Charleston, Febuaru, 1S41.I think, however, wemay say th the Utmoat safety,and J but repeatwhat I have just been told by an inhabitant of die bouth who Ãs slronjrly aitached to souih ern institimons, that sfave labor is th deatest of all kinds of labor. I will make, a very simple cÃ¡lculatÃon on this suRject, anaiogous lo bne which Ã¯ made in a former leticr. A licalfÃiv, mulo Blavc, twenty or tsventy.-five ycars oid costs at Ieas,( a thousand o'ollars. Themierest on the pufy'hase, deprcciaÃ¼on i valuÃ©, and risk of death, or running away cannot be estimated at less (han rif-een per cent., or a Iiundrcd and fifiy dollars foroneyear. Mis fqoÃ¡ a'nd cloÃ¯hing, althotigh no befter (han are csseniiiil (or hts preservutkm in Iicahb, logelher wiilnne.iical anendanco, wj.ll Cust ;it lÃ©isi fifiv dollars more. Nmv, iwo hundred d))jÃ¡rs a yeur, that is Hom ten to twcive dcUar$ a month and bo.-inl, is juÃ¯t about the average wagesof llie ypuiig tnen cm.vloyed by the farmers of New-Eiilautl. Buil b'eHeve no lengthened urgumeul is nccessary to. prove that the;,e VÃ³unVr-meh!oeiying satisfÃ¯ictory '-vagos ftir lÃieir labor, and;knowing that they wili bc Ã©mplpyeg1 onJy so long as they arÃ© Ãndustriiu?. wjjl accompÃ¼sli Hvicc os mucli work as ilie same number of slaves, who have do incitement to labor excopt the u!i, and whose great object is to do ns Indo a.s they posfribly can. Ujjon this point, tliere is nu variety in the tostimony Ã¶fihose iyho have seen siaves work. The [istless, i:iefficient, careless laanncr in vhich they move when employed ia the lÃ¯clJ, wH sur prise and vex any man u.naccustomed to it, and this l beÃ¼eve to be the principie reason wby masters from he Nonii. arocom, monlymore severe than ihuÃvos of ihe South. I have not yet adveried to the facts that the wife of ihe sÃ¯ave vi!l costnear as mach as ihe siave bjmself, und will dofurless work; md that lie myst be supported when he. becomes un;blo to work. . Iknow that (ho pltinier, whÃ¼o lie cannot help.acknowledging the truih pf iny calcuiation, will reply that hu aircady owns tlie slaves, and has paid Cor tiiein; and that the question is nat wÃietJier il was original ly best to employ sj.ive iuior; butwhat he shall do under ihe prÃ©sent circumstances. So far as individua! is concerned, it is difficult to sav whaf. hesnould Co, regarding oniy Ãºs pectmiary in terests;, forst present, in tnany .;uls oÃ¯ the Souib, it would be difficult tu cultÃvate the land witout employ'iug sÃavesj-and beyond question, free atid slve lauor il not work well together. Norslmll hi:teniH to compare (he effects of coniinaed slavery, and. universal emancipatioa, uptm the general interesls ofthe corriinuiiitvjas ciy design is oniy to describe ihe" existid state of things. I may, however expresa my conviction, that ifsucÃi an emancipa tion wcre toiake place now, the agrÃ©gale wealthof the community woulder nve years heneo, thnn it wouid be f slavery should continue; and thal this wouid be the on!y measurc ivliich cou!d arrest the downward tendency wliich so plainly exists at the SoÃ¼i h. It is weli known that the southern states are novv and have been Rr yearÃ¶ in a situation ofgreat depressinn: and this is par I7v'Ã-U!arl-V lrUe f GcorSil1' Alabama, and Mississippi. I suppose thaf the Ã¼grrngate property of the inhabitanls of these three stales, tf so!d a't a fair pricc. wquld not pay the aggregate amount of their debls ; and indeed wouid probably fall for short. The debls were incurred p;ul!y tor land and for slaves, and partly fot ihe various ariicles of consum-uion for their-â ves ana wemsclves. Ttiey are principly due to tho norihjand we rÃ© half of llicrn paÃºl, ihe embarrassment amT bnnUr.uplcy which weigh down New York & PhÃ¼udef-. phia, would give place lo v'Ã¯gor and prcsperity. TÃhÃÃc debis would nevÃ¨r have been incurred, at lenst to so disntrous an exient imcier a system of freo kilior, and muny of ihem never wiil be paid whÃ¼e slavery continÃºes. In the three siates which I have mentioned, the curre icy is in a state of irretrievable confusiÃ³n; so lhat, as I have been informeel hy a nierchant in Agusta, Ga., when a customer enters a store, and wishes to pinchase a bill of goods, the first inqÃ¼iry is 'wh;U kind of money have you ot to pa y with?'and the pnce oi the goods dcponds upon the charter of the money. A vciy large state debt has been incurrcd, and the proceeds of the bonds have been invested ir. Suite Banks, whicli have been so managed that their whole properiy s lost and iliey are irretriÃ©vabiy lanlrupT. Of course tho interest and principal of the state debts must be paid hy direct taxation. The cotton ernp, in Georgh, was not in 1840 more than one-;hrd oÃ'an average erop, and in the adjolrÃ¯ins States, the deficiency wa.s considerable, 01 course the debts of the inhuhiia.its, wcro xnuch increased during the Insr year. Thereare, of coiusr, in so large a cornmunity, many persons vvho are nearly vr quite free frqm But the iarge rn:ijority of the inhubitunta ure ciiher i;ietrievably bankrupt, so jhut thcir property is from time to time sold by thejff;or else are so ujuch invoivcd thiu ihÃ©v can just meet ihe initqrgst pf tÃ¯ieiir debts, and keep their heads above water. I have been repeatÃ©dly informed, anri fully believe, that (he principal causes of the politica! change during the ast. year in Goorgia, Mississippi, and south AÃubima,and the indefinite hope Ihat there might be same change for the hetter. Virginia ar.d the Carolinas, :ue in a lesa depiessedcoudiiirjii: Thoiigh alargo proportiÃ³n of tlie populiniori tire exceediiigly poor, yet neithÃ«r '-he inhabiinnis geneniÃy. ror ihÃ© Siates nscommuniiies, ave so mm h ui volved in rfebt as tobe serioiislv embar-j mssed. Wiihin a few year, ihese sfates liuve lÃ¶arnod fessons of economy and wsiry, which wifl prolÃably prÃ©sewjÃ© hem from the evils witli which tlieir iouilicrn neighbors irÃ© ;Ãll;c:el.