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Abused in order to further free-trade policy, 213 ; true nature of,

Repeal of, not economical but political, 213 ; effected by a surrender
of judgment, 226.

Currency—the state of, abnormal or improper, before 1846, 24 (note
—Lord Overstone); regulated according to the supposed wants of
commerce, ib. ; interfered with the true price of wheat, 7.
Additions to, a source of prosperity, 5 ; the contracted, not men-
tioned by Cobden, 1845, 27.
Additions to, increase wages, 306 (note).

Demand—development of the railway and the discovery of gold did
not artificially stimulate, 8; free trade did artificially stimulate,
87, 117.

Foreign, for British manufactured goods incompletely supplied
under protection, 9; artificial demand induced by free trade
not constant, 36; results of that artificial demand, 145 ; foreign,
the chief source of the manufacturers' profits (Huskisson), 136 (note).
Differentiation between occasional and permanent, for wheat not
undertaken by Cobden, 102.

Depression—analysis of, 16 ; under protection, occurring suddenly,
but of comparatively short duration; under free trade, slowly
coming on and exhibiting chronic tendencies, 2 (note), 269 ; de-
pression under free imports not comparable with depression under
protection, 38; causes of, understood under protection, ib.; character
of free trade, not discussed by free-traders, 39; new source of,
introduced by free imports, 40 ; free trade in corn to remove agri-
cultural, 103 ; depression induced by free imports increased on
the whole, though checked at times, 204; and the depreciation of
silver, 317; to be swept away by free trade, 256.

Derby, The Right Hon. Lord—the loss entailed upon agriculture,

Disraeli, Benjamin (lord Beaconsfield)—disputed soundness of
free-trade doctrines in 1851, 312.

Distress agricultural and manufacturing, alleviated, 80; "cheap-
ness without demand," a sign of, Huskisson, 44; with "increas-
ing" exports under protection, 45; with "diminishing" exports
under free trade, ib.; agricultural, due to inability of farmer to
cultivate the soil, from want of capital (Cobden); manufacturing,
due to high prices of wheat, 107; from over-trading and a want of
credit, 134; ought not to be treated from the political, but strictly
economical point, 311.

Distribution—proper proportion between production and, maintained
by protection, 328.

Duties — on raw materials, removed, 212; manufacturers gained
thereby directly, the country indirectly, ib.; some foreign, at
present day, stand higher than our silk duties before 1824, 218;
styled "letters upon trade" by free-traders, 219 ; three stages in
progress of, 221; all consequences of remission of, not foreseen,


Economic Problems—not susceptible of exactness, 132; necessity of
distinguishing between assumed data and the actual factors, 133;
not ideal, ib.

Economists, The Ideal—not in touch with what is going on around
them, 123; axioms of, nothing but assumptions, 126; confusion
between theory of, and practice, 133; their paper arguments, 196.

Effects, The Intermixture Of—difficulty of ascertaining true cause
from, easy to put forward a false one, 183.

Emigration—increased after 1850, in contradiction to Cobden's fore-
cast, 264 (note).

Exchanges—between nations of equal value, the free-trade doctrine,

4 (note) ; free trade makes, unequal, 300.
Equal, to be effected by reciprocity, 301.
Exports—a nourishing export trade regarded as the sign of prosperity

by protectionists, 267.
Increased value in 1850 and succeeding years to 1873, not altogether

due to increased volume, but part of it due to higher prices, 45;

relative shrinking of, since 1875, ib.
Under protection, rose with moderate imports; under free trade,

stationary with excessive imports, 143 (note).
Increased under protection proportionately to increased population,


Farmers—blamed by Cobden for not expending sufficient capital on

the cultivation of the soil, 82; Cobden the friend of, 87.
Farrer, Sir T. H.—reference to revival of trade in 1879, 37; admits
depression, since 1880, to have assumed symptoms of a chronic
character, 3 (note); the country is nourishing under a system
of free imports, 33; the advancing export trade of protective
nations, 117; British exports declining, 179 (note).
The action of free trade, 129; free trade acting with less force,

Fawcett, The Late Professor—believed free trade and prosperity
to be directly associated, 54.

Free Imports—our free-trade system reduced to a state of, 32 ; illus-
tration, 33 et seq.

