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country for her supply, she would spare no pains to promote the cultivation of the plant in this new quarter. This view of the case was, at the time, quite new to us; and was the occasion of several articles in this paper, in which we endeavored to give it all the weight which we thought it certainly deserved. Mr. Mitchell, however, and we after him, left entirely out of view one consideration, which has since proved to be of the utmost importance. The English and French were able to take Pekin, but they were not able to make the Chinese exchange commodities, or take anything for their goods but silver. If the English Government really designed to develop the cotton trade of the Yang-tse-Kiang to the extent of erecting the region which it waters into a rival of Texas and the Mississippi valley, it failed from this circumstance, and must continue to fail until it shall have conquered the country and introduced a system of exchanges very different from any that exists there now. Cot