"Another important deduction may be made from the state of the cotton market. It has not been affected, at least the production of cotton with the importation into Europe has not been disturbed by the war, and yet it seems not to have kept pace with the consumption. From this we infer that legislative restrictions on traffic, permanently affecting the habits of the people submissive to them, and of all their customers, have a much more pernicious effect on production and trade than national outpourings in war of indignation and anger--which, if terrible in their effects, are of short duration. These are in the order of nature, except as they are slowly corrected and improved by knowledge; while the restrictions--the offspring of ignorance and misplaced ambition--are at all times opposed to her beneficent ordinances."
The _Economist_ of June 30, in its Trade Tables, sums up the imports for the 5th month of the year 1855; from which it appears, that instead of any increase of the imports of cotton having occurred, they had fallen off to the extent of 43,772,176 lbs. below the quantity imported in the corresponding month of 1854.
The _Economist_ of September 1, 1855, in continuing its notices of the cotton markets, and stating that there is still a falling off in its supplies, says:
"The decline in the quantity of cotton imported is notoriously the consequence of the smallness of last year's crops in the United States. . . . . It is remarkable that the additional supply which has made up partly for the shortness of the American crop comes from the Brazils, Egypt, and other parts. From British India the supply is relatively shorter than from the United States. It fails us more than that of the States, and the fact is rather unfavorable to the speculations of those who wish to make us independent of the States, and dependent chiefly on our own possessions. The high freights that have prevailed, and are likely to prevail with a profitable trade, would obviously make it extremely dangerous for our manufacturers to increase their dependence on India for a supply of cotton. In 1855, when we have a short supply from other quarters, India has sent us one-third less than in 1853."