238 COTTON IN THE MADSAS PEESIDENOT. [cHAP. TI. 



expresses those convictions which have arisen in his 

 mind during the prosecution of his present task. It is 

 said that the moment the blockade of the Southern 

 States is broken, the Indian Cotton will cease to be in 

 demand. This may occur for a brief period, but is 

 scarcely lUtely to be lasting. A panic may bring down 

 the price of Indian Cotton to a minimum, but it is not 

 so certain that the price of New Orleans will fall so low 

 as to render the Indian quite a drug in the market. The 

 Southern States have been so disorganized, and slavery 

 has received such a blow, that we can scarcely expect 

 that the American supply will be fully equal to the de- 

 mand for a long time to come ; and the weight of a na- 

 tional debt will probably be so heavy that without any 

 direct duty on the transit of Cotton, prices must be 

 higher than they have been hitherto. It is perhaps as 

 well to bear these conditions in miad, inasmuch as it ia 

 greatly to be feared that the panic which may follow the 

 opening of the Southern ports, will prove so disastrous 

 to the Cotton cultivation in this country, as to undo all 

 the good that has been effected by the recent stimulus 

 to the Indian supply. "With the expression of these 

 convictions, the task of the compiler is brought to a 

 close. 



