oint at issue with
the abolitionists, not necessary to introduce here, says--"I shall
therefore briefly touch upon the subject once more; and if farther
provocation is given, I may possibly enter into more details hereafter;
for the present I desire to hint at some items of calculation of the
value of the Union _to the North_.

"1. Mr Rhett, in his bold and honest address, has stated that the
expenditures of the government for twenty years, ending 1836, have been
four hundred and twenty millions of dollars; of which one hundred and
thirty were dedicated to the payment of the national debt. Of the
remainder, two hundred and ten millions were expended in the northern,
and eighty millions in the southern states. Suppose this Union to be
severed, I rather guess the government expenditure of what is now about
fifteen millions a-year to the North, would be an item reluctantly
spared. No people know better what to do with the `cheese-parings and
the candle-ends' than our good friends to the North.

"2. I beg permission to address New York especially. In the year 1836
our exports were one hundred and sixteen millions of dollars, and our
imports one hundred and forty millions. It is not too much to assign
seventy-five millions of these imports to the state of New York. The
South furnishes on an average two-thirds of the whole value of the
_exports_. It is fair, therefore, to say, that two-thirds of the
_imports_ are consumed in the South, that is, fifty millions. The
mercantile profit on fifty millions of merchandise, added to the agency
and factorage of the Southern products transmitted to pay for them, will
be at least twenty per cent. That is, New York is gainer by the South,
of at least ten millions of dollars annually; for the traffic is not
likely to decrease after the present year. No wonder `her merchants are
like princes!' Sever the Union, and what becomes of them!

"3. The army, the navy, the departments of government, are supported by
a revenue obtained from the indirect taxation of custom-house entries,
the most fraudulent and extravagant mode of taxation known. Of this the
South pays two-thirds. What will become of the system if the South be
driven away!

"4. The banking system of the Northern states is founded mainly on the
traffic and custom of the South. Withdraw that for one twelve-month,
and the whole banking system of the North"

-- tumbles all precipitate
Down dash'd.

"Suppose e