Regardless, the data clearly shows the Union economy and Federal tariff revenues were not as dependent on Deep South cotton as some have claimed.
Still forgetting about the effect of inflation and that those increased dollars of currency of markedly lower worth would buy less imports in those years than in 1860.
From Appleton's Cyclopaedia (paragraph break mine):
The Southern States have produced 400 millions per annum, which they have sold and taken in pay Northern and imported goods. The outbreak of the secession caused that trade at once to cease. The South could no longer sell, and the North lost a customer for $400,000,000 of goods per annum. Such an event could not take place without producing immense changes not only in foreign trade, but in internal industry. Those who no longer sold goods to the South had no longer profits with which to buy foreign goods. At the same time the necessities of Government required the tax on the foreign goods to be increased. The shipping, which had been so largely employed in the transportation of cotton, lost much of its employment. The mills that had been accustomed to work up 700,000 bales of cotton per annum, were obliged to close, and the long list of dye stuffs and other manufacturing materials were no longer in request.
At the West, where in the last four years settlement has progressed with great rapidity, the harvest were very abundant, and at the same time the Southern outlets for it being closed by the events of the war, it was forced upon the lakes, causing a great rise in freights, and at the same time low prices for farmers. Thus the traffic toward the East has been very active, without however a corresponding increase in the return traffic.
As I remember, some of the Northern mills switched to wool when cotton wasn't available.
Some posters on these threads have claimed that reports of business failures in Northern port cities in 1861 were not believable because they were published in Democrat papers. Consider what did happen to business failures in various port cities as reported by Appleton's:
Year----NYC--Philly---Boston--Baltimore---New Orleans--Charleston
1857----915----280-------258--------58-------------58------------31
1858----406----109-------128--------76-------------45------------20
1859----299----105-------122--------50-------------27------------16
1860----528----144-------172--------82-------------24------------25
1861----990----380-------480-------121-------------33------------11
Worse than the Panic of 1857 for cities to which the Morrill Tariff was applied.