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The letter basically said that whenever we, Yankees, can build a machine to process flax or hemp as effectively as we, Yankees did with the Cotton Gin (machine) for cotton - then King Cotton exports are going to be yesterday's News & hemp's superior fibers can be grown & processed in the North.

After the Southern Rebels lost the Civil War - most of those rich confederates fled the United States to other countries, including Mexico where cotton grows naturally. Those Confederates in their self-imposed exile in Mexico had great expectations of staying rich in the King Cotton game.