Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-05-28
Senator Sprague on the Cotton Tax
and the Condition of the Country.

On Wednesday last Senator Sprague de-
livered an address before the Memphis
Commercial Convention, from which We
take the following extract:
stated in my place in Congress, when
the tax was on cotton, that If it was not
taken off, it would drive Sea Island cotton
out of the market entirely in a couple oil
years. L tell you, my Southern friends,
that if you don't come to the rescue soon,
cotton will cease to be profitable article
of product. England is doubling her pro-
duct of cotton in her Indian possessions,
and with France is cooperating with the
King of Egypt to raise q large supply OF
cotton IN that country, which is said to be
better staple than the best ever sold in
the New Orleans market. Ia Brazil they
occupy the same position, so that we are
to have many competitors i'll the raising
of cotton. We must, therefore, increase
the products of our lands so as to success
fully compete with these countries. The
position is alarming, but if / shall sue
coed in urging you to take some steps in
this important matter, / will be repaid for
nv coming to Memphis. The country at
the present time is like Spain before it's
fall. It had been powerful nation, and
had complete power ofaii the West Indies,
but where is she now? Let those who read
history answer the question. They will
hear me out. This may also become the
condition of the United States, if you do
not exercise more self-dependence. You
imagine that by your own strength OF arm
you may and can maintain the situation
and avert all this, but l tell you there is a
power you cannot control unless you bring
a power of sufficient force. and strength
against it, and that is the money capital
which is working night and day. 1t is
this that has made England and France
powerful. Before England controlled this
vast capital power she was torn nearly as
sunder by dissensions. Disturbances were
frequent, and she was always in 4
state of revolution. the monopoly was
broken up, and the money Is now
used for the furtherance OF industrial Oh
jects. Through this means England has
been enabled to control one third Of the
trade of tho globe. In England anarchy
is but a name, and the House OF Lords,
hereditary, is also but name,
and the same may be said OF the nobility
Of the country. The people, from the time
[ have referred to, have ,prospered. and
the want of 1t gave US our civil war. If
you had had the power / have alluded &c,
you could hold slavery, but the money
power would have been in the Masses
LEY WOuiu nave GGEu IOulti G4t-
ing each other, while the black man would
nave been held in q proper subordination.
What however, has been the consequence
need not tell you--you ali know. We
took our law from the fatnerlandS, but in
doing SO we turned the money leaf down.
Those of you who have read history know
hat l am telling you what is now pOr
ion of history. [ did not intend to make |
speech to you when I arose. It was
only my intention to thank you for the |!
very cordial reception you have given me,
md to express the hope that the greatest !
would characterize al yoar de- |
iberations. I viii again say that the |
money capital ought to be used fer promo
ing the best interests of the country Tor |
carrying on the trade and building up the
country instead of keeping it concentrated |
nd centralized. There is danger to our
financial institutions from this source, and
( is we'll known to me that those capital
SITS who control the money are anxious to
ret a stronger government than they i'm
CINE the present one to be, as the wish to
rotect themselves and their ili-gotten
aims from the people whom they have
rushed. We have even now in New York
paper called the Imperialist, established
Or the purpose of openly arguing in favor
f an Empire. They wish to strengthen
heir ill-gotten power and control, as they
re now doing, business, society and the
overnment, whom they have as COM
letely under subsection as ever a domes-
&c negro was in white family previous to
ne war