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FREE TRADE UNDER PROTECTION.

CHAPTER I.

THE CAUSATION OF PROSPERITY AND THE ANALYSIS
OF DISTRESS.

"What in me is dark
Illumine, what is low raise and support."—Milton.

ALL PROSPERITY NOT CAUSED BY FREE-TRADE PRINCIPLE—THE OTHER
FORCES IN OPERATION, RAILWAY EXTENSION AND THE GOLD DIS-
COVERIES—THE INFLUENCE OF THE NEW BANK CHARTER ACT
(1844) UPON THE TRICE OF CORN—THE MORAL INFLUENCE OF FREE
TRADF, IN CREATING AN ARTIFICIAL DEMAND—THE EXPORT TRADE
OF THE COUNTRY UNDER PROTECTION INCREASED IN PROPORTION
TO THE INCREASE IN POPULATION—ALL COMPETITION NOT BENE-
FICIAL—IT WAS NOT SO IN THE INSTANCE OF THE CURRENCY—
COMPETITION TO BE SUCCESSFUL MUST BE PROPERLY LIMITED—
Cobden's DOCTRINE FALSE "THAT BREAD IS RAISED IN PRICE IN
ORDER THAT RENTS MAY BE INCREASED "—THE MEANS COBDEN
USED TO EFFECT A FREE-TRADE POLICY "EVIL," BUT THE END HE
PROPOSED WAS "GOOD"—COBDEN DID NOT INCLUDE ALL FACTORS
IN DETERMINATION OF DISTRESS.

§ 1. The causation of prosperity.—Let it be conceded, then, that under protection there was throughout an equal advance in our trade, and that free trade in con

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