The commonly received view of the position of the cotton-planter is that he is in a chronic state of debt. Such is the fact; not, however, because he does not make a large amount of profit,--for cotton-planting is the most profitable branch of agriculture in the United States,--but because his standard of value is a negro, and not a dollar, and, in the words of a Southern writer, "He is constantly buying more land to make more cotton to buy more negroes to cultivate more land to raise more cotton to buy more negroes," and for every negro he buys he gets trusted for another. Both himself and his hands are of the least possible value to the community. By maintaining his system he excludes cheap labor from the cultivation of cotton,--slave-labor being the most wasteful and the most expensive of any. He purchases for his laborers the least possible amount of manufactured articles, and he wastes his own expenditure in the purchase of foreign luxuries. Reference has been made to the increase to be expected in the product of wool, after the removal or destruction of Slavery. We import annually 30,000,000 pounds of wool, and make little or no use of the best region for growing wool in the whole country,--the western slope of the Alleghany and Cumberland Mountains and of the Blue Ridge. Free laborers will not go there, although few slaves are there to be found; for they well know that there is no respect or standing for the free laborer in any Slave State. Again, throughout the uplands of Georgia, the Carolinas, and Alabama, it has been proved that sheep can be raised upon the English system with the greatest success. Upon their light lands, (selling at less than $1 per acre,) turnips can be raised in great abundance and fed to sheep in the field, and by the process the fields brought to a point of fertility, for cotton or grain, equal to the best bottom-lands of Mississippi or Louisiana. This fact has been sufficiently proved by the experience of the very few good farmers in Georgia. The climate of these sections is wonderfully healthy, and is far better adapted to the production of wool than that of England, the extremes of heat and cold being far greater, and yet the cold not being sufficient to prevent the raising of turnips or feeding from the field in winter. To produce fine fleece-wool, a warm summer and a cool winter are requisite. Let any one examine Southern writings upon agriculture, and note the experience of the few working, sensible cultivators, who, by a system of rewards and premiums partially equivalent to the payment of wages to their slaves, have obtained the best results of which Slavery is capable, and he will realize the immense increase to be expected when free and intelligent labor shall be applied to Southern agriculture. We hold, therefore, that by the destruction of Slavery, and by that only, this war can be made to pay, and taxation become no burden.