year has been received in market, the crops of the two preceding seasons are often confounded. Nevertheless, by comparison of the different accounts with each other, estimates may be made of the crop of each season, closely approximating to general correctness.

The exports of "sea-island" cotton from the United States, within certain periods, have been as follows:

The annual exports of " sea-island" cotton for the last nineteen years, excepting the years 1845, 46, '49, and '52, were less in quantity than the exports of the same kind in 1805. The fluctuations in the prices of "sea-island" cotton have not been so great as in those of "other cotton." The "embargo," laid December 22, 1807, and which continued in force till March 1, 1809, affected the crops of 1808 and 1809, as to quantity produced, and prices; and the war with Great Britain (declared in June, 1812, peace being fully restored in January, 1815,) injuriously affected the production and prices of all cotton for the years 1812, '13, and '14. The annual consumption in the United States of raw "sea-island" cotton, it is estimated, is not now more than one-hundredth of the amount exported, being in 1852 estimated to be about 100,000 pounds. Though the treasury accounts from 1805 to 1820 distinguish in the tables of exports between domestic and foreign cotton exported, and the quantities and values of the different kinds of cotton, and that exported in foreign and that in domestic vessels; since 1820 the separate values of "sea-island" and of "other cotton" are not stated in the published reports. It appears that for many years Great Britain has generally received nearly four-fifths, and France about onefifth, in quantity, of the "sea-island" cotton exported.

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It has been stated that a process of dividing, or splitting, the coarser "upland" cotton, and of substituting the divided fibre for the fine 'sea-island," in the manufacture of the finer muslins, has recently been discovered in Europe; and which, it has been conjectured by some, may cause a diminution of the value of "sea-island" cotton. The account is not fully credited; but if the fact be as stated, it is considered that the expense and labor of dividing the coarser cotton must exceed the additional cost of the production and preparation of the "sea-island" for market, to that of the "upland;" and more than the ordinary difference between the prices of the different kinds. And it is also believed that articles manufactured from cotton naturally fine, must excel in appearance, strength, and durability, any made from cotton the fineness of which is produced by artificial means, like those intimated; and that for a long time to come, markets equally as certain and as profitable as now exist for all the "sea-island" cotton that can be

raised in the United States, (as before observed, necessarily limited in quantity,) may be certainly depended upon.

A comparison of the exportations of "sea-island" cotton with those of "all other" domestic raw cotton will show that, whilst in 1805, '6, and "7 the former amounted to 23,809,752 pounds, the quantity of the latter exported during the same period was 114,182,256 pounds; the proportion of "sea-island" to "all other" being less than a fourth, and to the entire exportation less than a fifth in quantity. In 1821, '22, and '23 the proportion of "sea-island" to the entire exportation was less than a twelfth in quantity; and in 1849, '50, and '51 that proportion was less than a ninetieth! In the year 1852, the "sea-island" exported was 11,738,075 pounds, and the proportion to the entire exportation of 1,093,230,639 pounds was less than one ninety-third.

The "upland" cotton crop of the United States has increased since 1790, with a rapidity unexampled, in history, by any product of agriculture, in any country. Its augmentation in respect of quantity, as well for home manufacture and consumption as for home manufacture for exportation, and as an article of foreign commerce in its "raw" state, and likewise the increase of its importance and value as an article of commerce after its manufacture in foreign countries, are also unparalleled. The consequence it has attained as an article of necessity, in affording the means of employment to the manufacturing classes of Europe (and especially of Great Britain) and of this country, is also without precedent.

The exportations of domestic upland cotton anterior to 1805, separately from "sea-island," cannot be given for the reasons before stated. The exportation of "sea-island" in certain periods is stated above. The exports of "other cotton," or "upland," and likewise the "total exports" of all domestic raw cotton, in the same periods, were as follows:

Years.

Exports of raw cotton from the United States.

Domestic "upland" Total domestic cotton Official valuation.

