"No part of the world can be found more admirably placed for exchanging with this country the products of industry to mutual advantage than the Southern States of the Union. Producing in abundance the material we chiefly require, their climate and the habits of the people indispose them to manufactures, and leave to be purchased precisely the commodities we have to sell. They have neither the means nor the desire to enter into rivalry with us. Commercially they offer more than the capabilities of another India within a fortnight's distance from our shores. The capacity of a Southern trade when free from restrictions may be estimated most correctly by comparison. The condition of those States resembles that of Australia, both non-manufacturing countries, with the command of ample productions to offer in exchange for the imports they require." The author proceeds to show that at the time England's exports to our country were only thirteen shillings per capita of our population, while the exports to Australia were ten pounds sterling per capita. Let me now read you what is said of the Northern States: "The people of the North, whether manufacturers or ship-owners, regard us as rivals and competitors, to be held back and cramped by all possible means. [Applause and cries of "That's it!"] They possess the same elements as ourselves--coal, metals, ships, an aptitude for machinery, energy and industry--while the early obstacles of deficient capital and scanty labor are rapidly disappearing. [Applause and a voice, "Exactly!"] "For many years they have competed with us in some manufactures in foreign markets, and their peculiar skill in the contrivance of labor-saving machinery daily increases the number of articles they produce cheaper than ourselves. [Loud cheering and a voice, "We'll knock them out again!"] "Thus, to one part of the world our exports are at the rate of ten pounds sterling per head, while those to the Union amount to but thirteen shillings per head." I have read these extracts because they seemed to me very suggestive and very instructive. The South offered free trade to Europe in exchange for an expected recognition of their independence by England and France. [Cries of "You are right!"] The offer was very attractive and persuasive to the ruling classes of England. They took Confederate bonds and sent out armed cruisers to prey upon our commerce. They dallied with Southern agents, fed them with delusive hopes, and thus encouraged the South to protract a hopeless struggle. They walked to the very edge of open war with the United States, forgetful of all the friendly ties that had bound us as nations, and all this to satisfy a commercial greed. We may learn from this how high a price England then set upon free trade with a part only of the States. [A voice, "We remember it!"]