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OOTrearaijßSf mvsoms EDITED AMU PCBLISUED UT.LKIV, BV HARRISON A MFEB?, CITY PHI .V TERS. A , ADDRESS OF TIIK SOUTHERN DELEGATES iu Contgi'f -'ft* to Constituent *•- Mr» Calhonn's. We are indebted to the Editor of the Telegraph f,r a daily Charleston Mercury of the 31st ult, containing this address.— From ;be lateness of the hour, we are com pelled to give but an outline of the strong points made in the body of the address, with one important extract and the clos ing remarks entire. It opens with a presentation of the sub ject-matter to the constituents of those whose names are affixed. Then the sla very agitation is alluded to as it had com menced. spread and infected the masses of the North—“aggression following aggres sion, and encroachment encroachment, un til it has reached a point when a regard for our peace and safety will not permit them to remain longer silent.” And tak ing up the debates in the convention that framed the Constitution, showing the dif ferences of feeling and opinion in that body, the address details the compromises there effected, wi liout which the South would never have confederated with the North—the apportionment of representa tion and taxation, the delivery of fugitive slaves escaping from servitude into free States, the prohibition of the slave-trade after the year 1808, and the provision that no capitation or direct tax shall be laid, but in proportion to federal numbers. All of which measures were adopted almost unanimously—the one in reference to fu gitive slaves entirely so. The address then proceeds to show with what faith ties provision, particularly, lias been observed. It then takes up the subject in detail from the time of the anti-slavery agitation in 1819,0n the admission of Missouri into the Union, and characterizes that year as one, “ it is to be feared, destined to mark a train of events, bunging with them many, and great, and fatal disasters, on the country and its institutions.” To the excitement on that question is attributed the hostility that soon disclosed itself in the North a gainst that portion of the Constitution which provides for delivering up fugitive slaves. And this aggression, in its turn, led to hostile acts, intended to render this provision of non-effect, arid which have been so successful “ that it may now he re garded as practically expunged from the ■(institution. The importance and fun damental character of this provision is then explained, the decisions of Judges Story and Baldwin upon it are cited, and the refusal of several of the free States to comply with it, is decided to be “a clear and palpable invasion of the Constitution.” It then declares all indirect acts of those “ secret combinations which are believed to exist in most of the Northern States, whose object is to entice, decoy, entrap, enveigle, and seduce slaves to escape from their owners, and to pass them secretly and rapidly, hv means organized tor the purpose, into Canada, where they will be beyond the reach of the provision, ’ are declared to be equally violations of that sacred instrument. In the following ex tract the address reviews rapidly the more systematic operations of the abolitionists from 1545 : “ There remains to ho noticed another class of aggressive acts of a kindred cliar actei, but which instead of striking at an expresss and spacific provision of the Con stitution, aims directly at destroying the relation between the two races at the South, by means subversive in their ten dency of one of the ends for which the Constitution was established. We refer to the systematic agitation of the question by the Abolitionists, which, commencing in 1835, is still continued in all possible forms. Their avowed intention is to bring about a state of tilings that will force e mancipation on the South. To unite the North in fixed hostility to slavery in the South, and to excite discontent among the slaves with their condition, are among the means employed to effect it. With a view to bring about the former, every means arc resorted to in order to render the South, and the relation between the two races there, odiou3 and hateful to the North. Forihis purpose, societies and newspa pers are every where established, debating clubs opened, lecturers employed, pamph lets and other publications, pictures and petitions to Congress, resorted to, and di rected to that single point, regardless of truth or decency ; while the circulation of incendiary publications in the South, the agitation of the subject of abolition in Congress, and the employment of emis saries, are relied on to excite discontent among the slaves. This agita’ion, and the use of these means, have been continued with more or less activity for fifteen years, not without doing much towards effecting the object intended. We regard both ob ject and means to he aggressive and dan gerous to the rights of the South, andstib versive, as stated, of one of the ends for which the Constitution was established. Slavery is a domestic institution. It be longs to the States, each for itself, io de cide whether it shall be established or not; and if it be established, whether it should be abolished or not. Such being the clear and unquestionable right of the States, it follows necessarily that it would he a fla i grant act of aggression on a State, de structive of its rights, and subversive of its independence, for the Federal Govern ment, or one or more States, or their peo ple, to undertutc to force on it the eman cipation of its slaves. 