Before proceeding further, it would be well for the reader to look around his own neighbourhood, and see how many exchanges are even now made that could not be made by people that were separated even ten or twenty miles from each other, and how many conveniences and comforts are enjoyed in exchange for both labour and commodities that would be wasted but for the existence of direct intercourse between the parties--and, then to satisfy himself if the same law which may be deduced from the small facts of a village neighbourhood, will not be found equally applicable to the great ones of larger communities. Having reflected upon these things, let him next look at the present condition of the cotton trade, and remark the fact that scarcely any of the wool produced is consumed without first travelling thousands of miles, and passing through almost hundreds of hands. The places of production are India, Egypt, Brazil, the West Indies, and our Southern States. In the first, the manufacture is in a state of ruin. In the second, third, and fourth, it has never been permitted to have an existence; and in the last it has but recently made an effort to struggle into life, but from month to month we hear of the stoppage or destruction of Southern mills, and the day is apparently now not far distant when we shall have again to say that no portion of the cotton crop can be consumed in the cotton-growing region until after it shall have travelled thousands of miles in quest of hands to convert it into cloth.