Fkee Trade—not alone responsible for unparalleled prosperity be-
tween 1850 and 1866, 18; its indirect action, 56; direct effects
of, 55; action of, differently explained by Cobden and his suc-
cessors, 19; to raise up a permanent prosperity, 38 (note); to
dismiss pauperism, 142 (note) ; moral influence of, 87, 134, 217;
not only has induced a major interruption in the course of our
trade, but also induces minor interferences as well, 47; drives
away capital, 85.
Never acted alone, 7; not acting with the same force, 162.
Attitude of surrounding nations to our partial free trade, 263; it
was to have become universal, 326 (note).

Free-trade League, The—munificently supported by manufacturers,

Free-trade Question, The—political aspect of, 277; not properly
placed before the country in 1845, 278.

Free-traders, The—claim their cause to be "just and righteous,"
3; arrogant attitude of, towards landed proprietors, ib.; endeav-
oured to remove fetters from industries, instead of which they
have increased them, 44; advanced interests of labourers in one
generation, retarded them in the next, 51; do not treat problem
scientifically, 123, 283; allow protectionist explanation of pros-
perity, 126 ; did not foresee consequences of competition when
unequal, 186; their incomplete arguments, 310.

Free-trade Theory, The New—prosperity to be measured by im-
ports and exports combined, 265.

Free Trade, Universal—to break down barriers between nations,
141; some nations would gain more than others by, ib.; diffi-
culties to be encountered under, 144; would have made this
country supreme in manufacture, ib.

Gladstone, Eight Hon. W. E.—"in the long-run, imports and ex-
ports are equal," 19 (note); opposed by Cobden and fionamy Price,
ib.; "imports immediately paid for by exports," ib.; in 1843,
stated that free-traders broke down one monopoly in order to
erect another one, 47 (note); opinion (1844) that the Corn Law
of 1842 had been most successful in its operation, 75; extended
policy of free trade, 197; converted "fixed" into "floating"
capital, and so reduced three and half to three per cents, 327.

Good, W. W.—tables quoted, 268; the farmers, their diminished
income and the income-tax, 290, 291 (note).

Haggard, Mr F. T. — quoted, 46; free imports displace British
labour, 162.

Holland, Dr Calvert—quoted, 67; refutes M'Culloch's opinion
that a fixed duty would do away with the evils of the Corn Law,
ib.; gives cost of transit of wheat from Danzig at 3s. 6d. per
quarter, 105 (note).

Home Markets—no fear of being undersold in, 197.

Howorth, Mr—free imports not beneficial to manufacturing inter-
ests of the country, 162 (note).

Hcskisson, William—his policy of making trade more free under
protection, 218 ; misunderstood, 20; disastrous results following
reduction of silk duties, 30; on the exportation of home-grown
wool, 214.

All improvements of, based upon reciprocity, 169, 302; the uncer-
tainty of the action of principles, 196 (note).

Endeavour of, to secure steady prices to consumer, 44, 282; refers
to influence of corn speculators in effecting sudden changes in the
price of wheat, 60; quotes cases in which the price of wheat was
20s. higher a fortnight before than it was immediately after the
harvest, 67; blamed corn merchants for errors in judgment, 110.

The Corn Law necessary to prevent the country from being swamped
with foreign corn, 93; not the cause of distress, 134 ; Warehoused
Corn Bill, 110.

Protected the sources of labour, 170; the wages of labour ought not
to undergo sudden fluctuations, 175; no analogy between corn
and cotton, 121 (note); did not influence consumption at the
expense of production, 282.
Difficulties he had to deal with, 204 (note); treated free trade from
commercial view alone, 284; abstract free-traders opposed to, 282.

Industries — home, injuriously affected by free imports, 36; weak

ones to go to the wall, 123; the "natural," of Cobden, 122 (note).
Three stages of manufacturing since 1850, 189, 190; agricultural,

gradually undermined since 1850, 199.
Manufacturing and agricultural, opposed to one another (Cobden),

advanced concurrently (Sir Robert Peel), 220.
Attempt of British manufacturers to swamp foreign manufacturing,


Importsdemand for, in Cobden's scheme to stimulate home markets,
143; excessive, due to foreign wheat, 259.

Jevons, The Late Professor Stanley—free trade and prosperity
directly associated as cause and effect, 54; high rents do not cause
high prices, 79.

