FARMERS' REGISTER— RAILWAYS, kc. 



259 



great outlet for the produce of the Mississippi and. 

 the intcrveniiifT countries. Hence , for the present , 

 the James plan should be suspended, and more 

 especially, when we see the probable flow of mo- 

 nej' into the western states, and the consequent 

 demand for laborers by the cultivators of cotton. 



In the large products of cotton plantations, I 

 think there ought to be found funds, which, pro- 

 perly husbanded and well managed, will furnish 

 sources of supply, either in the establishment of 

 plantations, or the sale of slaves by Virginians and 

 North Carolinians; whence, an eventual recom- 

 pense may be received for the labor of tlie slave. 



I perceive that, by recent accounts from Lon- 

 don, the state of Alabama has effected a loan of 

 i2 3.500,000, and Mississippi one on New -York of 

 8 1^500,000. 



The object in view, is the establishment of a 

 bank, which is to deal in ordinary exchange, and 

 discount notes at the rate of 6 per cent, per annum : 

 Notes that have from 6 to 9 months to run, 7 per 

 cent, per annum: Notes that have from 9 to 12 

 months to run, 8 per cent, per annum. The secu- 

 rity of the bank is admirable, as it takes a priority 

 ill the courts; and it will either have the effect of 

 destroying all other credit, (a good thing, for it 

 will establish a cash system,) or ruining all other 

 creditors. " The debts," says the act to establish 

 the bank, " due said bank, may be recovered in 

 the Mobile circuit court, after thirty days notice," 

 I believe, on the simple motion of the proper offi- 

 cer, after a verdict returned, jDro/cirma, by a jury. 

 But, why should not all undisputed debts be placed 

 upon the same ground.' Is a preference constitu- 

 tional ? 



Now, when we recollect that the capital of this 

 bank was not even partially raised by individuals, 

 but " wholly by the sale of state stock," (the stock 

 sold in London,) we need not be very astute to 

 discover the spirit of enterprise and speculation (o 

 which this loan will give rise. The debt is not 

 redeemable tdl 1863 ;^so that this 8 3,500,000, (to 

 say nothing about the -9 1,500,000 of Mississippi,) 

 fully trebled in amount by banking operations, will 

 set more than 810,500,000 at work, and the greater 

 portion of this money will be invested first in land 

 and next in negroes. Calculating on the London 

 loan and its premium, it will produce, if but gradu- 

 ally thrown on the market, .§3,745,000. Again; 

 forming our estimates on the bold character of all 

 new banks and bankers, that have thus received 

 thirty years credit for their capital, we may say, 

 that, in a very short space of time, thrice this 

 amount, or S 11,235,000, will be afloat. Nor, if 

 all the parties are prudent, will this loan be inju- 

 rious, in its effects, to the state of Alabama. The 

 new and fertile land of that country will enable 

 judicious, humane and enterprising men to borrow 

 of this bank, and not only punctually pay the in- 

 terest, when due, but provide a fund" for the final 

 destruction of slavery — a doctrine, now becoming 

 prevalent in every slave state ; for, the people, in 

 the healthy portions of each of them, begin to dis- 

 cover, that, in the increased and improved popula- 

 tion and cultivation of these districts, there will be 

 found a more than ample compensation to any pub- 

 lic loss that may be sustained by the abolition of 

 slavery, and the consequent supposed abandonment 

 of the unhealthy portions of these states. I say 

 supposed, as I am convinced much more might be 



done by industrious white laborers, in these un- 

 healthy sections of country, than is noAV supposed 

 possible: and when the seats in the state legisla- 

 tuics become occupied by men of intelligence and 

 patriotism, science and art fake the place of a love 

 of useless legislation and baleful litigation, and the 

 draining of the low countries is found to be a mat- 

 ter not only of prudence, l>ut of policy and of profit, 

 I have no doubt many obstacles of this kind will dis- 

 appear. 



This measure, especially in Virginia, with the 

 introduction of white, to replace black labor, in the 

 cultivation of wheat, tobacco, &c., will soon make 

 personal exertion, in the classes of mechanical labor, 

 creditable and praiseworthy — a circumstance now 

 forbidden by the existence and effect of slavery. 



If I am a subject of ridicule for the expression of 

 this opinion, I will ask, whether the introduction of 

 Africans-did not mainly tend to expel a population 

 of 60,000 whites from Barbadoes; and, whether the 

 first colonists of Georgia, a colony especially planted 

 wi:h a vieio to free cultivation , did not labor in the 

 field ? [See \\^ e%\ey ^official edition.'] The fact is, 

 that the climate ofX'irginia,the Carolinas and Geor- 

 gia, is, in no section, worse than that of the Crimea, 

 and the Mal'aria districts of ItalJ^ 



I will also ask, if a revolution in opinion, is not 

 daily taking place in the slave states themselves? 

 To demonstrate it, I would refer to Mr. Berrien's 

 recent speech. It proves what he fears will be the 

 situation of affairs in Georgia, if the people con- 

 firm the acts of the convention. He attributes those 

 acts to party feelings; but, every one who is ac- 

 quainted with the upper sections of the southern 

 states, knows that he docs this erroneously. Let 

 the paragraph, in his speech, beginning with "at 

 such a moment," and that subsequent to it, be care- 

 fully read, his party feelings be recollected, and the 

 real state of the case will be self-evident. 



Let us also recur to Col. Lumpkin's speech at 

 Boston " Several circumstances were now con- 

 curring to hasten that result." [The dissolution of 

 the ties between master and the slave.] " He truly 

 believed, that the interests of the owner and the 

 slave were alike identified in emancipation ; and 

 the tim.e was rapidly approaching w hen the prix- 

 ciFi.E v.ouLD BE abaxdoxed; and, the Only 

 difference of opinion would be, how can the thing 

 be done, and what will be the best manner?" 



We are assured the doings of the convention of 

 Georgia will be ratified by the people, in the acts 

 of their general assembly. If this should turn out 

 to be the case, no further proof of the correctness of 

 Col. Lumpkin's opinion will be necessary. 



Hovrever, I am wandering from my subject, 

 which was the London loan to Alabama, and its 

 effects on that and the neighboring states. 



For whose immediate benefit will this immense 

 sum of money be, in fact, expended.'' For that of 

 Virginia more especially, in the purchase of ne^ 

 groes. But, such is the humanity of many of her 

 slave-holders, that they will rather patiently await 

 the operations of the colonization system, or the re- 

 sult of circumstances, than part with their slaves. 

 To these gentlemen, I would say, " remove your 

 negroes to Alabama, &c. and there let them work 

 themselves, and yourselves, if you are embarrassed, 

 with a condition in all respects free. Your debts 

 may be paid, a sufficient fund furnished for the 

 transiwrtation of your people, and an ample source 

 of wealth created for your fauiilies ; and a more 



