Page 359

of August when it fetched $1.90 in United States currency. It could be bought in the Confederacy for from twelve to twenty cents per pound in gold. The enormous difference between the two values represented a profit so enticing that many men in responsible positions were led into trading beyond the restrictions imposed by the Government. If accurate statistics could be obtained, it would surprise no student of the subject to find that the North received more cotton from the internal commerce than did Great Britain from the blockade-runners; 1 the greater portion of this staple came from a region under the control of the Southern Confederacy, and in exchange for it the Southern Army and people obtained needed supplies. This trade was a greater advantage to the South than to the North. New England and the Middle States obtained cotton and probably ran their mills nearer to full time than if they had been entirely dependent on the foreign article, but any further curtailment of this manufacture would have caused no distress to the operatives. So extended was the demand for labor that work was readily to be found in other industries. In Lowell where, in 1862, the stoppage of spindles was proportionately the greatest, deposits in the savings-banks largely increased during that year. For the indispensable articles Indian cotton could have been used, as in Great Britain, and for other cotton fabrics woollen might have been substituted. On the other hand the South obtained salt, quinine, powder and arms, absolute necessaries for carrying on the war. 23 The summer of 1864 brought almost crushing burdens. The failure of Grant’s Virginia campaign and the doubts in regard to Lincoln’s reëlection intensified every other trouble

Note 1. post. [back]

Contents -SUBJECT INDEX -BIBLIOGRAPHIC RECORD