THE results of the contest, in relation to Protection and Free Trade, have been more or less favorable to all parties. This has been an effect, in part, of the changeable character of our legislation; and, in part, of the occurrence of events in Europe, over which our legislators had no control. The manufaturing States, while protection lasted, succeeded in placing their establishments upon a comparatively permanent basis; and, by engaging largely in the manufacture of cottons, as well as woolens, have rendered home manufactures, practically, very advantageous to the South. Our cotton factories, in 1850, consumed as much cotton as those of Great Britain did in 1831; thus affording indications, that, by proper encouragement, they might, possibly, be multiplied so as to consume the whole crop of the country. The cotton and woolen factories, in 1850, employed over 130,000 work hands, and had $102,619,581 of capital invested in them. They thus afford an important market to the farmer, and, at the same time, have become an equally important auxiliary to the planter. They may yet afford him the only market for his cotton. The cotton planting States, toward the close of the contest, found themselves rapidly accumulating strength, and approximating the accomplishment of the grand object at which they aimed--the monopoly of the cotton markets of the world. This success was due, not so much to any triumph over the North--to any prostration of our manufacturing interests--as to the general policy of other nations. All rivalry to the American planters from those of the West Indies, was removed by emancipation; as, under freedom, the cultivation of cotton was nearly abandoned. Mehemet Ali had become imbecile, and the indolent Egyptians neglected its culture. The South Americans, after achieving their independence, were more readily enlisted in military forays, than in the art of agriculture, and they produced little cotton for export. The emancipation of their slaves, instead of increasing the agricultural products of the Republics, only supplied, in ample abundance, the elements of promoting political revolutions, and keeping their soil drenched with human blood. Such are the uses to which degraded men may be applied by the ambitious demagogue. Brazil and India both supplied to Europe considerably less in 1838 than they had done in 1820; and the latter country made no material increase afterward, except when her chief customer, China, was at war, or prices were above the average rates in Europe. While the cultivation of cotton was thus stationary or retrograding, everywhere outside of the United States, England and the Continent were rapidly increasing their consumption of the article, which they nearly doubled from 1835 to 1845; so that the demand for the raw material called loudly for its increased production. Our planters gathered a rich harvest of profits by these events.