[Confidential.—Extracts. ]
Mr. Seward to Mr. Adams.
Sir: * * * * * * * *
Our civil war is exhibiting a new phase. There is manifestly a very general confidence in a speedy success of the Union, and a willingness to make all the material contributions and sacrifices necessary to secure that consummation. On the other hand, there are discouragement and alarm, attended by unmistakable financial embarrassments, in the region of the insurrection.
The most reliable test of despondency on the part of the insurgents is the depreciated estimate they now put upon slaves. I have noticed that one hundred and fifty or two hundred dollars of United States currency is the highest price which the most marketable slave commands, either in Virginia or in Georgia. The Richmond papers declare that board and clothing are a full equivalent for the hire of the best servants in that market. I need not say that [Page 122] this is a confession that slaves as property are absolutely worthless. If this is true, how long can it be before they become an incumbrance and a source of danger? It is specially to be remarked that other property is not depreciated. Provisions, clothing, and, I believe, even lands retain the market value they had before the war. Is not this an indication that the slave States are already assimilating their economy to that of the free States? * * * * * *
I am, sir, your obedient servant,
Charles F. Adams, Esq., &c., &c., &c.