The official returns show that the increase of the aggregate of the exportations of all kinds of domestic raw cotton, since it has become

a prominent article of foreign commerce, (except whilst the embargo of 1808, and the war of 1812, 1813, and 1814, affected our foreign trade, or when adventitious and unfavorable circumstances shortened the crop,) has been unchecked and regular. That increase, since 1805, has been upwards of twenty-eight fold in quantity, and more than nine hundred per centum in value, and the steadiness of the augmentation will be manifest by taking the aggregate of each successive three years after 1804, down to and including 1852, omitting only the years when all the commerce of the United States was shackled and reduced, as above noticed.

The importations of foreign raw cotton into, and the exportations of foreign raw cotton out of, the United States, (the difference being consumed in the United States) are stated below for certain years, as taken from the treasury returns:

The quantities and values for every year have not all been found in the treasury returns; but the one may generally be estimated from the other, and from the prices of domestic cotton the same year. It appears that the price of some foreign cotton was formerly very high; but the average of medium "upland" domestic cotton is now too great for the foreign cotton imported. As before observed, the entire exports of 1790, '91, and '92, are set down as foreign raw cotton; insomuch as they were less than the imports of same cotton in same years. The total amount of the crops of the United States in those three years has been variously estimated; but the accounts of the imports and exports of foreign raw cotton, (before stated with explanations,) show that the cotton then produced in the United States was not sufficient for the domestic consumption in those three years!

Our importations have swelled in the aggregate from about $388,000,000, in 1805, '6, and '7, to $542,220,689 in 1849, '50, and '51. In the year ending June 30, 1852, they amounted to $212,613,282. In considering this increase, it should be recollected that this statement does not show the increased consumption in the United States of the foreign articles, which in some instances is greater than appears by such account.

In former years a large portion of these importations was destined for exportation from the United States to foreign countries, and was not consumed here. We received the freights upon such of them as were carried in our ships, in or out; and import duties, less the drawback on exportation, and the incidental expenses of storage, &c. This "car

rying" trade has decreased more in proportion than any other. The following account of such aggregate importations and exportations of all foreign merchandise, and likewise the next following account as to foreign cotton manufactures imported and exported in different periods, will illustrate these remarks. The difference is the true amount of such importation consumed in the United States. The accounts, or general tables, annually published by the treasury, do not direct attention to past changes in the course and character of our trade, commerce, and navigation; and therefore its true decrease or increase, and its actual retrogression or progress, in every respect, is not manifest without close investigation of several different tables.

The value of importations and exportations of foreign merchandise, and "difference," (being the amount consumed in the United States,) in certain periods, were as follows:

The "bullion and specie" imported and exported, are included in the above. It corrects some errors (though trivial) in former tables, pp. 288 and 701.

The value of importations and exportations of foreign manufactures of cotton and "difference," being the amount consumed in the United States, in certain periods, was as follows:

A reference to the more detailed statement appended will show that for some years past, most of the above specified importations have been of the finer kinds of manufactures, made chiefly from the "seaisland" cotton, or the best qualities of "upland." Our domestic manufactures, though improved greatly as to quantity, have hitherto been mostly of the medium, or of the coarser or lower-priced goods, made from ordinary "upland" cotton, manufactured with less labor, and more cheaply than the finer goods. A reference to the following compiled account, and to the more detailed table appended, of our domestic cotton manufactures, exported since 1826, will verify this statement, as to the quality thereof. A comparison of these statements with those of our exportations of raw cotton will show that, whilst our exports from cotton have, since 1821, increased nine-fold, the importations of our foreign cotton manufactures have but a little more than doubled. Our exportations of domestic cotton manufactures have nearly destroyed the exportations of foreign cotton manufactures, and taken the place of them."

The treasury returns of exports show to what countries the foreign cotton manufactures, and also to what countries the domestic cotton manufactures, were sent from the United States; and an investigation as to the facts, in this respect, would be interesting and useful to the merchants and statesmen of this country; but the limits to which this paper is restricted precludes, at this time, anything on this subject but the suggestion now made.