History of the United States of America, Volume 9 (of 9) : $b During the second administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 9 (of 9) : $b During the second administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
After the excitement of peace was past, as the summer drew toward a
close, economical interests dwarfed the old political distinctions and
gave a new character to parties. A flood of wealth poured into the
Union at a steady rate of six or seven million dollars a month, and
the distribution of so large a sum could not fail to show interesting
results. The returns soon proved that the larger portion belonged to
the Southern States. Cotton, at a valuation of twenty cents a pound,
brought seventeen and a half millions to the planters; tobacco brought
eight and a quarter millions; rice produced nearly two million eight
hundred thousand dollars. Of fifty millions received from abroad in
payment for domestic produce within seven or eight months after the
peace, the slave States probably took nearly two thirds, though the
white population of the States south of the Potomac was less than half
the white population of the Union. The stimulus thus given to the slave
system was violent, and was most plainly shown in the cotton States,
where at least twenty million dollars were distributed in the year 1815
among a white population hardly exceeding half a million in all, while
the larger portion fell to the share of a few slave-owners.[110]
Had the Northern States shared equally in the effects of this stimulus,
the situation would have remained relatively as before; but the
prosperity of the North was only moderate. The chief export of the
Northern States was wheat and Indian corn. Even of these staples,
Maryland and Virginia furnished a share; yet the total value of the
wheat and corn exported from the Union was but eight million three
hundred and fifty thousand dollars, while that of tobacco alone was
eight and a quarter millions. While flour sold at nine or ten dollars
a barrel, and Napoleon’s armies were vying with the Russians and
Austrians in creating an artificial demand, the Middle States made
a fair profit from their crops, although much less than was made by
the tobacco and cotton planters; but New England produced little for
export, and there the peace brought only ruin.
Ordinarily shipping was the source of New England’s profits. For
twenty-five years the wars in Europe had given to New England shipping
advantages which ceased with the return of peace. At first the change
of condition was not felt, for every ship was promptly employed; but
the reappearance of foreign vessels in American harbors showed that
competition must soon begin, and that the old rates of profit were at
an end.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account