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Benjamnin F. Butler, Butler's Book: Autobiography and Personal Reminiscences of Major-General Benjamin Butler, Chapter 7: recruiting in New England. (search)
to use for that purpose, and their government held it and did so use it. The last loan was the Cotton loan, which could not have been taken for a dollar if this article had not been kept in the South, and its price raised by our blockade. Indeed, in all the markets of the world for the production of cotton goods, cotton so increased in price during the war that it was a serious temptation to England to acknowledge Southern independence in order to get cotton to supply the industries of Manchester. The South did not suffer for arms, neither heavy ordnance nor infantry, weapons nor munitions, during the latter years of the war. The greatly enhanced price of cotton made blockade running immensely profitable; and as the Confederate government had half of all the cotton which ran the blockade with which to buy arms and munitions of war, that supplied the South very fully. It will be remembered that at the opening of the war the wise men who governed the country through the newspaper