(7 of 7)
So long as the U. S. is willing to sell cotton at world prices it can probably save its foreign markets. But to continue to sell at world prices, cotton costs must stay at world costs, which means a low standard of living for the South in perpetuity.
*Two days later the same board predicted a "disaster"' corn crop of 1,439,135,000 bu., worst in 55 years, down 850,000,000 bu. from last year's harvest. *The phrase originated on the floor of the U. S. Senate in 1858 when South Carolina's James Henry Hammond challenged the economic power of the North thus: "You dare not make war on cotton. No power on earth dares to make war upon it. Cotton is King!"