cur, as our products, in such
times, will pass, free of duty, through these colonies, into the foreign
market. It is apparent, then, that nothing short of extended free labor
cultivation, far distant from the seaboard, where the products will bear
transportation to none but Southern markets, can fully secure the cotton
interests from the contingencies that so often threaten them with
ruinous embarrassments. In fact, such a depression of our cotton
interests has only been averted by the advanced prices which cotton has
commanded, for the last few years, in consequence of the increased
European demand, and its diminished cultivation abroad.

On this subject, the _London Economist_, of June 9, 1855, in remarking
on the aspects of the cotton question, at that moment says:

"Another somewhat remarkable circumstance, considering we are at war,
and considering the predictions of some persons, is the present high
price and consumption of cotton. The crop in the United States is short,
being only 1,120,000,000 or 1,160,000,000 lbs., but not so short as to
have a very great effect on the markets had consumption not increased.
Our mercantile readers will be well aware of this fact, but let us state
here that the total consumption between January 1st and the last week in
May was:

=CONSUMPTION OF COTTON.=
=1853.= =1854.= =1855.=

Pounds, 331,708,000 295,716,000 415,648,000
Less than 1855, 83,940,000 119,932,000
Average consumption of
lbs. per week, 15,600,000 14,000,000 19,600,000

"Though the crop in the United States is short up to this time, Great
Britain has received 12,400,000 lbs. more of the crop of 1854 than she
received to the same period of the crop of 1853. Thus, in spite of the
war, and in spite of a short crop of cotton, in spite of dear corn and
failing trade to Australia and the United States, the consumption of
cotton has been one-fourth in excess of the flourishing year of 1853,
and more than a third in excess of 1854. These facts are worth
consideration.

"It is reasonably expected that the present high prices will bring
cotton forward rapidly; but as yet this effect has not ensued. . . . .
Thus, it will be seen that, notwithstanding the short crop in the
States, (at present, they have sent us more in 1855 than in 1854, but
not so much as in 1853,) the supply from other sources, except Egypt,