13ut it is a sound maxim in politics, as well as law and morals, that no one lias a right to do that indirectly which lie cannot do directly ; and it may he added, with equal truth, to aid, or abet, or countenance another in do ing it. And yet the Abolitionists of the Nor h, openly avowing their intention, and resorting to the most efficient means for the purpose, have been attempting to bring about a state of things to force the Southern States to emancipate their slaves, without any act on the part of any North ern State to arrest or suppress the means by which they propose to accomplish it. I ’J by have been permitted to pursue their object, and to use whatever means they please, if without aid or countenance also without resistance or disapprobation. What gives a deeper shade to the whole affair, is the fact, that one of the means to effect their object, that of exciting discon tent among our slaves, tends directly to subvert what its preamble declares to be one of the endsfor which the Constitution was ordained and established : “ to ensure domestic tranquility and that in the on ly way in which domestic tranquili y is likely ever to be disturbed in the South. Certain it is, that ati agitation so systema tic, having such an object in view, and sought to becarried into execution by such means, would, between independent na tions, constitute just cause of remon strance by the party against which the ag gression was directed, and, if not heeded, an appeal to arms for redress. Such be ing the case where an aggression of the kind takes place among independent na tions, how much more aggravated must it he between confederated States, where the Union precludes an appeal to arms, while it affords a medium through which it can operate with vastly increased force and effect 1 That it would he perverted to such a use, never entered into the ima gination of the generation which formed and adopted the Constitution, and, if it had been supposed it would, it is certain that the South never would have adopted it.” The address adverts again to the agita tion on the Miss mri question, and gives a lucid history of the scenes of hat time, the different sentiments of the parties engaged in the controversy, and the pacific object of the compromise. “ Many,” it states, “ hailed it as a permanent and final ad justment that would prevent the recur rence of similar conflicts; hut others, less sanguine, took the opposite and more gloomy view, regarding it as the precur sor of a train of events which might rend the Union asunder, and prostrate our po litical sys'em. One of these was the ex perienced and sagacious Jefferson. Thus far, time would seem to favor his forebod ings. May a returning sense of justice, and a projecting Providence, avert their final fulfilment.” From tha 1 time to the admission of Texas, the aholiti n excite ment in reference to territories abated. At this time it broke out again with re doubled violence. “ The war with Mex ico soon fo'lowed, and that terminated in the acquisition of New Mexico and Cali fornia.” “ The near prospect of so great an addition rekindled the excitement be tween the North and South in teference to slavery in its connection with the terri tories. which has become, since those on the Pacific were acquired, more universal and intense than ever.” And now “the issue between them arid us is the naked question, shall slavery he extended or not !” Passing hastily over the discus sion of last session in regard to the right of Congress to exclude the citizens of the South, with their slaves, from the new ter ritories, the address states the issue be tween the North and South to he, not the extension of slavery on our part, hut “that we shall not he prohibited from immigrat ing, with our property, into the territories of the United States, because we are slave holders ; or, in other words, that we shall not on that account he disfranchised < f a privilege possessed by all others, citi zens and foreigners, without discrimina tion as to character, profession or color. All, whether savage, barbarian or civiliz ed, may freely enter and remain, we only being excluded.” Our equal and free oc cupancy is claimed, (Congress being de nied the authority under the Constitution to discriminate between the persons or discrip ions of property that may be carri ried into tli ise territories,) on tiio