THE COTTON TRADE. 235 



It may be further observed, that the increase in the supply 

 during the last five years, has been slower than the natural 

 increase of laborers. The advance in the one has been only 

 9 per cent., and in the other 12 or 13. As many new hands 

 have been brought to the Southern States during this period, 

 the rate of increase in the working force of the cotton-growing 

 States has been still greater than 12 or 13 per cent. This 

 excess has occurred at no former period. From 1825 to 1850, 

 the increments for each period of five years have been 18, 32, 

 33, and 9 per cent. ; always above the increments of popula- 

 tion, except in the last interval. It follows, from this, that 

 labor and capital have found other modes "of employment more 

 attractive and profitable than the raising of cotton. It is well 

 known that this has been to some extent true in the United 

 States, but it has been more evident and striking in India and 

 Brazil. In these countries, the crop has declined 16 peir cent, 

 in the last five years. From Brazil, it has declined regularly 

 for the last twenty years ; and the recent advance in coffee 

 will tend still more to divert labor from the production of cot- 

 ton. The abolition of the discriminating duty in favor of East 

 India cotton, by Sir Robert Peel, and the very low prices 

 which have recently prevailed, have not only stopped any in- 

 crease in the imports of Surat and Madras, but turned the cur- 

 rent in the opposite direction. The advance in the fifteen 

 years before 1845, was 10, 80, and 60 per cent., in each inter- 

 val of five years ; but, from 1845 to 1850, the decline has been 

 24 per cent. It may fairly be deduced from this, that the 

 prices of the last five years have not afforded sufficient en- 

 couragement to production, and that the planters may now 

 look for a permanent improvement in prices. The table of 

 prices (Table V.) shows that for the last five years the average 

 price at the seaports of the United States has been seven cents 

 and three mills ; and it may be expected, with confidence, that 



