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It is certain that the present depression has no prototype throughout the whole history of protection; for all paroxysms of depression during that era continued for no greater length of time than from three to five. years. Besides, you could, in the majority of instances, certainly predict its termination, as the cause 1 was understood. But as to the present depression, it has lasted at least twice as long, since the date at which Sir T. H. Farrer first observed serious signs, as the most severe trade depression under protection. And it has a few features which are new to those who have taken the trouble to analyse it. Thus it has struck in turn at every branch of industry throughout the country. Its progress has been gradual, in contradistinction to the sudden paroxysm under protection; and its effects have accumulated and are still accumulating.

The abstract free-traders allow the depression; but they explain it away by stating that "it is in the ordinary course of affairs,' that just as you had, and were to expect, periods of depression under protection, so you must not be surprised if depression overtakes you in the progress of free trade.”2

But we are not to be imposed upon by these or any such statements, issuing from the mouths of the staunchest free-traders. There are a good many people who have already arrived at a frame of mind which does not suffer them to be any longer amused or astonished at the most wanton, though a few are ideal,

1 (a) Pressures in the money market, leading to depression of manufacture; (b) money at low interest, leading to over-speculation.

2 But the reader will remember that Cobden stated free trade was to raise up a permanent prosperity for us. It was to do away with all that fictitious prosperity occurring under protection.

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ence of which we could predict a complete recovery under protection. And the problem to be solved is whether free trade, though it could not stamp out normal causes of distress, has or has not introduced, by the disorder which it has created, a new and a predominant one.

§ 4. British labour displaced by foreign produce, and not otherwise consumed, directly prevents the labouring classes from acquiring that "plenty" which it is the object of free trade to afford.-You cannot deny the change in surrounding circumstances ultimately induced by free trade. With that change there has gradually appeared signs of distress, which have increased, and are increasing. What is the exact

amount of distress prevalent is difficult to ascertain. But that it is very great, and of dimensions large enough to form the subject of a parliamentary inquiry, there can be no doubt in the minds of those who closely follow all the collateral forces which free trade. has brought in its train.

But there is one point bearing on the association of free trade with cheapness and plenty which we cannot forbear to mention. Every one who knows what Cobden's opinions are, from a study of his speeches, will recollect that the powerful agitator connected free trade not with cheapness only but "abundance" as well. He is very clear upon this.1 Free trade

1 P. 105: "We do not seek free trade in corn primarily' for the purpose of purchasing at a cheaper money rate; we require it at the natural price of the world's market. Whether it becomes dearer with a free trade, or whether it becomes cheaper, it matters not to us,

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