Making the gross consumption of
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the world 2,250,O0O bales and 35O,O0O bales short of tue probable supplp. In this state. ment I have put down for Great Britain the amount of her pres enl consumption. This may be somewhat enhanced under the auspices of a favorable crop.- But I do not think any reliance can be placed upon a material change, while the price of the raw material so far overtops the customary expectations of the spinners. With such a margin as 350,O00 bales, or with a less one, manufactures will not be easily coerced into much high CT prices than those now given There are many who suppose their present curtailment the mere offspring of deficient har- vest. Let no one yield too much to this delusion. It has been but a short time since they thought it their policy to adopt this remedy against a similar ad vance sustained by the Pennsyl- va.nia U. $. Bank. The sudden cxpllo losion of that wild institution is a living commentary upon their power and their shrewd, ness.

 It is not improbable that under the influence of the present state of things, other countries besides ours will again seek the markets of Europe. Brazil, Egypt, and the East Indies are producers of cotton as well as ourseices.- Their exportation has dwin.' lied to song from their inabilityto compete with Us at the low pri-, ces ol recent years. When we raise the price, we elevate them into competition with us--a com petition which of course cannot last, but which may teach us the folly of giving too free play to our haaginations.

 In view of ali these circum- stances, it appears to the writer, our best policy is to cease grum- bling and make the most we can of the state of things afforded us. Two years ago, we would gladly have compromised for the present short crop and high price. Nay, a shorter one and lower price How many were lne;rcc lnerc m "A who