ground of “ right, justice and equity.” This ground is sustained by referring to their acquisition by the common sacrifice and efforts of all the States, in which the South was not behind the Nor h—by the rela tion which the confederated hut indepen dent States sustain to each other, in whom the right of property vest —by their ne cessary equality—“ equal in rights and e qual in dignity.” “ But as solid and im pregnable as are these grounds in the eyes of justice and reason, they oppose a feeble resistance to a majority determined to engross the whole.” The address then proceeds in a statement of the action of" ihe members of tho abolition party at the present session of Congress, referring particularly to the introduction of resolu tions for the abolition of slavery in the Dis trict of Columbia, and then continues : “Wo have now brought to a close a narrative of the series of acts of agres sion and encroachment, connected with the subject of this address, including those that are consummated and those still in progress. They are numerous, great, and dangerous, and threa'en with destruction the greatest anil most vital of all the inter es sand institutions of tho South. Indeed it may he doubted whether there is a sin gle pr (vision, stipulation, or guaranty of the Constitution, intended for the security of the South, that has not been rendered perfectly nugatory in all but two States. Itrnay even be made a serious question, whether the encroachments already made, j wi.hout the aid of any other, would not, | it permitted to operate unchecked, and iu emancipation, and that at no distant day. But he that as it may, it hardly admits of a doubt that, if the aggressions already commenced in the House and now in pro- 1 gtess, should be consummated, such in the : ; end would certainly be the consequence. Little, in truth, would be left to he done | after we have been excluded from all the j | 1 en itories, including those to he hereafter 1 acquired ; after slavery is abolished in this j j District, and in the numerous places dis- j j persed all over the South, where Congress j has the exclusive right of legislation, and ! after the other measures proposed are | consummated. Every outpost and barrier! would be carried, and nothing would he! left but to finish the work of abolition at pleasure in tho States themselves. This District, and all places over which Con i gress has exclusive power of legislation,! wou.d be asylums for fugitive slaves,; where, as soon as they placed their feet, they, would become, according to the doc trines of our Northern-assailants, free ; un less there should be some positive enact ments to prevent it. Undet such a state of things the proba bility is, that emancipation would soon follow, without any final act to abolish sla very. '1 lie depressing effects of such measures on tho white race at the South, and the hope they would create to the black of a speedy emancipation, would produce a slate of feeling inconsistent with the much longer continuance of the existing relations between the two. But be that as it may, it is certain, if emanci pation did not follow, as a matter of course, the Huai acts in llie States would not he long delayed. The want of con stitutional power would oppose a feeble resistance, 'i lie great body of the North is united against our peculiar institution. Many believe it to he sinful, and the resi due, with inconsiderable exceptions, be lieve it to be wrong. Such being the case, it would indicate a very superficial knowl edge of human nature, to think that, af.cl aiming at abolition, systematically, for so many years, and pursuing it with such un scrupulous disregard of law and Constitu tion, that the fanatics who have led the way, ands reed the great body of the North to follow them, would, when the fi nishing s roke only remained to he given, voluntarily suspend it, oi permit any con stitutional scruples or consideration of jus tice to arrest it. To these may he added an aggression, though not yet commenced, long medi aed and threatened ; to pro hibit what the aholiti mists call the in ternal slave trade, meaning thereby the transfer of slaves from one State to anoth er, from whatever motive done, or however effected. '1 heir object would seem to be to render them warthless, by crowding them together where they are, and thus hasten the work id emancipation. There is reason lor believing that it will soon fol low those nowin progress, unless, indeed, some decisive step should he taken in the meantime to arrest the whole. I lie question then is, will the meas ures of aggession proposed in the House be a lopted ? “ i hey may not, and probably will not, be this season. But when we take into consideration, that, there is a majority now in favor of one of them, and a strong mi nority in favor of the other, as far as the sense of the house has been taken ; that there will he in all probability a i onsider ahle increase in the next Congress of the