that absolute perfection is a stranger to all human things and undertakings. "But the incontestable advantages of the Confederation are apparent from a review of the great blessings which Germany enjoyed under its protection, and of the present state of things, of which the development is owing to a time in which that protection could no longer be effectual and sufficient. "That time, too, has become a lesson to us, and it has again served to warn us to make use of our dearly-bought experience. "That experience has shown the futility of all attempts to create an absolute novelty. It has shown that the foundations on which the Confederation reclines are not only good and serviceable, but that they are the ones which are suitable for a fabric in which a community of States-such as Germany includes-can be expected to live in harmony, and in a state of general prosperity. But that experience has likewise shown the shortcomings of the Federal Constitution such as it hitherto has been; and it has pointed out the stops where remedies ought to be applied. Among these I mention the strengthening of the chief organ of the Confederation by arrangements which will enable it for the future to stem the tide of revolution, and to protect the principle of monarchy. "Gentlemen, their recognition of this truth suggests our obligations and our duties at this place -viz., the revision of the Federal Act, and of the laws which emanated therefrom. 'Let us make the original Federal Constitution the basis and the starting point of our negotiations; let it be our object to complete that Constitution by the lessons of experience, and with a consideration to the real desires and the welfare of our common country; let us create a supreme Federal Board, which shall be sufficiently strong to protect the individual Governments against the enemies of order, and to preserve the most sacred blessings of society. We shall thus answer to the claims of justice, of equity, and to the suggestions of sound policy, and of the duties to which those who sent us are bound by sacred treaties and engagements among themselves and to their peoples. I have not the least doubt, Gentlemen, that your Governments, as well as yourselves, concur with this view of the situation, which I am instructed to submit to you on the part of His Majesty, the Emperor, my gracious return of those sad experiences, create things good, true, and we ought to prove to the countries stable." of Germany that their Governments do not want the will, the intelligence, and the energy, to remove existing grievances, and to The result of the Dresden Conference will appear in our next volume. CHAPTER XIII. UNITED STATES.-Report of Mr. Meredith, the Secretary of the Treasury, recommending moderate Protective Duties-Descent upon Cuba by General Lopez and a Band of Piratical Americans—Discomfiture of the Enterprise-General Lopez arrested and tried-Negligence of the Government-Death of the President, General Taylor-He is succeeded by the Vice-President, Mr. Millard Fillmore-Formation of a New Ministry-Bills passed by Congress - Territorial Governments given to New Mexico and Utah-California admitted as one of the States of the Union-Fugitive Slave Bill-Message of the President: TOPICS-General Policy-Foreign Relations-Finances-Land Laws -Navy-Post Office-Creditors of Government-Measures of the Session. pronouncing the added value of 198,000,000 dollars to be a large protit to the manufacturer. any more than the question of the effect of the production of wheat would be answered by deducting the cost of seed wheat from the value of the crop, and pronouncing the remainder to be a large pront to the farmer. "The manufacture of cotton cloth is begun with the planting of th e cotton-it is carried to a certain point by the planter, and then taken up and perfected by the spinner and weaver. The planter and manufacturer are not engaged in different branches of industry, but in the same the one commences the process which the other completes. Cotton-seed of insignificant value. being by regular stages of labour developed and brought to the form of cotton cloth, has acquired a value of about 264,000,000 dollars. The planting states have added many millions to the annual production of the country by the culture of cotton. By continuing the process they could quadruple that addition. The planter would then have a market at his door for all his produce, and the farmer would, in like manner, have a home market for his. The power of consump tion of not only breadstuffs, but of every article useful or necessary in the feeding, clothing, and housing of man, would be vastly increased the consumer and producer would be brought nearer to each other and, in fact, a stimulus would be applied to every branch of productive industry. "It is gratifying to know that the manufacture of cotton has already been introduced into several of the planting states, and, it ought not to be doubted, will rapidly be extended. "The manufacture of iron, wool and our other staples, would lead to similar results. The effect would be a vast augmentation of our wealth and power. "Upon commerce might be Que effects Capected to be, if pos not enough to say that no country e. still more marked. It is ever diminished its commerce by increasing its productions, and that no injury would therefore result to that interest. There would probably be not only a great increase in the amount, but an improvement not less important in the nature of our commerce. All history shows, that where are the workshops of the world there must be the marts of the world. and the heart of wealth, commerce, and power. It is as vain to hope to make these marts by providing warehouses, as it would be to make a crop by building a barn. Whether we can have workshops to work up at least our own materials, must depend upon the question whether we have or can obtain sufficient advantages to justify the pursuit of this kind of industry. "The circumstances favourable to production in this country may be stated to be-1. Facility in procuring raw materials. 2. Abundance of fuel. 3. Abundance of food and other articles necessary for the sustenance and housing of the labourer. 4. The superior ef ficiency of the labourers in comparison with those of other countries. The circumstances supposed to be unfavourable to our production may be thus classed: to 1. Want of capital. 2. Dearness 1 heavy article of production (such as iron) to a distant market. In addition, he is pressed by a heavy burden of taxation. The greater efficiency of our labour is to some extent an additional compensatory element. This includes the greater capacity for acquiring skill, the superior general intelligence, the higher inventive faculty, the greater moral and physical energy, both of action and endurance, which our people possess in comparison with the foreign labourer. Better fed, clothed, housed, and educated; conscious of the ability to lay up some capital annually from is savings, encouraged to invest that capital in the enterprise in which his labour is engaged, enjoying practically greater civil and political liberty, looking forward to an indefinite future in which, through his own good conduct and example, he may expect each successive generation of his descendants to be better circumstanced than its predecessors, it cannot be doubted that these advantages add greatly to the efficiency of the American labourer. The precise extent to which they go towards compensating the difference in the price of labour it is difficult to define. The efficiency of our labour may be expected to increase with the increase of reward to the labourer. In many of the New England factories the labourers are encou "2. The difference between the price of labour here and in Great Britain is certainly great, and it is to be hoped and expected will never be diminished by a reduction of wages here. The difference has been estimated at an average of 33 per cent. Probably the averaged to invest their surplus earnrage difference is much more than that. In some branches, such as the manufacture of iron, it is certainly much greater. This difference is in part compensated by the disadvantages under which the foreign manufacturer is placed by the necessity, in some branches, of procuring his raw material from a great distance, or transporting a ings in the stock of the company by which they are employed, and are thus stimulated by direct personal interest to the greatest exertion. It may be expected that this system will be introduced into other branches in which it will be found practicable, tending, as it does, so powerfully to elevate the labourer, increase production, and |