"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 the produce of free labor, no doubt the principle of supply and demand would have solved the difficulty. The surplus of the Old World would have steadily maintained the balance between the two in the New World. Ireland, Germany, Switzerland, the Southern parts of France, and Portugal, would have sent their surplus labor to the best market. As it is, the two kinds of labor--that of the freeman and that of the slave--can not be united in the same cultivation. The slave States of America are, therefore, dependent for any increase of labor only upon themselves. The consuming States can draw supplies only from the breeding States. It is, therefore, exactly in proportion as the slave population increases that the cotton crop becomes larger. Taking the average of three or four years at any period of the history of the United States for the last forty years, it will be found that the growth of cotton is equal to one bale for each person of the slave population. The calculation is well known. When the slave population was two millions, the average produce of cotton was two millions of bales:--as the one rose the other increased. The slave population is now about three millions and a half; the cotton crop of the present year is computed at from 3,500,000 to 3,700,000 bales. The high price of cotton, and the great profit attached to its cultivation, have no doubt furnished the greatest stimulant to an increase of that part of the population. In the competition for more labor, the price of slaves was enormously increased. Some years ago the price of a slave was about £100; now they are worth from £200 to £400. But what must be the tendency of this fearful competition for a limited supply of human labor--limited as long as the slave trade is prohibited--unlimited as soon as the slave trade is legalized? What is the actual condition of the Southern States at this moment? There is on the ground and being secured, according to computation, the largest cotton crop ever known. The last estimates vary from 3,550,000 bales to 3,700,000 bales. A very few years ago it was calculated that cotton at any thing above _four cents_ the pound for "middling quality" on the spot was a profitable crop. Now, the price for the same quality on the spot is fully _ten cents_ the pound;--and it has been about the same or higher for a long time. What is the consequence? A correspondent writing by the last mail says: 'The people of this section of the country feel _made of gold_, and every thing here is, of course, going at full cry--_every planter wants to open more land and buy more negroes_.' What do these facts suggest? Do they furnish no explanation of the strong desire in the Southern States to possess Cuba? Do they furnish no explanation of the exaggerated irritation got up last year in respect to the West India squadron, and the demand of the American Government, we fear too successfully made, that the right of search in the mitigated form in which it existed should be altogether abandoned? A people familiarized not only with slavery, but also with the slave trade as between one class of States and another, can hardly be expected to entertain a very strong repugnance to a slave trade from beyond the seas. That cargoes of imported slaves have recently been landed in the United States is not denied:--that vessels fitted out as slavers have recently been seized in American ports, we know upon official authority. The same correspondent whom we have already quoted, says there are two great questions which occupy the Southern States at this moment. The one is the acquisition of Cuba.