forth in our public journals as a doctrine of the highest value. There is, however, no such thing as a universal code of political economy. The Americans listened and laughed, and ran up their factories faster than ever, and ransacked the bowels of the earth for their inestimable strata of minerals, believing with a proper faith that they would not have been placed there unless it was intended that man should convert them to his use. Our cotton manufacturers, being thus situated, had some reason to despond. The nation that gave them their raw material, and that was also their best customer for fabrics, seemed on the very point of deserting them in both ways. True, a much greater quantity of cotton than was ever yet grown might be raised in America, but then the demand, though great in itself, has limits; and an unusually large crop has the effect of extinguishing profit to the grower. This will be better understood by the American estimate of the value of crops:-- Crop. Amount of Product, lbs. Estimated Value, dols. 1844 812,000,000 65,772,000 1845 958,000,000 56,000,000 1847 711,000,000 72,000,000 1848 1,100,000,000 60,000,000 The estimate for the latter year, says Mr Carey, was that made at New Orleans before the occurrence of the frosts and freshets, which, we presume, raised the price of cotton wool. We see, however, from this, that the small yield of 1847 was infinitely more profitable to the grower than the large yield of 1845, and this will explain the reason why the culture of cotton cannot be indefinitely extended. It therefore became necessary, at all hazards, if cotton-spinning in Britain was to be maintained in its former palmy state, that some further concession should be made to America, to bribe her, since she could not be forced to abstain from the encouragement of her own manufactures.