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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 DISCOVERIES—THE INFLUENCE OF THE NEW BANK CHARTER ACT (1844) UPON THE PRICE OF CORN—THE MORAL INFLUENCE OF FREE TRADE IN CREATING AN ARTIFICIAL DEMAND-THE EXPORT TRADE OF THE COUNTRY UNDER PROTECTION INCREASED IN PROPORTION TO THE INCREASE IN POPULATION—ALL COMPETITION NOT BENEFICIAL-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 frene trade in con

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