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COTTON-WOOL. 



13. In the United States, although the cost of 

 subsistence is much less than in England, the 

 wages of labour are higher ; and placing machinery 

 out of the question, which may indefinitely multi- 

 ply labour in either country, this lower rate of 

 wages ought to give us a present advantage as a 

 manufacturing people. But the wages of labour, 

 which are generally regulated by the cost of sub- 

 sistence, are comparatively high in America at 

 present, because new objects, upon which labour 

 can be advantageously employed, are perpetually 

 presenting themselves, and the demand may there- 

 fore be considered to exceed the supply. 



As the population increases and the objects of 

 profitable employment are successively exhausted, 

 the American labourer must be content with a less 

 liberal subsistence, the wages of labour must gra- 

 dually fall, and the advantage which we at present 

 enjoy will be turned in favour of that country 

 which produces the means of subsistence at the 

 cheapest rate. 



14. The public debt of the United States, which 

 does not at present exceed fifteen millions sterling, 

 is likely to be extinguished in seven or eight 

 years, and the Government will then command a 

 large surplus income, which may be applied to the 

 advancement of any national object. Imbued as 

 the people of that country are with a singular 

 spirit of rivalry, eager in the pursuit of wealth, 

 active, enterprising, and intelligent, is it not to be 



expected 



