There has been an unending debate in American historiography about the distinctive features of the ante-bellum South. One widely shared view is that the South, by virtue of its dominant agricultural character, was committed to a set of values “inconsistent with a high rate of industrialization”. Writers in this tradition have assumed that agrarian interests entail an anti-industrial bias. They look upon the civilization of the ante-bellum North as “coarse and materialistic” and that of the South as highly refined and aristocratic. The opposite view is that ante-bellum Southerners were no less commercial capitalists than their Northern brethren. Agrarian capitalism, these critics assume, has conflicts of interest with industrial capitalism, not cultural conflicts. The question this essay seeks to answer is whether Calhoun, admittedly a prominant spokesman of agricultural interests, was thereby committed to either an anti-industrial bias or a conventional capitalist position.