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[197] that and much more. With this labor, well recompensed, we draw from a bountiful soil, millions and millions of money — real money — year after year; wholly independent of any other power than our good God. We need no credit from banks and capitalists to sow our seeds and harvest its fruits. Credit is to us a nuisance, nay, the upas tree, the fatal tempter. And so far as we, or any one of us, have taken in its fatal poison, just so far we depart from our true policy, and the part assigned us in this world. Whenever, as from time to time it must happen, that the bubble credit is punctured, all those (and none but those) who have yielded to the temptation are destroyed.

Now, credit has collapsed in the North, and, I may as well say in the South, but with this difference: The North have no rents, no dividends, no freights, no humbug speculations in their future. The South has already half grown a crop, the surplus of which will command in the markets of the world two hundred millions of specie, and she will have the same or more next year, and the next, unless she is overrun and subjugated, which cannot be done, or her ports blockaded, which possibly may be done. But in the latter case, this is her surplus, and she can live longer without it than any customer for it can. Our resources then are immense, annually recurring independently of the world, and inexhaustible. The North is already nearly used up. The last small loan at 85--the next at, if larger, 50 or 40. With her grand cities, her magnificent machine shops, her railroads and her vast tonnage, what can they do without the vital current with which our labor has hitherto mainly supplied them? I don't see how they can ever again bring into the field any thing like the forces they now have, nor how they can sustain these for any length of time.

Now is the time to put forth all our strength. Our banks should be abolished in favor of individual vidual brokers, who would do all they do for us, and better. Our Government wants money now. It wants to anticipate the revenue, and so much of the growing crop as planters can give up. How can it do it? Your papers are silent on the recent act authorizing a loan. It is not at all understood in the country, and nobody comes here, as Stephens in Georgia, to enlighten the people and stir them up.

We all know that our all is on the issue, but we don't know how to make it tell. I know, and all could soon be made to know, that if the Confederate Government goes down we all go down, and that property, and even life, outside of its success, is nothing. It is our mission, I think, to come out of this with negro slavery established and recognized, as the true basis of society and government in all staple-growing countries. I thought the North would see and follow its interests. I thought Europe would do the same, and supposed it had done it when England agreed to recognize us as “belligerents,” which is all the recognition I want. But “isms” seem to have the whip-hand of reason and interest. If Russell did write what is extracted from his sixth letter, and Lord John did say that our privateers should not carry prizes into British ports, thus changing all that the law of nations has established as to belligerent rights, I give the whole world up to its “isms.” Without any uselessly harsh expressions, we should quietly take the ground that if our exports are not wanted we can live within ourselves, and it shall be prohibited to send them abroad. Let them try that, and if England breaks the blockade for cotton, rice, and tobacco, make her say “Please, sir,” under the guns of our forts before she shall have a pound of any thing.

Among all the extraordinary events of the last few months, the most surprising, the most marvellous, and the most fearful, is the palpable revelation that the people of the free States, high and low, from Everett and Cushing to the lowest Zouave, including Meagher, were fully ripe for a military despotism. They have accepted it without a moment's hesitation, given their Constitution to the winds, rushed into its embrace, and surrendered themselves without a murmur and without reserve, to the power of a man who is known to have no experience in arms or government, and who has shown himself to be a blackguard, a liar, and a coward. Such stupidity and baseness are without parallel in human history.--Charleston Courier, June 21.

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