Something like that stated in the quotation just made did happen, as Stephens was wont to relate at Liberty Hall--the name which he gave his hospitable home at Crawfordville, Georgia. I was present more than once at such times. Such could have been the work of the directors. Georgia, being the pivotal State of the new federation, was by many conceded the presidency. Besides Toombs she had two other men, far abler statesmen than Davis and then as conspicuous in the public eye--A. H. Stephens and Howell Cobb. The election of either one of these would really have been the same almost as the election of Toombs, for the three were in complete accord, and Toombs was the natural and actual leader. So great was their fealty to him that neither one could have been induced to stand for the place after he had missed it. The directors saw to it that neither one of the three should be president of the Confederate States. Suppose that Toombs--or that either Stephens or Cobb--had been made president, what a different conduct there would have been of the war. Besides being the foremost statesman of the south, Toombs was its very ablest man of affairs, and as far superior to Davis in practical and business talent as a trained and experienced man is to an untrained and inexperienced woman. Not intending to disparage the other great qualifications of Toombs, I must emphasize it that of all his contemporaries he alone evinced a clear understanding of the principles according to which the confederate currency could have been better managed than were the greenbacks by the other side. A letter of his during the war to Mr. James Gardner, of Augusta, Georgia, published at the time in the paper of which the latter was then editor, shows insight and grasp of the subject equal to Ricardo's. Toombs as president of the confederacy would have had congress enact proper currency measures. When he was in place to advise and lead, his influence exceeded by far that of any other man that I ever knew. But this, important as it is, is far from being the most important. He and Stephens were fully convinced at the very first of the overruling importance to the confederacy of these two things: (1) to make full use of cotton as a resource; (2) to prevent a blockade of the southern ports. I make these extracts following from a speech of Stephens's at Crawfordville, Georgia, November 1, 1862: