Cotton lint is used chiefly for making articles of clothing; cotton-seed for crushing into oil, on the one hand, and

cake for cattle fodder on the other. There is no apparent connection of any kind between the demands for these different things, and still less is there any obvious reason why these demands should bear to one another the particular proportions which characterize their respective supplies. It is very much the same with wool and mutton; with beef and

hides; with all "joint products." Why should we consume mutton on the one hand and woolen clothing on the other, in a ratio at allcommensurate with that in which they are yielded by the sheep?