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 statement is clearly enough shown by the difference in the market value of land, which as officially given by De Bow, is, notwithstanding the extraordinary demand of the world upon the cotton land, between four and five hundred per cent. higher in the Free than in the Slave States, the frontier and unsettled districts, Texas, California, and the territories not being considered.

One of the grand errors, out of which this rebellion has grown, came from supposing that whatever nourishes wealth and gives power to an ordinary civilized community, must command as much for a slave-holding community. The truth has been overlooked that the accumulation of wealth and the power of a nation are contingent not merely upon the primary value of the surplus of productions of which it has to dispose, but very largely also upon the way in which the income from its surplus is distributed and reinvested. Let a man be absent from almost any part of the North twenty years, and he is struck, on his return, by what we call the "improvements" which have been made. Better buildings, churches, school-*houses, mills, railroads, etc. In New York city alone, for instance, at least two hundred millions of dollars have been reinvested merely in an improved housing of the people; in labour-saving machinery, waterworks, gasworks, etc., as much more. It is not difficult to see where the profits of our manufacturers and merchants are. Again, go into the country, and there is no end of substantial proof of twenty years of agricultural prosperity, not alone in roads, canals, bridges, dwellings, barns and fences, but in books and furniture, and gardens, and pictures, and in the better dress and evidently higher education of the people. But where will the returning traveller see the accumulated cotton profits of twenty years in Mississippi? Ask the cotton-planter for them, and he will point in reply, not to dwellings, libraries, churches,