1845-48.] MB. FUTNIE ON OOTTOST OrLTITATIOK. 99 



it to a degree that mucli injures the staple. Accord- 

 ingly, Mr. Finnic considered that the American gin 

 was only suited to the American Cotton ; that the two 

 must go hand in hand ; and where the American Cot- 

 ton failed, the gin would prove useless. 



Price of Land : fluctuates with the price of Cotton. 157 

 — The rent of land in Southern America, as part of the 

 cost of producing Cotton, could not he estimated hy 

 Mr. Knnie. In the Southern States, he said, every 

 Planter is a landlord, from the squatter with his small 

 section, to the capitalist with his twenty thousand acres. 

 Land rent is thus unknown, and the value of an estate 

 is never calculated so closely. A Planter who is com- 

 pelled to sell, takes what his neighbours are disposed 

 to give him. Sometimes a wealthy neighbour will offer 

 a very high price for a g6od plantation in his immediate 

 neighbourhood, because he wants it for an especial ob- 

 ject. Again, it is very often the case that three- 

 fourths, and sometimes seven-eighths of an estate, are 

 uncleared forest ; and consequently the whole value 

 cannot be estimated according to the produce of that 

 which is under culture. In a word, land in the South- 

 em States has no fixed value, but seems to fluctuate 

 with the price of Cotton. 



Minimum price at which American Cotton could be 158 

 produced, four pence per pound. — As an illustration of 

 the cost at which Cotton was produced in America, Mr. 

 Knnie furnished the following interesting data. Some- 

 time about 1840, when the question of a Cotton supply ' 

 from India was seriously agitated, a meeting was called ' 

 of the most intelligent and distinguished Planters, in 

 order to determine upon the best method of counter- 

 acting the efforts which were being made in that direc- 

 tion. It was then decided that so long as the American 

 Planters could get eight cents (4rf.) per lb. for their Cot- 

 ton, delivered at the nearest market, they could afford 

 to produce it ; but that if a supply from any other quar- 

 ter could be obtained for less than that sum, they must 

 then turn their attention to the cultivation of other com- 

 modities. Thus by adding Id. per lb. to the id. for ex- 

 penses to England^ we have the minimum price, 5d. per 



B.2 



