The Rise of Cotton Mills in the South — John Stuart Mill — John Shaqi
The Rise of Cotton Mills in the South
John Stuart Mill · en
Patriotism, a consciousness of unity, and appreciation of the dynamic
character of manufactures in the South, appear in a solicitation printed
on the editorial page of the Charleston News and Courier for capital for a
scheme for the development of water power and cotton mills at Columbia.
The enterprise had a peculiarly appealing history, which will be
recounted in considering the response of domestic capital. After a summary
of these facts, the article concludes: "The work--is one of great
magnitude and involves expenditure beyond the ability of this community
(Columbia). Nor is the interest merely local, but reaches out to every
part of the State. We call, therefore, upon all, from the mountains to the
seaboard, to take part in this great central development, involving not
only the prosperity of our capital, but, in its ramifications, affecting
the prosperity of the entire State."[185]
A week earlier, in a Columbia dispatch to the same paper, Charleston was
advised that books of subscription to the stock of the company would soon
be opened there, and the argument for investment was placed on more
practical grounds: "If the recent subscriptions to factories have left any
money in the pockets of the people there (Charleston), it had better be
saved for this purpose--a franchise like this is not obtained every
decade."[186]
Implying that when the South should make a start in cotton manufacture,
outside capital would flow in, but impressing particularly the need for
the entrance of domestic interests into the field, a statement of H. T.
Inman, capitalist, relative to the plan to purchase Oglethorpe Park, the
site of the Atlanta Exposition, from the city authorities and use the
buildings for cotton factories, is striking: "We must demonstrate what we
have been saying, that there is money in manufacturing in the South. If we
wait for others to come here and do it, it will never be done."[187] The
argument that the South had faith in her ability to manufacture cotton
profitably, as proved by putting her money into the projected mills, was
frequently used in soliciting subscriptions at the North, and more
frequently Southerners were urged, as here, to go into the ventures, with
the specific reason that by so doing Northern capital would be induced to
join in.