more rags to make paper.

"Another important deduction may be made from the state of the cotton
market. It has not been affected, at least the production of cotton with
the importation into Europe has not been disturbed by the war, and yet
it seems not to have kept pace with the consumption. From this we infer
that legislative restrictions on traffic, permanently affecting the
habits of the people submissive to them, and of all their customers,
have a much more pernicious effect on production and trade than national
outpourings in war of indignation and anger--which, if terrible in their
effects, are of short duration. These are in the order of nature, except
as they are slowly corrected and improved by knowledge; while the
restrictions--the offspring of ignorance and misplaced ambition--are at
all times opposed to her beneficent ordinances."

The _Economist_ of June 30, in its Trade Tables, sums up the imports for
the 5th month of the year 1855; from which it appears, that instead of
any increase of the imports of cotton having occurred, they had fallen
off to the extent of 43,772,176 lbs. below the quantity imported in the
corresponding month of 1854.

The _Economist_ of September 1, 1855, in continuing its notices of the
cotton markets, and stating that there is still a falling off in its
supplies, says:

"The decline in the quantity of cotton imported is notoriously the
consequence of the smallness of last year's crops in the United States.
. . . . It is remarkable that the additional supply which has made up
partly for the shortness of the American crop comes from the Brazils,
Egypt, and other parts. From British India the supply is relatively
shorter than from the United States. It fails us more than that of the
States, and the fact is rather unfavorable to the speculations of those
who wish to make us independent of the States, and dependent chiefly on
our own possessions. The high freights that have prevailed, and are
likely to prevail with a profitable trade, would obviously make it
extremely dangerous for our manufacturers to increase their dependence
on India for a supply of cotton. In 1855, when we have a short supply
from other quarters, India has sent us one-third less than in 1853."

The _Economist_ of February 23, 1856, contains the Annual Statement of
Imports for 1855, ending December 31, from which it appears that the
supplies of cotton from India, for the whole year, were only 145,218,976
lbs.,