The Industrial History of the United States

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Meantime, as the interests of the cotton planters gained Lower South asc endency in the councils of the South, a vigorous agitation in Am. Hist. , ....... , ,, ?
in favor of the " peculiar institution took the place of eman- cipation projects. The capital invested in cotton plantations amounted, in 1840, to $327, 000, 000, and the annual product represented a gross income of twenty, and a net income of eight, per cent.
i Large-scale production seemed to necessitate slave labor. Governor Hammond
... of South Carolina declared that the cotton industry would be ruined by the emancipation of the negroes. " The first and most obvious effect would be to put an end to the cultivation of our great southern staple. And this would be equally the result, if we suppose the emancipated negroes to be in no way distinguished from the free laborers of other countries, and that their labor would be equally effective. In that case, they would soon cease to be laborers for hire, but would scatter themselves over our unbounded territory, to become independent land- owners themselves.

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