
hv The West Indies, and slave labor in Texa
or. If so, how is the slave to produce, a suff
;ch cheney for himself and his master2 Fl
far can mot do ii. The master must eithe
ba, consent to labor Nth has slare, or he mu
Dor give slavery up. Which will he do
III Time will show.
he We have Unexpectedly heightened OF
vn. remarks upon this subject; but as it is on
ost Of vast importance to the welfare of III
ere whole country. we hope to be pardoned.-
,be We mean no unkindness TO the South. "