vote in favor of them, and that it will he largely increased in the next succeeding Congress, under the census to he taken next year, it amounts almost to a certain ty, that they will he adopted, un'ess some deceisive measure is taken in advance to prevent it. “ But, it even these conclusions should prove erroneous—if fanaticism and the love of power should, contrary to their nature,for once respect constitutional har riers ; or it the calculations of policy should retard tho adoption of these meas ures, or even defeat them altogether, there would be still left one certain way to ac complish their object, if the determination avowed by the North to monopolise all ihe Territories, to the exclusion of the South, should be carried into effect. That of itself would, at no distant day, add to the North a sufficient number of States to give her three-fourths of the whole ; when, under the color of an amendmont of the Constitution, she would emancipate our slaves, however opposed it might he to its true in'ent. “ Thus, under every aspect, the result is certain, if aggression be not promptly and decidedly met. How it is to be met, it is for you to decide. “ Such then being the case, it would he to insult you to suppose you could hesi tate. I o destroy the existing relation be tween the free and servile races at the South would lead to consequences unparal leled in history. They cannot be separa ted, and cannot live together in peace, or harmony, or to their mutual advantange, except in their present relation. Under any other, wretchedness, and misery, and desolation, would overspread tho whole South. The example of the British West Indies, as blighting as emancipation has proved to them, furnishes a very Taint pie tme of the calamities it would bring on the South. The circumstances under which it would take place with us, would be entirely different from those which took place with them, and calculated to lead to far more disastrous results. There the Government of the parent country eman cipated slaves in her colonial possessions —a Governmet rich and powerful, and ac tuated by views of policy, ( mistaken as they turned out to he,) rather than fanati i cism. It was, besides, disposed to act | justly towards the owners, even in the act j of emancipating their slaves, and to pro tect and foster them afterwards. It ac cordingly appropriated nearly §100,000,- 1000 as a compensation to them foi their losses under the act, which sum, although ; it turned out to befar short of theamouii', 1 was thought at the time to he liberal. Since the emancipation, it has kept up a sufficient military and naval force to keep | the blacks in awe, and a number of mng j istrates, and constables, and other civil of ; ficers, to keep order in the towns and plan j tations, and enforce respec’ to i heir former I owners. To a considerable extent, these I have served as a substitute for the police ! formerly kept on the plantations by the owners and theiroverseers, and topreserve j ihe social and political superiority of the ! white race. But, no withstanding all this, I the British West India possessions are ru ined, impoverished, miserable, wretched, ! and destined probably to he abandoned to j ihe black race. Very different would he the circumstances under which emancipa tion would take place with us. If it ever should he effected, it will be through the agency of the Federal Government, con trolled by the dominant power of the Northern States of the Confedracy, against Iheresistance and struggle of. he Southern. “ It can then only he effected by the prostration of the white race; and that would necessarily engender ihe bitterest feelings of hostility between them and the North. But the reverse would bcihe case between the blacks of the South and the people of the North. Owing their eman cipation to them, they would regard them as friends, guardians, and patrons, and centre, accordingly, all their sympathy in them. The people of the North would not fail to reciprocate and to favor them, instead of the whites. Under the influence of such feelings, and impelled by fana i cism and love of power, they wou and not stop at emancipation. Anotherstep would be taken—to raise them to a political and social equality with their former owuers, by giving them the right of voting and holding public offices under the Federal Government. We see the first step to ward it in the hill already already alluded to—to vest the free black and slaves with the right to vote on the question of eman cipation in this District. But when once raised to an equality, they would become i the fast political associates of the North,! acting and voting with them on all ques tions, and by thi.-. political union between them holding the white race at the South in complete subjection. •‘The blacks, and the profligate whites that might unite with them, would become the principal recipients of federal offices and pa ronage, and would, in conse quence, he raised above the whites of the South in the political and social scale.