Judgment—importance of independent, in leaders, 224; the surrender
of, effected repeal of Corn Laws, 226.

Labour—its high price in this country, a drawback to the extension
of manufacturing enterprise, 10; demand for, diminished by in-
creased production and by mechanical improvements, 262; to be
improved by free trade (Cobden), 281 ; not encroached upon by
Huskisson, ib.; importance of improving, 212.
British labour cheapened by free trade, 56; not equally advanced
by Cobden's reform, 58; cheapness of provisions without demand
for, a sign of distress, 281; interests of, injured by consumption
of some British capital in foreign countries, 266; determination
of, to towns, 290.
Free trade, dearer than protective, 319.

Lloyd, Mr Sampson — the system of free imports antagonistic to
national welfare, 162 (note).

Manchester School, The—real object, "manufacturing supremacy,"
85 (note); selfish policy of, 90 ; triumphant (?), 184. .

Manufacturers, The—worked upon the temporary self-interest of
their labourers, 12; believed their policy to be adverse to agricul-
ture, 68; profits of, higher than those of the landlord and farmer,
64; selfishness of, how concealed, 116; miscalculations of, 135
(note); attempt of, to monopolise foreign markets, 140; accusa-
tion against, rests upon three charges, 158, 159; object of, to
obtain cheap bread, 215.

Markets—free imports tend to destruction of weak, 260; if they can-
not bear healthy competition, are to go to the wall, 193; the ex-
change of, by mutual free trade, 261.

M'culloch, J. E.—thought that fixed duty would do away with evils
of the Corn Laws, 67 (note); on the difficulties surrounding the
importation of wheat, 94; cause of the glutted markets, 135;
troubled state of times (1845) due to political and not economical
causes, 181; his change of front, 96 (note); did not separate the
two factors, but weighed them as a whole, 224; no limit to the
production of corn abroad, 185; judgment regarding corn problem
of, 1841, opposite to that expressed in 1830, 253 (note).
Melbourne, Lord—description of free trade as the maddest of all
mad courses, 119; nothing to give, after the repeal of the Corn
Laws, 155 (note).

Mill, John Stuart—authority of this ideal economist diminished by
the circumstance that he was biassed by the unparalleled prosperity
which almost immediately succeeded the introduction of free trade,
46 (note); mistaken with regard to true relation between pros-
perity and free trade, 54; opposed to Cobden respecting relation
of high prices and high rents, 79.

Monopoly—attempt of British free-trade manufacturers to monopolise
foreign markets, 270; supremacy of British manufacturers in
foreign markets wrested from them by, 148; free-traders at-
tempted to displace one monopoly by another, 47; in land to be
destroyed, 237.

Of landed interest to be destroyed by free trade, 272; in corn bene-
ficial to British public, ib. ; faults of system of, laid at door of
protection, 188; synonymous with protection, 188 (note) ; the in-
creased price of butcher's meat the result of, 149, 272.

Newmarch, Mr—quoted from D. Barbour's 'Theory of Bimetallism,'
"the world ought to rejoice if a new gold-field could be discov-
ered every few years," 5 (note).

Over-production—the source of free-trade distress, 81 ; two sorts
of, 135; manufacturers responsible for, ib.

Overstone, Lord—refers to universal fall in prices between 1828 and
1848, in 'Further Reflections upon the Currency,' 17; the cur-
rency regulated according to the supposed wants of commerce, 24
(note); quoted, 231; predicted depression of 1836, 254; the
public did not get its proper share, (note), ib.

Pauperism—to be removed by free trade (Cobden), 142 (note); in-
creased under free imports, 290.

Peace, Univeksal—free trade to promote (Cobden), 261.

Peel, Sir Robert—on the causes of commercial depression, 23—
urged by Cobden to repeal the Corn Laws in order to remove dis-
tress, 29; pointed to increasing exports under protection, 45;
referred with satisfaction to the paralysis which the German iron
industry experienced at the hands of the British free-trader, 47;
opinion of, respecting the fraudulent transactions of the corn
merchants, 60 ; always predicted termination of depression under
protection, 84 ; judgment of, on adaptability of free trade to old
and established interests, 133; belief of, that free trade would
make this country one vast workshop, 142; on the importance of
a sufficiency in the supply of wheat, 211 ; agriculture and manu-
facture advanced concurrently, 220 ; policy of, to ensure great bulk

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