This is the present aspect of the Provision question, as it regards slavery extension. Prices are approximating the maximum point, beyond which our provisions can not be fed to slaves, unless there is a corresponding increase in the price of cotton. Such a result was not anticipated by Southern statesmen, when they had succeeded in overthrowing the protective policy, destroying the United States Bank, and establishing the Sub-Treasury system. And why has this occurred? The mines of California prevented both the Free-Trade Tariff,[33] and the Sub-Treasury scheme from exhausting the country of the precious metals, extinguishing the circulation of Bank Notes, and reducing the prices of agricultural products to the specie value. At the date of the passage of the Nebraska Bill, the multiplication of provisions, by their more extended cultivation, was the only measure left that could produce a reduction of prices, and meet the wants of the planters. The Canadian Reciprocity Treaty, since secured, will bring the products of the British North American colonies, free of duty, into competition with those of the United States, when prices, with us, rule high, and tend to diminish their cost; but in the event of scarcity in Europe, or of foreign wars, the opposite results may occur, as our products, in such times, will pass, free of duty, through these colonies, into the foreign market. It is apparent, then, that nothing short of extended free labor cultivation, far distant from the seaboard, where the products will bear transportation to none but Southern markets, can fully secure the cotton interests from the contingencies that so often threaten them with ruinous embarrassments. In fact, such a depression of our cotton interests has only been averted by the advanced prices which cotton has commanded, for the last few years, in consequence of the increased European demand, and its diminished cultivation abroad.
On this subject, the London Economist, of June 9, 1855, in remarking on the aspects of the cotton question, at that moment says:
"Another somewhat remarkable circumstance, considering we are at war, and considering the predictions of some persons, is the present high price and consumption of cotton. The crop in the United States is short, being only 1,120,000,000 or 1,160,000,000 lbs., but not so short as to have a very great effect on the markets had consumption not increased. Our mercantile readers will be well aware of this fact, but let us state here that the total consumption between January 1st and the last week in May was:
CONSUMPTION OF COTTON.
| 1853. | 1854. | 1855. | |
| Pounds, | 331,708,000 | 295,716,000 | 415,648,000 |
| Less than 1855, | 83,940,000 | 119,932,000 | |
| Average consumption of lbs. per week, | 15,600,000 | 14,000,000 | 19,600,000 |
"Though the crop in the United States is short up to this time, Great Britain has received 12,400,000 lbs. more of the crop of 1854 than she received to the same period of the crop of 1853. Thus, in spite of the war, and in spite of a short crop of cotton, in spite of dear corn and failing trade to Australia and the United States, the consumption of cotton has been one-fourth in excess of the flourishing year of 1853, and more than a third in excess of 1854. These facts are worth consideration.
"It is reasonably expected that the present high prices will bring cotton forward rapidly; but as yet this effect has not ensued. . . . . Thus, it will be seen that, notwithstanding the short crop in the States, (at present, they have sent us more in 1855 than in 1854, but not so much as in 1853,) the supply from other sources, except Egypt, has been smaller in 1855 than in either of the preceding years, and the supply from Egypt, though greater than in 1854, is less than in 1853." [From India, the principal hope of increased supplies, the imports for 1855, in the first four months of the year, were less by 47,960,000 lbs. than in 1854, and less by 64,000,000 lbs. than in 1853.[34]] "We may infer, therefore, that the rise in price hitherto, has not been sufficient to bring increased supplies from India and other places; but these will, no doubt, come when it is seen that the rise will probably be permanent in consequence of the enlarged consumption, and the comparative deficiency in the crop of the United States."
After noticing the increasing exports of raw cotton from both England and the United States to France and the other countries of the Continent, from which it is inferred that the consumption is increasing in Europe, generally, as well as in Great Britain, the Economist proceeds to remark:
"A rapidly increasing consumption of cotton in Europe has not been met by an equally rapidly increasing supply, and the present relative condition of the supply to the demand seems to justify an advance of price, unless a greatly diminished consumption can be brought about. What supplies may yet be obtained from India, the Brazils, Egypt, etc., we know not; but, judging from the imports of the three last years, they are not likely to supply the great deficiency in the stocks just noticed. A decrease in consumption, which is recommended, can only be accomplished by the state of the market, not by the will of individual spinners; for if some lessen their consumption of the raw material while the demand of the market is for more cloth, it will be supplied by others, either here or abroad; and the only real solution of the difficulty or means of lowering the price, is an increased supply. This points to other exertions than those which have been latterly directed to the production of fibrous materials to be converted directly into paper. Exertions ought rather to be directed to the production of fibrous materials which shall be used for textile fabrics, and so much larger supplies of rags—the cheapest and best material for making paper will be obtained. But theoretical production, and the schemers who propose it, not guided by the market demands, are generally erroneous, and what we now require is more and cheaper material for clothing as the means of getting more rags to make paper.