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x quoting Colwell: "The idea now pretty extensively entertained in the South, that New York is fattening on Southern trade and business is an utter delusion: New York is not piling up 'Northern profits on Southern wealth.'
It is a misconception, which no unprejudiced man can entertain, if he will take the trouble to examine."

I'm having trouble following the discussion, but this quote does help.
If I understand: Kettell proposed Northerners were, in effect, stealing Southern wealth and Colwell tried to rebut that, right?

Googling Kettell & Colwell produces limited data, though it appears both publications are still available, for about $20 each.
I'll probably skip them...

Bottom line is, I'm not inclined to believe that Southern slave-masters were in any way being "ripped off" by Northern shippers & business interests, certainly in no way comparable to the degree of rip-off of slaves themselves!
But I would possibly concede that highly effective anti-North propaganda made Southerners feeeeeeeeel "ripped-off".

Kettell proposed Northerners were, in effect, stealing Southern wealth and Colwell tried to rebut that, right?

Yes. That is what they were arguing about.

Googling Kettell & Colwell produces limited data, though it appears both publications are still available, for about $20 each.

You can view them for free online:

Southern Wealth and Northern Profits

The Five Cotton States and New York

I agree. There was less realization of that at the time, but people weren't entirely unaware of what was going on. On top of that, Kettell, a New York City financial journalist drastically undervalued the services that his city and region provided to the cotton planters. Apparently, he was a Democrat and at the time that meant catering to Southern slaveholding interests and telling them what they wanted to hear.