"[88]
[Footnote 87: Virginia Historical Society _Collections_, I, 52.]
[Footnote 88: Boston _Chronicle_, Mch. 27, 1769.]
An unfortunate fixation of capital was likewise remarked. Thus Sir Charles
Lyell noted at Columbus, Georgia, in 1846 that Northern settlers were
"struck with the difficulty experienced in raising money here by small
shares for the building of mills. 'Why,' say they, 'should all our cotton
make so long a journey to the North, to be manufactured there, and come
back to us at so high a price? It is because all spare cash is sunk here in
purchasing negroes.'" And again at another stage of his tour: "That slave
labour is more expensive than free is an opinion which is certainly gaining
ground in the higher parts of Alabama, and is now professed openly by some
Northerners who have settled there. One of them said to me, 'Half the
population of the South is employed in seeing that the other half do their
work, and they who do work accomplish half what they might do under a
better system.' 'We cannot,' said another,[89] 'raise capital enough for
new cotton factories because all our savings go to buy negroes, or as has
lately happened, to feed them when the crop is deficient.
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