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 *burg, or New Orleans, and you will bear the Mezzano of the cotton lottery crying his tickets in this way: "There's a cotton nigger for you! Genuine! Look at his toes! Look at his fingers! There's a pair of legs for you! If you have got the right sile and the right sort of overseer, buy him, and put your trust in Providence! He's just as good for ten bales as I am for a julep at eleven o'clock." And this is just as true as that any named horse is sure to win the Derby. And so the price of good labourers is constantly gambled up to a point, where, if they produce ten bales to the hand, the purchaser will be as fortunate as he who draws the high prize of the lottery; where, if they produce seven bales to the hand, he will still be in luck; where, if rot, or worm, or floods, or untimely rains or frosts occur, reducing the crop to one or two bales to the hand, as is often the case, the purchaser will have drawn a blank.

That, all things considered, the value of the labour of slaves does not, on an average, by any means justify the price paid for it, is constantly asserted by the planters, and it is true. At least beyond question it is true, and I think that I have shown why, that there is no difficulty in finding purchasers for all the good slaves that can be got by traders, at prices considerably more than they are worth for the production of cotton under ordinary circumstances. The supply being limited, those who grow cotton on the most productive soils, and with the greatest advantages in all other respects, not only can afford to pay more than others, for all the slaves which can be brought into market, but they are driven to a ruinous competition among themselves, and slaves thus get a fictitious value like stocks "in a corner." The buyers indeed are often "cornered," and it is only the rise which almost annually has occurred in the value of cotton that has hitherto saved them from general bankruptcy. Nearly all the large