The southern press. [volume] (Washington [D.C.]) 1850-1852, 1852-03-18


val This would BE- true, psrhnps, ii debt,
did not accumulate still maae rapidly. Blu
when for every million Of gold whirh is pro
duced, three millions of debts are created, til,
reverse must be the result. Furthermore, thu
gold mining business is not pro6table--it doe,
not increase the wealth of country, and
could not, even if gold were five times al
abundant as in California. 1t only affects the
money prices of property, and the relations OF
debtor and creditor-but does not, like other
labor, increase the amount of property itself.
III California were to yield as much gold and
silver as all the world now contains, say four
thousand millions, the value of her product
would only be half that amount in reality, q
in property, for il would only purchase hal
the amount of property which such IL sum
would now buy. Nor can the production of
gold, even if it becomes five times MS great
as now, ever be profitable to tho persons con-
cerned in it, either on the average as individ-
uals, or in the aggregate. For it will always
continue TO attract number much too great
for the mines totspuy. The product of gold
in California last year was about forty millions.
The average number of mon engaged, was
about one hundred thousand The share of
each, therefore, was four hundred dollars, or
one dollar and a third per day. Deduct from
this the expense of Subsistence there, to say no.
thing of the expense of going and returning, and
the net balance is unqueslionably less than is
made in any agricultural State this side of the
Rocky Mountains. And if next years. product
of gold is hundred millions, there will be
100000 men TO dig it, The product of
Virginia labor and capital annually exceeds
seventy millions, and she scarcely contains more
men than that. The calculation therefore, that
California will sustain the present enormous ex-
pansion of the debt system is utterly falacious.
In the South the development Of commercial,
and internal Improvement enter
prise, has received a peculiar impulse from the
recent aggressions of the North. And CONNER
cial independence of the North has been regard.
ed, by large CLASS, as better remedy than po-
litical independence. Besides, it is contended
that commere, manufactures, and internal i'm
provement, will invite emigration from the
North and from Europe, and will enable the
South ultimately to attain political power
from population, adequate for her defence in
Congress.
An equilibrium of political power between
the North aud the South, is certainly desirable
with the latter but it is not of sufficient value
to justify her in paying the penalties of dense
population. For neither liberty nor slavery can
flourish in dense population. The vice, crime,
pauperism, suffering, inequality, and disorder
which attend on large cities, on commerce and
are incompatible both with liberty
and slavery For these two things are as tena
ciousy associated in the practical results of So
ciety, as they are widely and violently separated
in the theories of modern philanthropy. Ros-
sEAU, however, the great apostle Of the rights of
man, recognized their connection, and was stag
gered. In his Social Contract he actuallyexpres.
SEES the doubt whether, in any practical condition
of human affairs, liberty can be maintained with
out the support of slavery. Important, therefore,
political equality of power may be to the
South she would be unwse to incur domestic,
and social, and political disorder to obtain it.
And if 10 this, we add the loss she must incur
by refouncing the most profitable of all agri-
culture, to the extent to which she must apply
her capital and labor to commerce and manu-
features, the conclusion is still more un.ats
factory.
Much has been recently said about the pro.
motion Of direct trade between the South and
and Europe. We think that something might
be done in this way to great advantage. AT
present. cotton is purchased on time-bils, or with
proceeds of bile, drawn on New York. and thence
on Liverpool, or directly on Liverpool, and these
are cashed at the high rates of interest in the
South, and this rate of interest is practically
paid by the planter Now in Amsterdam there
is plenty of money at three per cent. Why
cannot some Of this money be sent to Charles
ton, Savannah, Mobile and New Orleans, and
advanced on actual shipments of cotton, at the
low rates of interest in Europe? When the
coLIOH is dCtudIly utHVeIeu, VI sIlpptu anu III |
sured, it is equal as security to anything in
the world. And if the continental merchants
Of Europe are anxious to secure direct trade
instead of one via New York and Liverpool, let
them come forward and afford this facility, and
the experiment will succeed. As it is, the
South gives her property and takes promise,
she gives a credit, and pays heavy interest on it,
to part Of the world that boasts It's abundance
of money, its low interest, its great desire for
business, and its great capacity for manufactures.
There is, however, good deal of incongruity
in the policy of direct trade, domestic manufac-
tnres, and internal improvements. If domestic
are so desirable, internal improve
ments are not 80 much SO, for they enable North
ern and Western manufactures to come great
distance, at little expense, to compete with them.
So direct trade will bring the fabrics of the
Continent promptly into domestic use.