A vigorous solicitor of Northern funds for Southern mills was D. L. Love,
the pioneer cotton manufacturer of Huntsville, Alabama. Before going on
one of his trips to New England "for continuous exertion for the
establishment of factories in the South," he made a statement of his
successes and plans. His project of a cotton mill at Vicksburg,
Mississippi, was "on the high-road to success;" he had secured the
organization of a company with $40,000 then subscribed to manufacture the
staple at Jackson, Tennessee; he had about consummated a contract with New
England capitalists to revive manufacture in a building at Corinth,
Mississippi; a Connecticut manufacturer was looking for an opening at the
South, and would be induced to settle at Huntsville; in all, he expected
to bring about the investment of $1,000,000 in factories in Huntsville in
the three years to come.
Mr. Verdery, of Augusta, telegraphed from New York news of his success in
seeking capital at the North. He "placed $85,000 of the new stock of the
Enterprise Factory, and expects to book from $25,000 to $50,000 more in
that city. He has had urgent requests from Boston, Philadelphia and other
cities to go to those places, and has no doubt he will be able to obtain
large subscriptions...."[243]
Much is to be learned from a close study of the founding of the Charleston
Manufacturing Company, which was a representative Southern mill, a child
of the cotton mill campaign and an expression of the patriotism,
statesmanship and farsightedness of the South of the day. It embodied in
its history nearly every element and feature to be noticed in this study.
In an advertisement calling for additional local subscriptions, the
company made the statement: "Arrangements have been made with capitalists
at the North to take such an amount of stock as may be necessary to ensure
the success of this enterprise."[244] This statement is to be interpreted
in connection with the announcement a fortnight later[245] of the complete
organization of the company, with the exception of the election of a
secretary and treasurer, two of the nine directors being W. H. Baldwin,
Jr., and O. H. Sampson. "Maj. Smythe stated that a considerable amount of
the stock was held in Baltimore and Boston, and for that reason Mr. W. H.
Baldwin, Jr., of Baltimore, and Mr. C. H. Sampson, of Boston, had been
nominated." Woodward, Baldwin and Norris were dry goods commission
merchants of Baltimore, and "agents for the goods of several Southern
cotton mills," and C. H. Sampson was the senior partner in the firm of
Sampson & Co., of Boston, "dealers in yarns and also agents for several
Southern cotton mills." Two days earlier Messrs. Sampson and Baldwin
visited the site for the company's mill and expressed themselves as
pleased with it. On the same day a meeting was held at which it was
decided that the mill should manufacture standard sheetings and 3-ply
yarns.