"A rapidly increasing consumption of cotton in Europe has not been met by an equally rapidly increasing supply, and the present relative condition of the supply to the demand seems to justify an advance of price, unless a greatly diminished consumption can be brought about. What supplies may yet be obtained from India, the Brazils, Egypt, etc., we know not; but, judging from the imports of the three last years, they are not likely to supply the great deficiency in the stocks just noticed. A decrease in consumption, which is recommended, can only be accomplished by the state of the market, not by the will of individual spinners; for if some lessen their consumption of the raw material while the demand of the market is for more cloth, it will be supplied by others, either here or abroad; and the only real solution of the difficulty or means of lowering the price, is an increased supply. This points to other exertions than those which have been latterly directed to the production of fibrous materials to be converted directly into paper. Exertions ought rather to be directed to the production of fibrous materials which shall be used for textile fabrics, and so much larger supplies of rags--the cheapest and best material for making paper will be obtained. But theoretical production, and the schemers who propose it, not guided by the market demands, are generally erroneous, and what we now require is more and cheaper material for clothing as the means of getting more rags to make paper. "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: