of our supply of wheat being derived from our own soil, 259;
measured prosperity by exports alone, 265; condemned interfer-
ence of manufacturers with agriculture, 271 (note); notices the
inflammatory speeches of the free-trade agitators, 282 (note);
refers to free-trade argument, 235 (note).

PENZANCE, LORD-free imports not beneficial, 162.

PITT, WILLIAM-treaty with France (1785) reciprocal, 172; Cobden's
measure compared with, 188.

POPULATION and export trade increased proportionately under pro-
tection since 1875, there has been no steady increase to meet
requirements of additional, 45 (note); annual increment to, 259;
of agricultural countries reduced by free trade, 268.

PRICE, THE LATE PROFESSOR BONAMY-States that between 1850 and
1866 no money passed between this and other countries, 4 (note);
explained why imports continued excessive, 265.

PRICES-universal fall in, between 1828 and 1848, not alluded to by
Cobden, 17; not statesmanlike to degrade, 41 (yet cheapness
was the motto of the free-traders and is still so); in the home
markets, regulated by the foreigner, 50; steady prices the ob-
ject of Huskisson's policy, 60; sudden rises in wheat due to
speculation, 59-high prices of wheat depress manufacture, 107
(note); reduction in, by cheap bread and cheap conveyance, 146
(note); increased by influx of gold, 146 (note); the high price of
corn eventually paid by foreign consumer of English goods, 63;
fall in, 179; its proper place, 180; low prices from an ideal point,
305.
PRODUCTION-how influenced by invention of shuttle and the develop-
ment of the railway and steam navigation, 156; increased normally
by railway extension, artificially by free trade (for a time) 164;
subsequently depressed by free imports, 264; relation between, and
consumption disturbed by free trade, 270; sources of, nourished
by protection, ib.

PROGRESS-not equable under free trade, 116, 274; of part at the
expense of the whole, 289.
PROHIBITION

the cause of commercial irritations, 295; confused with
protection, 188 (note).
PROSPERITY-Causation of, 1 et seq.; Cobden's distinction between true
and fictitious, 4 (note); free trade to create a true, 81 (note);
influence of railway extension in causing, 5; also of the gold
discoveries, 6; between, and free trade, there intervenes increased
circulation, 148; prosperity and high prices, 304; a sure one of
slow growth, 333.

PROTECTION-under the system of, exports gradually and equally in-
creased, 93; wheat has a natural, 68; the cause of wars, 297.
PROTECTIONISTS-predicted poor land would go out of cultivation,

186; on the drain of bullion, ib.

PROTECTIVE NATIONS, THE-sell at a cheaper rate than the free-trader,
200.

RAILWAY RATES-increased during unparalleled prosperity, 21; such
increase bears hardly upon the manufacturer in times of depres-

sion, 22; in the opinion of some, this increase the sole cause of
depression, 47.

RAILWAY SYSTEM-influence of, for good, interfered with by free
imports, 292.

RECIPROCITY-Huskisson and, 302; Cobden's free trade an "ideal,"

ib.

REVOLUTION-dangers of, if Corn Laws not repealed, 174; the French,
finally brought about Corn Law in England, 206.

RICARDO, DAVID-doctrine of, concerning the nature of rent, opposed
to Cobden's teaching, 15; theory of international trade criticised,
293, 294.
RIVALRY-foreign manufacturing, to be suppressed by free trade, 147.
ROGERS, PROFESSOR THOROLD-has no wish to preserve industries
which cannot bear the climate of healthy competition, 193; the
French Treaty of 1860 a masterpiece, 91 (note).

RUSSIA-present commercial advantages of, do not hinder her from
pursuing a high policy, 299.

SCARCITY-never any actual, under protection (evidence from Ware-
housed Corn Bill), 110.

SHERBROOKE, LORD-the French Treaty (1860) based upon reciprocity,
171 (note).

SHUTTLE-invention of, increased production, 155.

SILVER-the depreciation of, assumed as cause of depression, 317.
SOCIALISM-fostered by free trade, 312.

SPECULATION-Sir Robert Peel attributed distress to over-speculation,
23; fraudulent, 60, 67 (note); caused sudden rises in price of
wheat under protection, 112; in corn during the great war, 206
(note).

SPECULATORS, THE CORN-blamed by Huskisson for exceeding supply,
110; their tricks and artifices, 113 (note).

STANLEY, LORD-charged Cobden with attempting to lower wages,
157 (note); a protectionist statesman, 278 (note).

STARVATION-under free trade, 109.

STATE ASSISTANCE-afforded corn-growers and landlords by Corn Law,
111; solicited by manufacturers, 165; used at present time to
protect certain interests, 323.

STEAM-introduction of, displaced labour, 153.

TAX, MALT-why still retained, 326.

TOOKE, THOMAS-drew up London merchants' petition in 1821, 239 (note).
TRADE-forces in operation to extend, railway extension, 152; gold
discoveries, 159; temporarily by free trade, 168; balance of,
supposed to be in our favour from free trade, 187; international,
theory of, 293; produces inequalities, 300.

TRADES-UNIONS-influences of, increasing, 53; opinion of Mr Glad-
stone respecting, 54 (note).

TREATY the French, of 1860, regarded by some free-traders as a mas-
terpiece, 91 (note); believed by Lord Sherbrooke to be essentially
reciprocal, 171 (note); reason why drawn up for a period of years,
196; the basis of a reciprocal, 296.

VINCENT, MR HOWARD, M. P.-free imports not beneficial, 162.

WAGES-tendencies in existence, before introduction of free trade,
towards a rise in, 9; importance of keeping wages steady, 175
(note); regulated by the price of wheat (under protection), 306;
free trade introduces a new regulating factor, 310; rise with an
increase (absolute) of the currency, 306 (note); low, with low
price of bread, 308; of agricultural labourers to rise with free
imports, 289; from determination of labour to soil, 288; in
reality, were increased from scarcity of labour, ib.

Wages fund reduced by displacement of British labour, 277; general
reduction in, advocated by Right Hon. J. Bright, 51.

Increased during early period of free-trade action, due to enlarged
currency, and not to extended supplies, 189 (note); reduction in,
consequent on fall in price of bread, admitted by free-traders, 190.
WAR, CRIMEAN-influence of, upon agricultural prices, 290.
WELLINGTON, DUKE OF-had to decide between Queen's Government
and Corn Law, 332 (note); quoted, 249 (note).

WHEAT-price of, gradually receded during protection, 65, 75 (note);
the suddenly increased price brought about by speculation three
months before the harvest, went into pockets of the corn mer-
chants, 66; fluctuations in price of, as great in other countries,
where rents were low, as in England, where rents were relatively
high, 67; price of, sometimes 20s. higher a fortnight before than
it was immediately after the harvest, ib.; imports of, under pro-
tection, 95; cost of transit of, from foreign parts, given at various
amounts, 105 (note); tendency of free trade in corn to send up
prices, 107 (note); requirements of the country respecting, 108;
quantity imported, 1887, 109; influence of seasons in causing high
prices of, errors of corn merchants, 111; enhanced price of, did
not go into farmers' pockets (Cobden said), 112 (note); fluctua-
tions in price of, not antagonistic to manufacture, 176; tendency
to lower prices, ib. ; cultivation of home-grown, under disabilities,
258.

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