last three years, upwards of 900,000,000
lbs., showing an increase of more than fifty per cent. Nevertheless, the
demand had been constantly pressing upon the supply, the consumption has
always shown a tendency to exceed the production, and the consequent
result of a high price has, during a majority of those years, acted as a
powerful stimulant to cultivation. But, practically speaking, we possess
but two sources of supply, and both present such powerful obstacles to
extended cultivation, that we are not surprised at the habitual
uneasiness of those whose interests demand a continually increasing
quantity. Those two sources are the United States and British India. It
is true that Brazil, Egypt, the West Indies, and some other countries,
furnish small quantities of cotton; but when we state that of the
931,847,000 lbs., imported into the United Kingdom in 1858, the
proportion furnished by America and India was 870,656,000 lbs., leaving
for all other places put together, a supply of only 61,191,000 lbs.,
notwithstanding the many laudable efforts, both on the part of
Government, and of the mercantile community, to encourage its growth in
new countries, it will be admitted that, as an _immediate_ and practical
question, it is confined to those two sources. They are not only the
sources from whence the largest supplies are received, but they are
also those where the chief increase has taken place.

"In 1840 the supply received from the United States was 487,856,000 lbs.
Since that time, with some considerable fluctuations, it has steadily
increased, until in 1858 it rose to 732,403,000 lbs.--the maximum
quantity having reached in 1856, 780,040,000 lbs. Yet, great as this
increase has been, it appears that it has not been equal to the
increased demand, if we may judge from the price, at the two
periods.[36] The large supplies of the last three years have commanded
prices at least _sixteen per cent._ higher than the smaller supplies
from 1840 to 1842. Every encouragement, therefore, which high and
remunerative prices could give to increased cultivation has been
liberally afforded to the cotton-growing States of America.

"But whatever the price, there is a condition which places an absolute
limit upon the growth. Land in every way suited for the purpose, is
abundant and cheap. Means of transport is of the cheapest and best kind,
and is without limit. The limit lies in the necessary ingredient of
labor. If cotton had been th