Raphael Semmes, Memoirs of Service Afloat During the War Between the States

‘ [58] it was the seat of wealth, as well as hospitality. Money, and all it commanded, abounded there. But how is it now? All this is reversed. Wealth has fled from the South, and settled in regions north of the Potomac; and this in the face of the fact, that the South, in four staples alone, has exported produce, since the Revolution, to the value of eight hundred millions of dollars; and the North has exported comparatively nothing. Such an export would indicate unparalleled wealth, but what is the fact? In the place of wealth, a universal pressure for money was felt—not enough for current expenses—the price of all property down—the country drooping, and languishing—towns and cities decaying—and the frugal habits of the people pushed to the verge of universal self-denial, for the preservation of their family estates. Such a result is a strange, and wonderful phenomenon. It calls upon statesmen to inquire into the cause. Under Federal legislation, the exports of the South have been the basis of the Federal revenue. * * * Virginia, the two Corolinas, and Georgia, may be said to defray three-fourths, of the annual expense of supporting the Federal Government; and of this great sum, annually furnished by them, nothing, or next to nothing is returned to them, in the shape of Government expenditures. That expenditure flows in an opposite direction—it flows northwardly, in one uniform, uninterrupted, and perennial stream. This is the reason why wealth disappears from the South and rises up in the North. Federal legislation does all this. It does it by the simple process of eternally taking from the South, and returning nothing to it. If it returned to the South the whole, or even a good part, of what it exacted, the four States south of the Potomac might stand the action of the system, but the South must be exhausted of its money, and its property, by a course of legislation, which is forever taking away, and never returning anything. Every new tariff increases the force of this action. No tariff has ever yet included Virginia, the two Carolinas, and Georgia, except to increase the burdens imposed upon them.’

This picture is not overdrawn; it is the literal truth. Before the war the Northern States, and especially the New England States, exported next to nothing, and yet they ‘blossomed as ’