enumerated, to send cotton into the free states. Thus Lowell and its kindred factories will be reduced to ruin, it is said, and the North to the direst distress. If Manchester can get cotton and Lowell cannot, there are good times coming for the mill-owners.

The planters have agreed among themselves to hold over one half of their cotton crop for their own purposes and for the culture of their fields, and to sell the other to the government. For each bale of cotton, as I hear, a bond will be issued on the fair average price of cotton in the market, and this bond must be taken at par as a circulating medium within the limits of the slave states. This forced circulation will be secured by the act of the legislature. The bonds will bear interest at ten per cent., and they will be issued on the faith and security of the proceeds of the duty of one eighth of a cent on every pound of cotton exported. All vessels loading with cotton will be obliged to enter into bonds or give security that they will not carry their cargoes to Northern ports, or let it reach Northern markets to their knowledge. The government will sell the cotton for cash to foreign buyers, and will thus raise funds amply sufficient, they contend, for all purposes. I make these bare statements, and I leave to political economists the discussion of the question which may and will arise out of the acts of the Confederate States. The Southerners argue that by breaking from their unnatural alliance with the North they will save upward of $47,000,000, or nearly £10,000,000 sterling annually. The estimated value of the annual cotton crop is $200,000,000. On this the North formerly made at least $10,000,000, by advances, interest and exchanges, which in all came to fully five per cent. on the whole of the crop. Again, the tariff to raise revenue sufficient for the maintenance of the government of the Southern Confederacy is far less than that which is required by the government of the United States. The Confederate States propose to have a tariff which will be about 12½ per cent. on imports, which will yield $25,000,000. The Northern tariff is 30 per cent., and as the South took from the North $70,000,000 worth of manufactured goods and produce, they contribute, they assert, to the maintenance of the North to the extent of the difference between the tax sufficient for the support of their government and that which is required for the support of the Federal government. Now they will save the difference between 30 per cent. and 12½ per cent. (17½ per ct.), which amounts to $37,000,000, which, added to the saving on commissions, exchanges, advances, &c., makes up the good round sum which I have put down higher up. The Southerners are firmly convinced that they have “kept the North going” by the prices they have paid for the protected articles of their manufacture, and they hold out to Sheffield, to Manchester, to Leeds, to Wolverhampton, to Dudley, to Paris, to Lyons, to Bordeaux, to all the centres of English manufacturing life, as of French taste and luxury, the tempting baits of new and eager and hungry markets. If their facts and statistics are accurate, there can be no doubt of the justice of their deductions on many points; but they can scarcely be correct in assuming that they will bring the United States to destruction by cutting off from Lowell the 600,000 bales of cotton which she usually consumes. One great fact, however, is unquestionable—the government has in its hands the souls, the wealth, and the hearts of the people. They will give anything—money, labor, life itself—to carry out their theories. “Sir,” said an ex-governor of this state to me to-day, “sooner than submit to the North, we will all become subject to Great Britain again.” The same gentleman is one of many who have given to the government a large portion of their cotton crop every year as a free-will offering. In this instance his gift is one of 500 bales of cotton, or £5,000 per annum, and the papers teem with accounts of similar “patriotism” and devotion. The ladies are all making sand-bags, cartridges, and uniforms, and, if possible, they are more fierce than the men. The time for mediation is past, if it ever were at hand or present at all; and it is scarcely possible now to prevent the processes of phlebotomization which are supposed to secure peace and repose.

There was no intelligence of much interest on Sunday, but there is a general belief that Arkansas and Missouri will send in their adhesion to the Confederacy this week, and the Commissioners from Virginia are hourly expected. The attitude of that state, however, gives rise to apprehensions lest there may be a division of her strength; and any aggression on her territories by the Federal government, such as that contemplated in taking possession of Alexandria, would be hailed by the Montgomery government with sincere joy, as it would, they think, move the state to more rapid action and decision.

Montgomery is on an undulating plain, and covers ground large enough for a city of 200,000 inhabitants, but its population is only 12,000. Indeed, the politicians here appear to dislike large cities, but the city designers certainly prepare to take them if they come. There is a large negro population, and a considerable number of a color which forces me to doubt the evidence of my senses rather than the statements made to me by some of my friends, that the planters affect the character of parent in their moral relations merely with the negro race. A waiter at the hotel—a tall, handsome young fellow, with the least tinge of color in his cheek, not as dark as the majority of Spaniards or Italians—astonished me in my ignorance to-day when, in reply to a question asked by one of our party, in consequence of a discussion on the point, he informed me he “was a slave.” The man, as he said so, looked confused; his manner altered. He had been talking familiarly to us, but the moment he replied, “I am a slave, sir,” his loquacity disappeared, and he walked hurriedly and in silence out of the room. The River Alabama, on which the city rests, is a wide, deep stream, now a quarter of a mile in breadth, with a current of four miles an hour. It is navigable to Mobile, upward of 400 miles, and steamers ascend its waters for many miles beyond this into the interior. The country around is well wooded, and is richly cultivated in broad fields of cotton and Indian corn, but the neighborhood is not healthy, and deadly fevers are said to prevail at certain seasons of the year. There is not much animation in the streets, except when “there is a difficulty among the citizens,” or in the eternal noise of the hotel steps and bars. I was told this morning by the hotel keeper that I was probably the only person in the house, or about it, who had not loaded revolvers in his pockets, and one is aware occasionally of an unnatural rigidity scarcely attributable to the osseous structure in the persons of those who pass one in the crowded passages.

Monday, May 6.—To-day I visited the capitol, where the Provisional Congress is sitting. On leaving the hotel, which is like a small Willard’s, so far as the crowd in the hall is concerned, my attention was attracted to a group of people to whom a man was holding forth in energetic sentences. The day was hot, but I pushed near to the spot, for I like to hear a stump-speech, or to pick up a stray morsel of divinity in the via sacra of strange cities, and it appeared as though the speaker was delivering an oration or a sermon. The crowd was small. Three or four idle men in rough, homespun, makeshift uniforms, leaned against the iron rails enclosing a small pond of foul, green-looking water, surrounded by brick-work, which decorates the space in front of the Exchange hotel. The speaker stood on an empty deal packing-case. A man in a cart was listening with a lacklustre eye to the address. Some three or four others, in a sort of vehicle which might either be a hearse or a piano van, had also drawn up for the benefit of the