Such, then, in brief and casual review, is King Cotton, his subjects, and his realm. Vast as his concerns and possessions may appear at present, they are but the hint of what the future will develop. The best authority puts the amount of cotton goods manufactured in America at about fourteen pounds per head of population, of which twelve pounds per capita are retained for home consumption, leaving only a small margin for export. On the Continent there is but one country, probably—Switzerland—that manufactures more cotton goods than it consumes; and the Continent demands from Great Britain an amount of cotton cloth that, added to its own supply, exhausts nearly one-half the product of the English mills. It is hardly probable that, under the sharp competition of American mills, the capacity of either England or the Continent for producing ordinary cotton cloths will be greatly increased. But, with the yield of the English and Continental mills at least measurably defined and now rapidly absorbed, there is an enormous demand for machine-made cotton fabrics springing from new and virtually exhaustless sources. The continents of Asia, Africa, South America, Australia, and the countries lying between the two American continents, contain more than 800,000,000 people, according to general authority. This immense population is clothed in cotton almost exclusively, and almost as exclusively in hand-made fabrics. That the cheap and superior products of the modern factory will displace these hand-made goods as rapidly as they can be delivered upon competing terms, cannot be doubted. To supply China alone with cotton fabrics made by machine, deducting the 35,000,000 people or thereabout already supplied, and estimating the demand of the remainder at five pounds per capita, would require 3,000,000 additional bales of cotton and 30,000,000 additional spindles. The goods needed for this demand will be the lower grades of cottons, for the manufacture of which the South is especially adapted, and in which there is serious reason to believe she has demonstrated she has advantages over New England. The demand from Mexico, Central and South America, will grow into immense proportions as cotton and its products cheapen under increased supply, and improved methods of culture and manufacture. The South will be called upon to furnish the cotton to meet the calls of the peoples enumerated. That she can easily do so has been made plain by previous estimate, but it may be added that hardly three per cent. of the cotton area is now devoted to cotton, and that on one-tenth of a single Cotton State—Texas—double the present crop might be raised. Whether or not she will do this profitably, and without destroying the happiness and prosperity of her former population, and building up a land-holding oligarchy, depends on a reform in her system of credit and her system of planting. The first is being effected by the introduction of capital that recognizes