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 bale at a time, to the local purchaser. Merchants will never give as good prices for small lots as for large. There are reasons for this which I need not now explain. I consider, in short, that the disadvantages of the farmer in growing cotton are of the same nature as I have before explained with those which long ago made fire-wood of hand-looms, and paupers of those who could be nothing else but hand-loom weavers, in Massachusetts. Exactly how much is gained by the application of labour with the advantage of capital and combination of numbers over its isolated application as directed by individuals without capital in a slaveholding region, I cannot estimate, but no one will doubt that it is considerable. Nevertheless, in all the cotton climate of the United States, if a white farmer has made money without slaves, it will be found that it has been, in most cases, obtained exclusively from the sale of cotton. If cotton is a plant the cultivation of which by free or white labour is especially difficult, how is it that, with the additional embarrassments arising from a lack of capital, his gains are almost exclusively derived from his cotton crop?

But I may be asked, if combination is what is needed to make cotton a source of more general prosperity at the South, why is there no such thing as a joint-stock cotton plantation in Mississippi, as there are joint-stock cotton mills in Massachusetts, the stock in which is in large part owned by those employed in them? I ask, in reply, how is it that the common way of obtaining breadstuffs in Northern Alabama is to sow three pecks of seed wheat on hard stubble ground, plough it under with unbroken bullocks, led with a rope, and a bull-tongue plough, and finally to garner rarely so much as six bushels from an acre? How is it that while in Ohio the spinning-wheel and hand-loom are curiosities, and homespun