— We would, in a word, change conditions wi li them—a degradation greater than has ever yet fallen to the lot of an enlight ened people, and one from which we could not escape, should emancipation take place, (which it cer ainly will if not prevented,) hut by fleeing the homes of ourselves and ancestors, and by abandon ing our country, to our former slaves, to become the permanent abode of disorder, anarchy, poverty, misery, and wretched ness. “ \\ i !i such a prospect before us, the gravest aid most solemn question that ev er claimed the attention of a people is pre sented for your consideration : What is to be done to prevent it I It is a question belonging to you to decide. All we pro pose is, to give you our opini n. “ We, then, are of opinion that the first and indispensable step, without which no thing can be done, and with which every thing may be, is to be united among your selves, on this great and most vital ques tion. The want of union and concert in reference to it lias brought die South, the Union, and our system of Government, to their present perilous condition. Instead of placing it above all others, we have made it subordinate, not only to mere questions of policy, but to the preserva tion of party ties and ensuring of party sflccess. As high as we bold a due re spect for these, we bold them subordinate to that and other questions involving your safety and happiness. Until they are so held by the South, the North w ill not be lie-e i hat you are in earnest in opposition to their encroachments, and they will con tinue to follow, one after another, until the work of abolition is finished. To con vince them that you are, you must prove by your acts that, you hold all other ques tions subordinate to it. If you become united, and prove yourselves in earnest, the North will be brought to a pause, and to a calculation of consequences ; and that may lead to a change of measures, and the adoption of a course of policy, that may quie ly and peaceably terminate this long conflict between the two sections. Jf it should not, nothing would remain for you but to stand up immoveably in defence of rights, involving you all—your property, prosperity, equality, liberty, and safety.* As the assailed, you would stand justifi ed by all laws human and divine, in re pelling a blow so dangerous, without look ing to consequences, and to resort to all means necessary for that purpose. Your assailants, and not you, would be responsi ble for consequences. Entertaining these opinions, we arnest lv entreat you to be united, and for that purpose adopt all necessary measutes.— Beyond this, we think it would not be proper to go at present. We hope, if you should unite with any thing like unanimity, it may of itself apply a remedy to this deep sealed and danger ous disease; but if such should not be the case, the time will then have come for you to decide what course to adopt. (Signed) J. M. Mason, R. M. T. Hunter, A. Atkinson, Tho. H. Bayly, H. Bedinger, R. L. T. Beale, T. S. Bocock, It. K. Meade, It. A. Thompson, W. G. Brown, of Virginia. J. R. J. Daniel, A. W. Venable, of North Carolina. A. P. Butler, J. C. Calhoun, A. Burt, I. E. Holmes, R. B. Rhetf, It. F. Simpson, D. Wallace, T. A. Woodward, of South Carolina. H. V. Johnson, of Georgia. H. T. Turney, F. P. Stanton, of Tennessee. AV. R. King, B. Fitzpatrick, John Gayle, S. W. Harris, S. W. Inge, T. W. Bowdon. of Alabama. Jes. Davis, H. S. Foote, A. G. Brown, W. S. Featherston, P. W. ThompkinSjJ. Thompson, of Mississippi. S. U. Downs, Emile Lesere, John H. Harmanson, T. E. Morse, I). It. Atchison, of Missouri. S. Borland, W. Iv. Sebastian, It. W. Johnson, of Arkansas. D. L. Yulee, of Florida. Timothy Pillshury, of Texas. MACON, G A . SATURDAY MORNING, FEB. 3, 1849. (CPWe are indebted to Senator James D. \\ estcott, Jr., for valuable public documents. ICFIn consequence of the length of the Ad dress adopted at the adjourned meeting of the Southern Members of Congress, several less im portaut though interesting articles are crowded out of to day's paper. MOVEMENTS IN MACON. We see public notice is given that there will be a meeting held in this city to-day, without distinction of parlies, to take some action upon the Slavery question, and regret that the hour appointed for meeting makes it impossible for us to publish the result in this issue. There appears to be a sad deficiency of judg ment among some of the partizan press. We deprecate all attempts to appropriate the present peculiar phase of this question to either of the political parties of the day. In unity alone shall we find strength—without it, we must submit to this superior numbers of those who are straining every nerve to bring the South into submission to their will, or drive her from tho Union. Then, how exceedingly dangerous is an attempt of partizans to insinuate even that this question is peculiarly their own, and to