TOBACCO AND COTTON CULTIVATION. 69 
But I beg clearly to be understood, as to the descrip- 
tion of bounty which [ venture to recommend, also, to 
the nature of the difference between a prote€tion granted 
permanently, or for an indefinite period of time, and a 
protection granted only for a limited and specified 
number of years, which difference I conceive to be so 
important, as to place them in totally different classes, 
both in principle and in effe&t. By the operation of 
a bounty granted for an indefinite period of time, almost 
all the errors hitherto committed have been produced ; 
for under such circumstances the capitalist is invariably 
tempted to extend cultivation to improper soil, and to 
create unnecessarily expensive establishments. He 
calculates, naturally, not upon what he could profitably 
do if the bounty did not exist, but upon what he is able 
to do during its continuance, which he believes will be 
permanent, but under the operation of a temporary 
bounty limited by the aét to an affixed period of time, 
his calculations will necessarily be formed upon a 
different basis. He will see before him the exaét period 
when all legislative prote€tion will be withdrawn, when he 
will be left to his own resources, and the profits of hisspecu- 
lations must depend upon their own intrinsic merits. No 
new lands will consequently be broken up, orestablishments 
ereéted, which do not hold out a sure promise of a profi- 
table return when exposed to the future competition of 
the most formidable rivals. In the case, moreover, under 
consideration, it would give him time and facilities to 
search for and convey to our colonies persons skilled in 
the cultivation of cotton and tobacco, with proper tools 
and machinery necessary to prepare them for exporta- 
tion ; and the losses consequent upon all first efforts and 
