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   GIUSEPPE DETIXCIKZI
   We canuofc, liowever, answer the question until we have previously answered several other questions, and espeeially the following:  What tvill be the lowcst price at which cotton con be pro-duced in the United States of Americat and, again, at what price can cotton be produced in Italy?
   You will thoroui>hly understand how cxtre-mely complex is the nature of these questiona, and how, oli the present occasion, they can only be treated with great brevity, even thoug we have at our disposai a very large amount of informatiou on the poiut. Wlien, in 1845 and 1848, the price of American cottons teli exce-ptioually so low as fourpence aud threepence halfpeuny the pound, many of the cotton planters ceased growing it. It is a general opinion that the American cultivator can, in noue of the States, produce cotton, except at a loss, unless he is able to se 11 it at fourpence the pound; and that it is only when the price rises to fìvepence the pound that he begins to have a certain profit. American cottons similar to those which can be produced in Italy have sold, during the last thirty years, at the followiug prices:
   During 5 years, below . . . 5d.
   » 3 » between . . 5d. & 6d. » 18 » above . . . 6d » 4 )> »... 8d. ") Sixpeuce per pound, at least, must be, iti future, the price which every cotton grower may reasonably expect. In any case, the increasiug wants of the consumers will prevent this competi tion of the American cultivators from proving injurious to other nations. Perhaps the supply of cotton will never exceed the demand; but, in
   See Appcndix A.