Abolition a Sedition, by a Northern ManColton, Calvin
History
Abolition a Sedition, by a Northern Man
Colton, Calvin
Abolitionists -- United States; Slavery -- United States
The moment emancipation for the British West Indies began to be
agitated, the value of slave and other property connected with it,
began to fall, and continued to fall, till the certainty of the event
reduced it to about one third of what it would otherwise have been, at
which time it was redeemed by the British Government at the commercial
valuation. It was only public faith in the Government which kept it
from going down to nothing; and _this nothing_ would of course have
been the ruin of the former state of society. What might succeed to
such a revolution, would have depended on contingencies which no human
foresight could solve beforehand, as every thing would have required
to be erected on a new basis. It is a new basis even as it is, but
saved from the wreck of a revolution by the care of the British
Government; and it is to be hoped, that the wise counsels and strong
arm of that Government will make it do well. It is, however, to be
observed, that the actual depreciation of slave and other property in
the British West Indies, during and in consequence of the Abolition
agitation, was so much loss to the individual holders during that
period, it being 40,000,000 sterling in slave property alone, if the
price of redemption be assumed to have been _one-third_ of the
hypothetical estimate. It may, possibly, be said, that this is
imaginary; but the only sure criterion is the commercial value at any
given time, which is always the true value.
In the same manner, the slave property of the southern States, and
other portions of their wealth necessarily connected with it, will
sink instantly, whenever it shall be seen that the Abolition movement
is likely to break down the only protection which it has; and the
wealth of the slave States will dwindle, and continue to dwindle, so
long as there is any uncertainty in their political prospects arising
from such a cause, and in exact proportion to the degree of that
uncertainty. This is a principle, a law of society, that is sure to
prevail over all other laws, because it is the concentrated action of
the entire machinery of society on a single point for the time being,
and so far as occasion calls, resulting not from the force of
legislation directly--though it may be indirectly--but from the
watchful care which every man has over his own interests, in a given
state of things.
Public-domain text, read in full here on John Shaqi.
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