This meeting recommended the so-called sub-treasury plan by which the Federal Government was to construct warehouses for agricultural products.

In these the farmer might deposit his non-perishable agricultural products, and receive 80 per cent of their market value in greenbacks.

Surely the Southern farmer had shaken off much of his traditional conservatism in approving such a demand as this! The explanation is not far to seek.
The high price of cotton in the years immediately following the War was the economic salvation of the South.

Whatever may have been the difficulties in its production, the returns repaid the outlay and more.
The quantity was less than the world demanded.

Not until 1870-71 did the production approach that of the crops before the War.