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Questions and Answers
What was the term used by Joseph Holt Ingraham to describe the rush of people into the Cotton Belt?
What was the term used by Joseph Holt Ingraham to describe the rush of people into the Cotton Belt?
- A new El Dorado
- Flush Times
- A mania (correct)
- A speculation
What was the result of the rapid growth of cotton plantations in the Cotton Belt?
What was the result of the rapid growth of cotton plantations in the Cotton Belt?
- The cotton plantations whitened the earth (correct)
- The wilderness expanded over the land
- The land became more expensive
- The land became less fertile
What was the main reason why banks offered lines of credit to people looking to buy land in the Southwest?
What was the main reason why banks offered lines of credit to people looking to buy land in the Southwest?
- To promote agricultural development
- To encourage speculation (correct)
- To finance the construction of roads and infrastructure
- To provide loans to poor farmers
What was the process known as when banks would buy land at auction and sell it at a higher price the next day?
What was the process known as when banks would buy land at auction and sell it at a higher price the next day?
Where did the banks offering lines of credit to buy land in the Southwest come from?
Where did the banks offering lines of credit to buy land in the Southwest come from?
What was the general sentiment of people who moved to the Cotton Belt during this time?
What was the general sentiment of people who moved to the Cotton Belt during this time?
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Study Notes
The Cotton Rush
- Thousands of people rushed into the Cotton Belt, which was seen as a "mania" by Joseph Holt Ingraham, a writer and traveler from Maine.
- The Cotton Belt was considered a "new El Dorado" by William Henry Sparks, a lawyer living in Natchez, Mississippi, where fortunes were made quickly without much effort.
The Transformation of the Land
- The wilderness was rapidly replaced by cotton plantations, with the land transforming from dark forests to white cotton fields.
- The change was astonishing, with the cotton plantations spreading rapidly across the land.
Financing the Cotton Rush
- Money flowed from banks, including newly formed ones, on promises of high profits and overnight returns.
- Banks in major cities such as New York City, Baltimore, Philadelphia, and London offered lines of credit to anyone looking to buy land in the Southwest.
- Some banks even sent their own agents to purchase cheap land at auction, which was then sold at double or triple the original value, a process known as speculation.
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