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Comments Off on The Disappearance of Wealth from the South The Disappearance of Wealth from the South
Add to the sectional tariff issues below the irony of Northern abolitionist agitators, many of whom were the sons and grandsons of those who had grown wealthy through New England’s slave trade which populated the South with laborers, who fomented race war in the South. It was New England slave ships which brought slaves from Africa; New England mills were busy consuming slave-produced cotton; and Manhattan banks were eager to lend Southern plantation owners money at low interest to buy more land to produce more cotton.
Bernhard Thuersam, www.Circa1865.com
The Disappearance of Wealth from the South
“The South maintained that the Tariff Acts of 1828 and 1833 were unconstitutional, since Congress had the power to levy taxes only for revenue and the taxes have to be uniform. The act then passed was sectional, since by it, the South, while she had only one-third of the votes, paid two-thirds of the custom duties . . .
[And] as our government was a compact, the government could not be superior to the States – so Congress was overstepping its powers, and [the South] contended that a tax on one part of the country could not be laid to protect the industries of another part. (United States Constitution – Section VIII., Clause 1)
What had the North to say to this?
When Thomas Hart Benton, of Missouri, in referring to the Tariff Acts, said:
“Under Federal legislation the exports of the South have been the basis of the Federal revenues – everything goes out and nothing is returned to them in the shape of Federal expenditures. The expenditures flow North. This is the reason why wealth disappears from the South and rises up in the North. No tariff has yet included Georgia, Virginia or the two Carolinas [in its largesse], except to increase the burdens imposed upon them.
The political economists of the North, Carey, Elliott, Kettel and others who have studied the source of National wealth in America, said: “Mr. Benton is right in the explanation given of the sudden disappearance of wealth from the South.”
Then the editor of “Southern Wealth and Northern Profits,” a Northern man, said:
“It is a gross injustice, if not hypocrisy, to be always growing rich on the profits of slave labor; and at the same time to be eternally taunting and insulting the South on account of slavery. Though you bitterly denounce slavery as the “sum of all villainies,” it is nevertheless the principal factor (by high tariff) of your Northern wealth, and you know it.”
(Truths of History, Mildred Lewis Rutherford, Southern Lion Books, 1998 (originally published 1920), excerpts pp. 84-85)