Year: 1866

the Consequence. Popular movements
of this kind never take place without a
cause, and especially at time like this,
when the people have just emerged from


a long and exhausting war, and .ex-
| changed the clangor of arms for the quiet
and repose of peace; when, too, their
hopes had been dashed to the earth and
their hearts were filled with the humili-
ating thoughts of defeat. Since the war
closed our people have been in no mood
to encourage political agitation. Moth
ing but strong conviction that immedi-
ate Legislation was called for by the ne
cessities of the times could have drawn
them from their homes to take counsel
together and declare their sentiments.
They have done so in all honesty of pur-
pose, and said to. you, sir, and to me,
and to my coEnpeers on this floor, that
something should be done to relieve the
country; that there is an urgent, aye,
paramount necessity, that the Legisla-
ture should exert their power to save
them and the State from the ealanities
which threaten. This then is the inform
alton which the people have given to US,
this is their petition and their warning.
4. There is another sort of information
which we have on the subject to guide
US in our action. 1t is that which MEM
bers have brought here with them. What
do members say is the result of the know
ledge which they have derived from their
intercourse with the people whom they
represent? From your knowledge of the
condition Of the country do you not be-
lieve that the enforcement of legal pro-
cess for the collection of debts, at this
time and at the viii of creditors, will re-
suit in general insolvency. I might say
almost universal bankruptcy. If you
answer in the affirmative, then you en-
dorse what the people have said in their
primary meetings. You coroborate their
testimony, by your own observation
and experience. If you do not an
swer as I suppose you would, I, beg that
you reflect on the question in connection
with what shall hereafter say.


In support of the general views EN-.
bodied in the resolutions, let US consider
briefly the causes which have led to the
present pecuniary condition of the coun-
try. When I speak of the condition of the
country I mean more particularly the con.
dition of the agricultural class. Upon the
condition of this class of our people main
ly depends the prosperity Of all other
industrial pursuits, and consequently the
nroSnerifv of the State


The remote cause of the great and gen.
efal Indebtedness of the country is the
credit system, based on slave property
which prevailed before the war. While
our people were never very extravagant
in their expenditures they have always
been in debt? / think that I will be
sustained by every one who has reflected
on the subject in the assertion, that at
no time within the experience of persons
of my age, even of our greatest prosperi-
ty, could the subsisting debts of the coun-
try have been paid without sales of prop
erty the corpus of estates. The income
of the property of the people has never,
at least for many years, kept even pace
with their debts; and l presume this has
been the case generally with the older
cotton States. The solution ofthis fact
of this state of things, is this: This in
debtedness originated in the fact that
agriculture had ceased to be profitable in
this State, and has continued from the
same cause. There may be exceptions
as to particular departments Of agricul-
ture. My remarks are intended to ap-
ply to the great agricultural interest Of
the State-the culture of short cotton
and grain. The fact is well known, I
believe is universally conceded, that the
only source of profit from investments in
this pursuit for many years was the i'm,
provement of estates by the increase and
growth ofnegroes. The competition in
the production Of the great Southern
staple produced by opening the vast and
fertile fields of the West and Southwest,
Frustrated the agricultural prosperity of the
oderStates which depended upon the culture
of cotton. This resulted not only in the
abstraction Of labor and capital from these
States, but the price of the staple fell below
the cost of production, or approached it so
nearly, that it's cultivation ceased to be
profitable. The planters of this State, there
fore continued in their pursuit, not because
they found it profitable as a source of i'm
mediate income, but because they believed
that the increase of their property in ne
groes more than compensated them for the
deterioration Of their lands and losses from
other causes. Besides they preferred to re-
main here, rather than abandon their pa
ternal estates and seek their fortunes else
where, so long as the investment in negroes