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 rates of freight. It will everywhere receive special attention and care, because it forms together a parcel of great value. The merchants will watch the markets closely to get the best prices for it, and when sold the cash returns to each proprietor will be enormously large. As the expenses of raising and marketing cotton are in inverse ratio to the number of hands employed, planters nearly always immediately reinvest their surplus funds in slaves; and as there is a sufficient number of large capitalists engaged in cotton-growing to make a strong competition for the limited number of slaves which the breeding States can supply, it is evident that the price of a slave will always be as high as the product of his labour, under the best management, on the most valuable land, and with every economical advantage which money can procure, will warrant.

But suppose that there are in the district besides these three or four large planters, their families and their slaves, a certain number of whites who do not own slaves. The fact of their being non-slaveholders is evidence that they are as yet without capital, in this case one of two tendencies must soon be developed. Either being stimulated by the high price of cotton they will grow industrious, will accumulate capital and purchase slaves, and owning slaves will require a larger amount of land upon which to work them than they require for their own labour alone, thus being led to buy out one of the other planters, or to move elsewhere themselves before they have acquired an established improvement of character from their prosperity; or, secondly, they will not purchase slaves, but either expend currently for their own comfort, or hoard the results of their labour. If they hoard they will acquire no increase of comfort or improvement of character on account of the demand. If they spend all their earnings, these will not be sufficient, however