[Projectapollo-mods] Shifting of industrial arrangements and the decrea

[Blanken L. <mag...@af...>]

Quence would cut in half the value of slave property, and that the
increase in the cotton output would lower the already falling prices of
cotton to disastrous levels. The resumption of the great war in Europe,
said he, had already diminished the supply of manufactured goods and
raised their prices. "Was it under these circumstances that we ought to
lay out the savings of our industry, the funds accumulated in many years
of prosperity and peace, to increase that produce whose value had
already fallen so much? He thought not. The permission given by the bill
would lead to ruinous speculations. Everyone would purchase negroes. It
was well known that those who dealt in this property would sell it at a
very long credit. Our citizens would purchase at all hazards and trust
to fortunate crops and favorable markets for making their payments; and
it would be found that South Carolina would in a few years, if this
trade continued open, be in the same situation of debt, and subject to
all misfortunes which that situation had produced, as at the close of
the Revolutionary war." The newsp