y in general,
and of the South in particular, demands that the reign of King Cotton
should cease,--that his dynasty should be destroyed. This result can
be obtained but in one way, and that seemingly ruinous. The present
monopoly in their great staple commodity enjoyed by the South must be
destroyed, and forever. This result every patriot and well-wisher of the
South should ever long for; and yet, by every Southern statesman and
philosopher, it is regarded as the one irremediable evil possible to
their country. What miserable economy! what feeble foresight! What
principle of political economy is better established than that a
monopoly is a curse to both producer and consumer? To the first it pays
a premium on fraud, sloth, and negligence; and to the second it supplies
the worst possible article, in the worst possible way, at the highest
possible price. In agriculture, in manufactures, in the professions, and
in the arts, it is the greatest bar to improvement with which any branch
of industry can be cursed. The South is now showing to the world an
example of a great people borne down, crushed to the ground, cursed, by
a monopoly. A fertile country of magnificent resources, inhabited by a
great race, of inexhaustible energy, is abandoned to one pursuit;--the
very riches of their position are as a pestilence to their prosperity.
In the presence of their great monopoly, science, art, manufactures,
mining, agriculture,--word, all the myriad branches of industry
essential to the true prosperity of a state,--wither and die, that
sanded cotton may be produced by the most costly of labor. For love of
cotton, the very intelligence of the community, the life-blood of their
polity, is disregarded and forgotten. Hence it is that the marble and
freestone quarries of New England alone are far more important sources
of revenue than all the subterranean deposits of the Servile States.
Thus the monopoly which is the apparent source of their wealth is in
reality their greatest curse; for it blinds them to the fact, that, with
nations as with individuals, a healthy competition is the one essential
to all true economy and real excellence. Monopolists are always blind,
always practise a false economy. Adam Smith tells us that "it is not
more than fifty years ago that some of the counties in the neighborhood
of London petitioned the Parliament against the extension of the
turnpike roads into the remoter counties. Those remoter counties, they
p