The examiner. [volume] (Louisville, Ky.) 1847-1849, 1847-06-19

employed IN the, production Of the cotton
crop, the ready capital necessary to produce
it apart from the value OF land, cattle,
utensils, DC. as in the above calculations,
will be ten millions Of dollars, 100000
900; ) which is the sum necessary to feed
and shelter the laborers for twelve months.
1t follows from the foregoing illustrations,
that the ready capital necessary to employ
slave labor, is TO the ready capital necessary
to employ free labor, in the production OF
gwen quantity Of cotton, or the cultivation
of given number Of acres Of land, in the
ratio of the value Of slave, together with
the cost Of his yearly maintenance and
clothing, to the price of board and shelter
for free laborer. Upon the above suppo-
sitions of the value Of slave property, the
price of provisions, &c, the ratio is fifteen
to one, Us to ID But it must not be in
ferred from hence that the whole capital
employed to yield a given product with
slave labor is fifteen times greater than that
necessary where free labor is employed be
cause insthissease the ssslue Of land, cattle,
tools Of husbandry, &c, come in the calcu-
lation, and constitute part Of the capital
invested since these items will be the same
in the two cases the ratio OF capital TO pro-
duct, which with reference TO labor only is
fifteen to one, is varied in proportion TO the
value Of lands, DC To speak arithmeti-
cally, il is the addition of constant guam
uty to the antecedent and consequent. or 10
numerator and denominator of a fraction,
and of course shas the effect of lessening
the ratio, or the guotient Thus, in the
cultivation of one hundred acres Of land,
the ready capital necessary to employ slave
labor, at the rates Supposed above, is seven
thousand FIVE hundred dollars. (s7, 5OO.)
Add 10 this sum the value Of the land at ten
dollars per acre, OF one thousand dollars,
81, co., together with the ealue Of the
cattle, their provender, and the utensils of
husbandry necessary to It's cultivation, which
may be worth five hund7ed dollars more,
| (S500,) and the. yhole amount OF capital
ten1pioyed becomes nine thousand dollars,
$4,000 In the cultivation Of the same
quantity of land with free labor. the whole
capital necessary is the price of provisions
and shelter for the laborers, which by the
above suggestions amounts to five hundred
dollars, $500, together with the value Of
the land, one thousand dollars, (S1 ,000,)
as before, and Of the cattle, utensils. &c.
five hundred more, (s500,) making the
whole capital two thousand dollars, 1872
0OO). Hence the whole capital invested in
the Cultivation of one hundred acres of land
with slave labor, is TO that Necessary where
free labor is employed, as nine thousand is
to two thousand, or as nine to two. or four
and half to one This ratio of course be-
comes less in proportion as the value Of
land, cattle, &c, is augmented. -.
Thus, if the land be worth one hundred
dollars per acre. or ten thousand dollars,
(S1O,OO0); then, the other items remain
ing as before, the capital becomes. where
slave labor is employed, eighteen thousand
dollars tss1S,00O); and where free labor
is employed, eleven thousand (s11, 000);
i'm this case the ratio is something more than
three to two, g to p.
1t is apparent from this, as well as from
the preceding illustrations, that without re-
ference to the ratio, the capital invested,
where slave labor is employed, in the cult
walton Of given number Of acres, or the
making given product, exceeds the CAPT
tai necessary where free labor is employed,
by the value Of the slaves.
All the foregoing calculations are based
upon the suppoStion that slave labor is
necessarily and exclusively employed in
the slave holding States, and that each
| planter is the owner of the slaves he EN-
ploys This is not true in fact, much Of
the labor Of the Southern States being per-
formed by freemen; but that circumstance
| by no means affects the principle involved :;
il only serves TO mitigate its consequences
upon the prosperity of the country; and
it is obvious, that to make such an objection
to the principle is to acknowledge its oper-
alton in every case where slave labor is EN-
ployed. Tho employment Of hired slaves
forms no exception to the case the hired
slaves being nothing else than borrowed
capital
1t may not be improper here to antici-
pate probable objection to the principle
maintained in the preceding pages 1t may
be thought uncomfortable with the well
known fact that agriculture is equally OF
perhaps more profitable where slave Labor
is used than is the case where the labor Of
free men is employed This difficulty will
be removed ny reference to the illustration
above, where one hundred acres Of lanc
are supposed to be cultivated by ten men.
The capital necessary where the labor o.
slaves are made use Of was nine thousand
dollars 100000 where free is employed
only two thousand (s2,000). The pro
duct being the same It's thought unaccOun
table thai the smaller capital should not
yield larger profit. This is accounted for
by considering that the employer Of free
labor is compelled to give up large por
ton OF his crop. or money derived from
: the sale it, as the wages Of labor; and thi.
{ sum corresponds to the profit on the Excess
Of capital which the employer Of slave la
E Dor makes use of. But this necessity which
a the employer Of free labor is under Of dis
: tributing large part Of his crop among hi
! laborers, had no tendency to check its pro
a duction, the wages not being paid until tn
: end Of the year, out Of what is produced b.
d the laborer himself; and it is equally obvi
II Gus that the distribution of It can have n,
II effect in enhancing or diminishing the az
e gregate product. | have already remarke'
r unon the case of hiring slave labor, that