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Northern Capital did play a role in the New South, but not until the turn of the twentieth century. Prior to that time, the leading capitalists of the New South were members of the old antebellum south aristocracy, who preferred to call themselves "redeemers." Those who opposed them called them "Bourbons," in reference to a derogatory remark by Napoleon about the old French aristocracy. The Redeemers of the South were the first to invest in textiles as a method of industrializing the South. The availability of land, cheap labor, and abundance of cotton soon attracted Northern industrialists who invested heavily in Southern textiles. Companies such as M. Lowenstein of New York and Cone Industries did not build but purchased newly constructed textile mills in the South. As a result, the South became the leading textile producer by the end of the nineteenth century while that same industry in New England entered a state of decline.
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