Thus the monopoly of King Cotton hangs upon a thread. Its profits must fall, or it must cease to exist. If subject to no disturbing influence, such as war, which would force the world to look elsewhere for its supply, and thus unnaturally force production elsewhere, the growth of this competition will probably be slow. Another War of 1812, or any long-continued civil convulsions, would force England to look to other sources of supply, and, thus forcing production, would probably be the death-blow of the monopoly. Apart from all disturbing influences arising from the rashness of his own lieges, or other causes, the reign of King Cotton at present prices may be expected to continue some ten years longer. For so long, then, this disturbing influence may be looked for in American politics; and then we may hope that this tremendous material influence, become subject, like others, to the laws of trade and competition, will cease to threaten our liberties by silently sapping their very foundation. As in the course of years competition gradually increases, the effect of this competition on the South will probably be most beneficial. The change from monopoly to competition, distributed over many years, will come with no sudden and destructive shock, but will take place imperceptibly. The fall of the dynasty will be gradual; and with the dynasty must fall its policy. Its fruits must be eradicated by time. Under the healing influence of time, the South, still young and energetic, ceasing to think of one thing alone, will quickly turn its attention to many. Education will be more sought for, as the policy which resisted it, and made its diffusion impossible, ceases to exist. With the growth of other branches of industry, labor will become respectable and profitable, and laborers will flock to the country; and a new, a purer, and more prosperous future will open upon the entire Republic. Perhaps, also, it may in time be discovered that even slave-labor is most profitable when most intelligent and best rewarded,--that the present mode of growing cotton is the most wasteful and extravagant, and one not bearing competition. Thus even the African may reap benefit from the result, and in his increased self-respect and intelligence may be found the real prosperity of the master. And thus the peaceful laws of trade may do the work which agitation has attempted in vain. Sweet concord may come from this dark chaos, and the world receive another proof, that material interest, well understood, is not in conflict, but in beautiful unison with general morality, all-pervading intelligence, and the precepts of Christianity. Under these influences, too, the very supply of cotton will probably be immensely increased. Its cultivation, like the cultivation of their staple products by the English counties mentioned by Smith, will not languish, but flourish, under the influence of healthy competition.--These views, though simply the apparently legitimate