15 



Here we see that, in 1863, Great Britain paid $14,784,085 more for one-fifth 

 less than one-half the cotton purchased in 1861, when its principal supplj was 

 from the United States. What is the price at which cotton in India, Egypt, Bra- 

 zil, and China, can be grown, has not yet been determined, but that it cannot be 

 as low as in the United States is seen in the fact that, in peace, they could not 

 compete with us. 



In the greater excellence and cheapness of American cotton, and in the mu- 

 tuality of our trade with the cotton manufacturing countries of Europe, we have 

 the assurance of reaching that magnitude in cotton production which we attained 

 before the rebellion. And so regarding the subject of its future, we see no 

 cause why northern capital, and energy, and skill, may not successfully engage 

 in its production, for the rebellion has invited them to the south. 



What then will he the future of wool .? 



In view of the great increase in sheep, and their present high price, this 

 question is now attracting much attention. Farmers know that this price can- 

 not continue ; but when will the decline come, and to what extent, are the points 

 of difficulty. 



Cotton, wool, and flax, are the chief fibrous material by which the world 

 clothes itself Cotton had reached its magnitude at the expense of the other 

 two. In the United States, flax had been driven out of use even in the border 

 settlements. Wool-growing was in a depressed condition, despite the active 

 exertions of county and State agricultural associations to give it strength, and 

 even the household manufactures were rapidly decreasing. So far as this de- 

 pression resulted from the natural antagonism of cotton, to the same extent it 

 should again be expected. The wool-grower must, therefore, keep his eye fixed 

 not only on the amount of wool grown, but on that of cotton also ; and when 

 the pounds of the latter seeking the channels of commerce shall approach those 

 before the war, he may consider this antagonism to be once more in active hos- 

 tility to wool production. 



But here we must not be misled, by the tables of cotton imports into England, 

 into the belief that the cotton production of the world is approximating what 

 it was before the rebellion. Whilst these imports in 1860 were 1,390,938,752 

 pounds, and in 1864 will be 1,066,000,000, yet the entire cotton production of 

 commerce presents very different proportions. In 1859, according to the census 

 returns, the United States produced 2,079,230,800 pounds. The usual imports 

 into Great Britain from other nations than our own, taking the mean of the 

 years 1858 and 1859 as a guide, are 267,846,328 pounds. The whole foreign 

 commercial product of cotton can safely be placed at 300,000,000 pounds. This 

 added to our crop of 1859, makes the supply of cotton before the rebellion to 

 be 2,379,230,800 pounds. The imports into Great Britain in 1864 will not be 

 equal to one half this amount, and it represents nearly all the cotton production 

 of the world. Hence, until the rebellion is overcome, and one year's cotton 

 crop is made here, the wool-grower may confidently expect remunerative prices 

 for his crop. 



What will he the extent of this remuneration ? 



That prices of wool will gradually decrease with the increase of textile fabrics 

 is certain. But the degree of that decrease must be determined by the rapidity 

 of the increase of the general wool crop and by that of cotton and flax. 



The rate of increase of foreign wools may be seen in the importations of Great 

 Britian, for it wants more wool than it receives, and draws its supplies from all 

 nations. The imports of wool into Great Britian have been as follows : 



1861 147, 172, 841 pounds. 



1862 171,943,472 " 



1803 180, 000, 000 " Partly estimated. 



