We have seen, in spite of all opposing circumstances, this trade constantly and rapidly extending; we have seen colossal fortunes made; and we have as a county, perhaps, been accustomed to look down on those less fortunate districts whose wealth and fortunes were built upon a less secure foundation; we have reckoned upon this great manufacture as the pride of our country, and as the best security against the possibility of war, in consequence of the mutual interest between us and the cotton-producing districts.
We have held that in the cotton manufacture was the pride, the strength, and the certainty of our future national prosperity and peace.

I am afraid we have looked upon this trade too much in the spirit of the Assyrian monarch of old.

We have said to ourselves:-- 'Is not this great Babylon, that I have built for the house of my kingdom by the might of my power, and for the honour of my majesty ?' But in the hour in which the monarch used these words the word came forth, 'Thy kingdom is departed from thee!' That which was his pride became his humiliation; that which was our pride has become our humiliation and our punishment.

That which was the source of our wealth--the sure foundation on which we built--has become itself the instrument of our humiliating poverty, which compels us to appeal to the charity of other counties.

The reed upon which we leaned has gone through the hand that reposed on it, and has pierced us to the heart.
But, gentlemen, we have happier and more gratifying subjects of contemplation.