On Monday Mr. Carnegie gave evideace before the Com- mittee
of Ways and Means at Washingtsn, and repeated the arguments in favour of Free-trade for the steel industry which be employed lately in an article in the Century Magazine. He pointed out, says the Times correspondent, that last year a profit of about sixty-two shillings a ton was made by the Steel Corporation, and exclaimed : "Does that enter into your brain? Can you arrive at any other con- clusion than that the steel industry can stand on its own legs ? " In a general way Mr. Carnegie absolutely refused to go into figures, but relied on broad principles. We gather that Mr. Carnegie is not a very stout Free-trader, though we are very glad to think of him as a Free-trader at all. His argument was that Protection bad done its fostering work for the steel industry, and that now the steel industry could get on without it. We prefer to believe that the steel trade, and every other trade, would have done better without Pro- tection at any time. Meantime Mr. Carnegie stands alone in
saying that the industry can do without Protection. The rest of the steel magnates declare that Protection is vital to their interests, to those of their workmen, and even to the people of America as a whole! 'Unless we are greatly mistaken, Mr. Carnegie's view, though the true one, will not prevail.
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