traduce the motives of those who, agreeing with them on the main point, differ in judgment in regard to some of the details of action. On the other hand, we as seriously lament the existence of the fact that some of the other par ty, yielding to the force of habit, the love of op posing, or some other influence, have approached very near an issue upon the question. When judgment is consulted, the conviction is forced upon all, that this vital subject is the peculiar property of none—that it should heuni tedly ns well as manfully met—and that Ihe blush of shame should burn the cheek of him w.'io dares to attempt to create divisions of senti ment upon it for sectional party purposes. Such attempts are perfectly suicidal. What if one party is benefited by this appropriation, will that crusii the abolition movement, without tho aid of the other party ? By no means. Then partizan manouvres and malevolence should be banished and nothing he thought, spoken or written, that breathes aught of dissention, sus picion or passion. If any other course is pur sued, it will result in divisions among ourselves and in emboldening the abolitionists. Let all adopt the noble sentiment of Mr. Berrien—“ On THI, QUESTION, I KNOW NO PARTY. ” THE COTTON INTEREST. “A Cotton Planter,’’ in his second article to the South Carolinian, from vvnicli we made sev eral extracts last week, sees but one objeclion worlhy of remark to his scheme of taxation for reducing the quantity of Cotton produced and advancing the price—namely, that “ short time and entire suspension of work on the part of manufacturers would defeat the effects of this curtailment.” This objection he sets at rest in the answer, that 44 short time and suspension of labor can only bo carried into effect for a limited period,” while the reduction of our great staple is to be made permanent by law. We agree with the writer on the main point that there exists a real necessity for a reduction of the amount of Cotton annually produced in the ten Cotton growing States; but we must be permitted to differ with him in regard to the rem edy that should be applied to effect the desired cure. That Cotton is as legitimate an object of taxation as the slave who picks it, the land upon which it grows, or the fabrics into which it is man u f actui ed, for the purposes of government merely, will not be questioned. But in the case in question the object of taxation is not govern, mental, save in the contingency that the produ cer plants more than such a number of acres fixed by law, to the able bodied field hand Here, the avowed object of taxation is to force planters to make less Cotton for their own ben efit, the tax being designed to act as a penalty upon those who disregard the Legislative id monition. Now, although the writer takes the contrary fur granted, wo think it admits of con siderable doubt whether our Constitutions grant the requisite power to curtail the products of any industrial pursuit, or to enlarge and foster it, with any other design than to raise moneis therefrom with which to defray the expenses of government. But, dismissing the question of constitutionality, will it be good policy to ask the interference of General Assemblies in cor recting the evil of over-production ? We tbiuk not. I liese bodies have never yet assumed sucb responsibility; and the reason is obvious. I hey have rightly supposed that this was a mat ter to he looked to alone by those most interest ed. The planter should pause before lie relin quishes to the Legislature this right, reserved to him so long by common consent. Suppose the interposition of the law-making power is asked, its action upon snch petition will stand as a precedent for all time to come. \y e shall then have endless legislation on the sub ject. At one session we shall have a scheme for curtailing over-production to advance prices and at another, when prices are good, a plan for encouraging over-production—thus keeping pri. ces continually fluctuating. And this would serve as a good procedenf, too, for fixing by law the quantity of all oilier kinds of produce that shall be grow n, and for intermeddling w ith eve ry other pursuit for the purpose of making a gen eral regulation of prices. We apprehend it would be rnu;h the better plan, in u choice he. tween evils, to abide the natural course of events, than to be thus veered about by the action of Legislatures. Cotton, especially, should not be subject to their caprice, it rises and falls with great rapidity ; and from its sudden depression many hundreds more are involved iu ruin than perhaps, from the full of every other kind of produce. And England, our great market, ever prepared to seize advantages, could wish no clearer indication of our plans than the action of those bodies ; and in one season, at an opportune moment, she could strike us a blow from theef lucts of which we might not recover for several years. Nor can our Legislatures foresee the causes which