on with an open trade
rose to 220,000 tons. A reduction of 2L to 3L a ton would be followed by
an extraordinarily increased consumption. Twice the present importation
might be taken advantageously for the wheat crops alone. It seems to be
held by the Government that the right of Peru to the Lobos Islands is
unquestionable. It is, in that case, only by friendly negotiation that
anything can be done. Considerations should be pressed on the present
Ministry, pledged as they are to promote the landed and shipping
interests. If they can persuade the Peruvian Government, by friendly
negotiation, that the interests of that country as well as ours will be
benefited by opening the guano trade, they will confer an important
service on this country; a full supply would contribute materially to
restore the prosperity of the landed interest by increasing their
produce at diminished cost; and it would give regular employment to
about one-tenth of the whole mercantile navy of England.

Undoubtedly! an increased supply, or rather an increased consumption,
would tend materially to restore, in England and in America, to build up
the landed interest, by increasing the product of the land at diminished
cost. If farmers could buy guano at lower prices, it is argued all would
use it. Undoubtedly again! Because their profits would be greater. So
great in fact, the temptation to make money out of the purchase and use
of guano few could withstand "such a chance for a speculation."

But as they cannot induce the Peruvians to let them have it at a lower
price, and as they can make money out of it at the present price, is it
not a suicidical measure upon the part of the owners of unprofitable
land, to refuse to use guano, because they cannot get it at their own
price, while they can certainly profit by its use at present prices.

_The Guano Monopoly._--Much prejudice has been excited against the
agents and principal dealers in this country by the cry of monopoly. Are
those who cry _wolf_ the loudest, entirely clear themselves, of a
fondness for fat mutton? The following extract from a letter of Edward
Stabler of Maryland, gives a more fair, impartial view of the subject.
He says; "Odious and grinding as monopolies usually become, and hard as
this one seems to bear upon the agriculturist's interests, it still
appears to be about as fair as ordinary mercantile transactions. The
Peruvians may be considered the producers, and like our farmers and
pl