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 comforts, or shops and machinery, and thus the cheap manufacture of comforts on the spot where they are demanded. But they who sell the reinforcement of slaves, and to whom comes the fifteen thousand dollars, do they have no increase of home comfort? Taking into consideration the gradual destruction of all the elements of home comfort which the rearing and holding of those slaves has occasioned in the district from which they are sold, it may be doubtful if, in the end, they do. Whither, then, does this capital go? The money comes to the country from those who buy cotton, and somebody must have a benefit of it. Who? Every one at the South says, when you ask this, it is the Northern merchant, who, in the end, gets it into his own hands, and it is only him and his whom it benefits. Mr. Gregg apparently believes this. He says, after the sentence last quoted from him, describing the transfer of capital to the West from South Carolina:—

"But this is not all. Let us look for a moment at the course of things among our mercantile classes. We shall not have to go much further back than twenty-five years to count up twenty-five millions of capital accumulated in Charleston, and which has left us with its enterprising owners, who have principally located in northern cities. This sum would build factories enough to spin and weave every pound of cotton made in the State, besides making railroads to intersect every portion of the up-country, giving business facilities to the remotest points."

How comes this capital, the return made by the world for the cotton of the South, to be so largely in the hands of Northern men? The true answer is, that what these get is simply their fair commercial remuneration for the trouble of transporting cotton, transporting money, transporting the total amount of home comfort, little as it is, which the South gets for its cotton, from one part of the country to the other (chiefly cotton to the coast, and goods returned instead of money from the coast to the plantations), and for the enormous risks and advances of capital which are required in dealing with the