Let each one make his own allowance for the disadvantage of having the larger portion of the capital of a State locked up in a tool which would do more and better work if recognized as a man and representing no invested capital. How much productive industry would there be in New England, if every laborer or mechanic cost his employer $800 to $1500 before he could be set to work, and if each one who undertook to labor upon his own account, and was not so purchased, were stigmatized and degraded and termed 'mean white trash?' It will again be objected that the theory of the cotton planter is to raise all the food and make all the clothing on the plantation. The cultivation of cotton in the best manner is described by Southern writers as a process of _gardening_. Now what would be thought of a market gardener at the North who should keep a large extra force for the purpose of spinning yarn on a frame of six to ten spindles, and weaving it up on a rude hand loom? Would this not be protection to home industry in its most absurd extreme? But this is the plantation system. The correctness of the estimate of cost can be tested in some degree by the rates at which able-bodied slaves are hired out. Many lists can be found in Southern papers; the latest found by the writer is in De Bow's _Review_ of 1860. A list of fourteen slaves, comprising 'a blacksmith, his wife, eight field hands, a lame negro, an old man, an old woman and a young woman,' were hired out for the year 1860, in Claiborne Parish, La., at an average of $289 each, the highest being $430 for the blacksmith, and $171 for 'Juda, old woman.' The Southern States have thus far retained almost a monopoly of the cotton trade of the civilized world by promptly furnishing a fair supply of cotton of the best quality, and at prices which defied competition from the only region from which it was to be feared, viz., India. This monopoly has been retained, notwithstanding the steadily increasing demand and higher prices of the last few years. Improvements in machinery have enabled manufacturers to pay full wages to their operatives, both in this country and in England, and to pay higher prices for their cotton than they did a few years since, without materially enhancing the cost of their goods, the larger product of cloth from a less number of hands and the saving of waste offsetting the higher price of cotton; but it is not probable that the cost of labor upon cotton goods can be hereafter materially reduced. The cost of labor upon the heavy sheetings and drills which form the larger part of our exports is now only one and one-half cents per yard, and the cost of oil, starch, and all other materials except cotton, less than one-half cent, making less than two cents for cost of manufacturing; but with cotton at ten cents to the planter and twelve and one-half cents to the spinner, the cost of cotton in the yard of same goods is five cents.