STAPLES OF AND FOR AMERICA. 29 



woolen stockings, vests, &c. Therefore, when the pro 

 duction of cotton is above the mark, it reduces itself in 

 price ; but at a low figure there is room for consumption 

 ad infinitum to the injury of the sheep owner, the silk 

 manufacturer and the flax planter. 



The report goes on, viz : &quot; The second point requiring 

 investigation is the capacity of the world for over pro 

 duction. To this your committee concede there cannot 

 be a definite answer given ; they incline, however, strongly 

 in opinion that, at fair prices and with proper organiza 

 tion on the part of the American cotton planters, the 

 capacity for over production does not, and never can 

 exist.&quot; 



There is here a great want of due attention to the 

 trade of the world displayed. To put the question, can 

 Egypt, for instance, beat us out of the market ? is but 

 one consideration out of the many. The first and leading 

 question is, can we produce cotton at that low rate as to 

 create an extensive consumption, viz : to throw woolen 

 cloths, as far ns they can be substituted for cotton 

 cloths, out of the market, and to keep linens out of 

 use to keep silk wear within bounds 1 Upon that point 

 must rest the sole subject of increase of consumption. 

 Then there is another question, is the flax trade increas 

 ing ? and the same of woolen and of silk may be asked. 

 If so, people must prize these articles, inasmuch as cotton 

 goods are now so cheap. Well, for the last twelve years, 

 cotton has realized not more that 8H cents per pound or so. 

 It is now sought to bring up the price to 12J cents per 

 pound ; therefore, that will be to enhance the value of 

 cotton goods some 50 per cent. ; and, while the linen, 

 woolen and silk goods remain at present low rates, it is 



