In an interview with the Atlanta Constitution, Francis Cogin reviewed the
cotton manufacturing situation in Augusta, reciting the profits and
asserting that the Southern mills had an advantage over those of the North
such as would allow the former to earn dividends at a time when the latter
would not be making a dollar. He concluded: "The future of cotton
manufacture in the South will be limited simply by the good sense and
courtesy of our own people. If we invite capital, make it safe here, and
welcome those who bring it, we will get all we want."[222] The element of
safety, here remarked, meant frequently safety to be brought about by
political arrangements which would violate the established creed of the
South; but sometimes ordinary business balance was pleaded for, as when a
North Carolina paper quoted with approval from the Financial Chronicle:
"Why cannot the South understand ... that the worst hindrance to her
needed influx of industry and capital is uncertainty?"[223]
In another chapter the degrees of intensity with which the cotton mill
campaign was urged were seen to vary, roughly, with the distance from
Columbia, South Carolina, say, as a center. There is a casual note in the
little that found its way into the Richmond papers. This is to be
remarked in Richmond's attitude toward Northern capital. It was not a
stirring, vital thing in Virginia. For instance: "When we consider that
the takings of the Continent from Lancashire are not piece goods, but
yarns, why cannot we in the South make these yarns for the Continent
ourselves and save to ourselves the profit of conversion now enjoyed by
the English buyer of the raw material? Why not have a large and successful
cotton manufacturing industry?
"We are persuaded that once the folks in New England, who have surplus
money awaiting employment, thoroughly investigate the points Richmond
presents for a safe lodgment of that capital in manufacturing, the flow
will start this way."[224]