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Economical Independence and Wealth of the South.

The impending crisis to the commerce and manufactures of the North is beginning to make itself manifest to those who have any faculties of perception and of reflection. The fallacies of Helper's statistics are no longer fashionable. Such a singular exposition of political economy as the following from that foolish rhodomontade is no longer gospel:

‘ "Any observant American, from whatever point of the compass he may hall, who will take the trouble to pass through the Southern markets, both great and small, as we have done, and inquire where this article, that and the other came from, will be utterly astonished at the variety and quantity of Northern agricultural productions kept for sale. And this state of things is growing worse and worse every year. Exclusively agricultural as the South is in her industrial pursuits, she is barely able to support her sparse and degenerate population. Her men and her domestic animals, both dwarfed into shabby objects of commiseration under the blighting effects of slavery, are constantly feeding on the multifarious products of Northern soil. And if the whole truth must be told, we may here add, that these products, like all other articles of merchandize purchased at the North, are generally bought on credit, and in a great number of instances, by far too many, never paid for — not, as a general rule, because the purchasers are dishonest or unwilling to pay, but because they are impoverished and depressed by the retrogressive and deadening operations of slavery, that most unprofitable and pernicious institution under which they live."

’ It is now beginning to be discovered, even at the North, that this witness, like many others who go on the stand to support an unsound cause, proves too much. He admits the variety and quantity of Northern productions which have been sold at the South, but which he says are never paid for, not because the purchasers are dishonest, but because they are impoverished and depressed by the retrogressive and deadening operations of the institutions under which they live. The New York Herald, whose testimony in this case can not be impeached on the ground of partiality to the South, admits that there is not a merchant, trader, farmer, manufacturer, or ship-owner, from the capes of Delaware to Passomoquoddy, who does not know that, as a class, the merchants and traders of the South have been the safest and best purchasers that ever came from a distance to buy in the Eastern markets.

It is another undeniable fact, that when this crisis came upon New York in 1857, ripping up the bubble of Eastern and Northern expansion, it was the trade of the South that saved thousands upon thousands of New York merchants from bankruptcy, and which first set the wheels and hammers of Northern manufactories again in motion. The trade of the great Northwest was pronounced in New York at that time to be perfectly rotten, and has not since entirely recovered a sound condition. On the other hand, the leading commercial journals of New York, have over and over again conceded that the South, for the last twenty years, has never failed in its payments to the North, and instead of getting large amounts of agricultural productions and of manufactures on a credit which is never paid, there is not a Northern merchant or producer of any kind but would be glad, with the return of peace, to sell to the South twice as much of Northern products as he ever sold before.

Even Helper could not deny the magnitude of the Southern consumption of Northern productions, and yet he was absurd enough to argue that the North should destroy the South by an aggressive and agrarian invasion of its social institutions. And those very New York papers which were foremost in exposing his fallacies, have been insane enough to join the bue and cry of the present wicked and senseless war. The first effect of this policy has been to destroy the great Southern market for Northern productions, the existence and value of which they had acknowledged. It threw back at once upon the Northern market the surplus of potatoes, onions, apples, corn, hay, butter and cheese which Northern farmers had sold at the South, and the innumerable fabrics of cotton, linen, wool, leather, metal, glass, clay, &c., which it had taken from Northern workshops. It is needless to say that the financial revulsion in the North which must follow this suicidal war upon its own interests, will surpass the most gigantic disaster of the kind that has ever been witnessed in modern times.

But this unholy and absurd crusade, so ruinous to the North, has made the idea of industrial independence as rife in the South as that of civil and political freedom. Indeed, it has now become evident that to achieve that Might which is the only Right acknowledged by lawless men, a nation must rely upon itself for the supply of its own wants. The blockade has already produced new manufacturing enterprises in the Southern States which were never dreamed of before. Our cotton mills will be increased, new forges and foundries set up, workshops of all kinds opened, local efforts in production and manufacture stimulated everywhere, and a universal public sentiment established to use or consume no one thing not grown or manufactured on Southern soil. Direct trade with foreign countries is a thing we shall easily accomplish, for the North was only able to concentrate it through the ease, frequency and friendliness of its communications with the South.

For such an economical policy the South is eminently independent of the North. She need not rely on the North for the raw materials — such as cotton and wool, timber and ores, hides and earths — nor for the products which are now necessaries in civilized life — such as the cereals, sugar and tobacco. She has them all within herself, and when she adopts an economical policy like that which separates the contignous nations of Europe from each other, she will find it of easier accomplishment than ever has before been found.--On the day that she does this the North will become tributary to the South, and it will puzzle Northern economists to find wherewith to pay for the Southern productions which they must buy — such as sugar and tobacco, cotton and naval stores. These have been hitherto paid for in ‘"Yankee Notions,"’ which will not henceforth pass current in a Southern latitude. The North has none but itself to blame for the ruin that it has brought upon itself, and the prosperity it has unwittingly forced upon the Southern States.

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