  I see, my Friend, that you are bringing out your trump card. “Behold!” you argue “the unfortunate condition to which America has been reduced by her protectionist policy; she has scarcely a ship afloat, whilst Free Trade England is carrying the commerce of the world.” First, I would ask, are you quite sure that all this is caused by Free Trade? Don’t you think that it is just within the bounds of Are you ignorant of the fact that the shipping trade has been a losing concern for some considerable period? Are you unaware of the fact that wheat has been frequently carried as ballast, and has paid no freight; that other articles have been carried at almost nominal rates? In the Civil and Military Gazette of 7th December, 1883, under the Telegraphic Summary, I read— “It is predicted that, unless freight rates to India speedily improve, a considerable number of steamers now engaged in the trade will be laid up.” I also read in the Madras Mail, January 9th, 1884, that an organ of the shipping interests in London has drawn up the probable “results of the gross working of thirteen steamers of a well-known Steam Navigation Company, the result of which is a total loss of £34,000 in one year’s trading.” Are the Americans to be pitied, because they have no share in this losing concern? If protectionism has kept them out of it, you can scarcely blame it. But even without such keen competition, the Americans are justified, by the writings of your sacred shastras, as may be seen by the following quotation: “The capital, therefore, employed in the Home trade of any country will generally give encouragement and support to a greater quantity of productive labour in that country, and increase the value of its annual produce, more than an equal capital employed in the Foreign trade of consumption; and the capital employed in So you see that the authority of your own sacred writings is favourable to the policy of our American cousins in this respect. FOOTNOTE: |
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