It is not the purpose of the present paper to set out in any detail the
unique resources of the South, either as they constituted the magnet for
capital directly, or reacted through the general cotton mill campaign to
swell the tide making toward a new character for the section. They deserve
separate treatment, especially since they occupy so central a position and
have such sensitive contact with the other forces present. Whether,
however, physical advantages existing at the South crystallized out of an
original philosophical impulse, or operated, more or less unconsciously in
the Southern mind, to induce that impulse, it is perfectly clear that the
movement for the building of cotton mills in the South originated with the
South, and that at least contemporary with the attraction of capital, went
an advocacy of the establishment of cotton factories that was consistent,
permanent and practically universal.
From the very nature of the movement, Southern and in most cases strictly
local capital was first appealed to, both by the actual projectors of the
mills and the public organs which interested themselves in the
enterprises, and local capital was the first offered. It might be
questioned whether outside capitalists, perceiving in the Southern
manufacture of cotton a favorable field of investment, did not come in as
a result of the publicity of the cotton mill campaign, without waiting for
either solicitation from the South or proof of the success of the new
plants erecting in that section, but it will be shown that, as a matter of
fact, this was not the case. At the time the South felt herself to be
isolated, cut off from the national life, discriminated against by
Congress and the country at large. In the beginning and in essence
continuing to the end, the building of cotton mills was a sectional
matter. It is not to be said that outside capital was an afterthought with
the promoters of the Southern cotton mills, but every circumstance
surrounding the movement, and every instinct of the hour, argued for the
exhaustion of native resources before help should be sought from without.
The story of how capital was secured for the cotton mills of the South may
be commenced with a sentence from a North Carolina newspaper which strikes
the key-note: "All questions of domestic economy, and especially those
involving the capital of our people, whether in the shape of labor or
dollars, will necessarily be canvassed and scrutinized very closely in
their bearings on our material progress."[184]
The nature of the appeals made to local capital will best appear by
looking at some of them individually.