will operate to advance or depress prices, (propitious circumstances or great revul sions in trade and revolutions), and without this foresight they will not at ail times be able to curtail or encourage the annual amount produced at the proper instant. Cotton descends, too, with two-fold greater rapidity than it ascends. While it rises or falls all other products follow gradually in its train. But the prices of other things bear a more just proportion to it when in the ascending than the descending scale, until all come to a natural level. Now, such derangement of business—such haid times—such irremediable bankruptcies—such overwhelming distresses as we have passed through, occasioned by rapid fluctuations in the Cotton market, it is presumed no one desires to witness again in the world’s history. But just such evils may he expected, we confidently believe, if General Assemblies are to be invested with the power to curtail and increase at will the annual crops of Cotton with a view to the regulation of prices. We have before stated it to be our belief that prices will be changed for the better, in a few yeais, by the necessiiy for diversifying our pro ductions. The evident tendency of the age is to produce more of those articles necessary for home consumption and less Cottor.—and herein is the true source of permanent wealth. And we are not sure hut that low prices have been of some advantage to us in this respect. It has taught planters that they can live within them selves; and if the argument of “ A Cotton Plan ter ” is correct, that a short crop more than dou bles an over-production in price, they have no thing to fear in diverting a still larger propor tion of labor to other ob.ccts; but will gain it the operation, inasmuch as while it prevents over-production of the great staple it lessens the outlay of money for provisions, &c. Men who understand their interests as planters do, arc not slow to take care of themselves; and they are not less capable of remedying the evils affecting them than those whom they select to make their laws, when such evils can be remedied at all. We are averse to the application of legislative force with the view to raise prices, for the rea sons assigned, and would rather permit them to take a natural direction. In the course of time, the demand will he far greater than the supply. Consumption increases annually more rapidly than the Cotton crops. 44 The dates to the 29tli December, says the Charleston -Mercury, 44 sbow that the imports into Great Britain for the year are as follows: American, 1,374,000 bales a* gainst 874,000 bales last year, or an excess of ;>OO,OOO bales. The deliveries of American were 1,218,000 bales against 826,000 bales, or an increase of 302,000 bales. The stock remaining on hand 272,000, against 230,000 last year, l” would thus appear that, notwithstanding an in creased import of 500,000 hales of American, the stock left on hand at the close of the year shows hut the small excess of 33,000 bales! I o place these important facts in a stronger light, let us add to the imports of this vear, sav 1,374,000 hales, the stock on hand at its com mencement, 232,000 bales, which will given supply of 1,606,000 bales, and deduct from ibis slock on band January 1, 1849-, of 272,000, it shows the consumption in Great Britain, for the year 1848, to have been 1,334,000 bales, or with• in 40,000 bales of the entire import.” If we bad a statement of the stock on band on the Ist January, 1847, we could shew precisely the rel ative, increase of importion and consumption; but even without that element, for the years 1847 and 1848 the difference of importation is not over ten per cent, greater Ilian the consump tion, notwithstanding the enormous excess of 500,000 bales in the last year over the former. And if the stock on hand on the Ist of January, 1847, from the crop of the previous year, were taken into the account, the relative increase e! importation and consumption, for the time spe cified, would approximate nearer to each other. The old Cotton growing regions yield less ev ery year, and those now comparatively new will soon wear out. Here, then, are two facts warrant ing the belief that soon we will have no reason to fear the possibility of over-production—the in creased consumption and the wearing out of the old lands. Tim number of consumers in the United States will soon reach the present num ber in Great Britain. Moreover, in the South, as is now tho case in the North and even in some portions of tho old Cotton growing States, our vast plantations will he divided into farms, and their tenants will lie compelled to diversify their labor lor their maintenance. The resumption of business in those countries lately distracted by revolutions, and the open ing of the ports of Mexico and California, will give permanency to the present upward tendency of prices; and vve think it safe to pesmrio, fr° m present indications, that they will rise to the