“True; and Hodge was to be pitied, because there was no making a free labourer of his bull. But if he had had the choice whether to hold the animal itself as capital, or only its labour, we should have laid the blame of his double loss upon himself.” “You must hear what Mitchelson has to say on that subject, son. He has suffered as much in his time as any man from troublesome slaves. More than one was executed, and several ran away while his last lease was current. His management has changed, however, with the change of times.” “Is he suffering, like every body else?” “Yes; and I do not think he would have renewed his lease if he had anticipated how prices would fall. But he is a prudent man, and knows how to mould his plan to differences of circumstance.” “Who is his landlord?” “Stanley, who has lived in England these fifteen years, you know. When he left this neighbourhood, he let Paradise to Mitchelson for ten years, at a thousand a year. There was a permanent population of 300 slaves on the estate at that time.” “If there were no more than 300 slaves, sugars must have borne a better price than they do now, to make it a good bargain to Mitchelson.” “They averaged a gross price of 30_l._ a ton. In addition to the rent, the other charges amounted to about 20_l._ a ton; so that Mitchelson’s net income was 1000_l._” “And prices being higher than at present, he was tempted to work his slaves to the utmost?” “Yes; but another part of the agreement was, that the plantation, with all belonging to it, should be appraised when the lease expired, and that Mitchelson should pay up for any damage it might have sustained, or pocket the value of any improvement. He made his calculations carefully, and found that it would hardly answer to overwork his slaves considerably, as what he would have to pay up for the sacrifice of life at the end of ten years, would balance the present increase of profits from making more sugar; so he began moderately: but when prices rose to 40_l._ a ton, adding 2000_l._ to his income, it became clearly his interest to increase his crop. He determined therefore to add 100 tons to it, even at an expense of life of 1000_l._ But it is inconceivable what trouble he had after a time. He can tell you as much as any man I know about the inefficiency of the law for the protection of property.” Alfred made no reply; and there was a long silence. “Well!” continued his father, “do not you wish to know the end of Mitchelson’s speculation?” “O! by all means. I was thinking what would be the issue of it——at the end of time.” “At the close of the lease,—that is, five years ago,—he willingly paid up for the slaves that were under-ground, and got a renewal——” “Pray, did Stanley understand his system?”