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 without enjoying any monopoly of production, like that of the cotton-raisers, have to share with these, all the manifold inconveniences which result from the scarcity of good workmen, and the necessary concentration of all the effective working force of the country, limited as it is, upon the one purpose of getting cotton.

The interests of the owners of all soil in the Slave States which is not adapted to cotton culture, and of all capital not engaged in cotton culture, or in supplying slaves for it, are thus injured by the demand for cotton, they being, in fact, forced to be co-partners in an association in which they do not share the profits.

And as to what are commonly called the Cotton States, if we assume that cotton cultivation is profitable only where the production is equal to two bales for each slave employed, it will be seen that wherever the land will not yield as much as this, the owner of it suffers all the disadvantages of the difficulty of getting good labourers as much as the owner of the land which produces seven or ten bales to the hand, although none of the profits of supplying the cotton demand, which gives this extraordinary price to labour, come to him.

According to the Census, the whole crop of cotton is produced on 5,000,000 acres. It could be produced, at the rate common on good South-western plantations, on less than half that area. The rest of the land of the Slave States, which amounts to over 500,000,000 acres, is condemned, so far as the tendencies I have indicated are not overweighed here and there by some special advantages, to non-cultivation, except for the hand-to-mouth supply of its people. And this is true not only of its agricultural but of all other of its resources.

That for all practical purposes this is not an exaggerated