One of the ablest and most convincing speeches yet delivered
in the Free-trade controversy was made by Mr. Asquith before the General Committee of the National Liberal Federation at Westminster on Wednesday. Unfortunately, we cannot notice the speech at length, but we may note that what underlay its vigorous and convincing arguments was the law : "He who will not buy neither shall he sell"—the law which makes all taxation of imports for other than revenue necessities a double curse,—a curse on the consumer, who has to pay more for what he needs, and a curse on the producer of all other articles but the actual goods taxed, because if we take less goods of the foreigner he can less afford to buy ours. We forbid or mutilate the exchange. If our own consumers have in the future each to expend every year, say, 22 more than before on their food, they will have 22 less to spend on other things, many of which things will be home products. Artificially increased prices, since the money to meet the increase must come from somewhere, mean a reduction of the money available for the purchase of other things. You cannot, in fact, eat your cake and have it. If you refuse to let Smith sell things to you, you are really refusing to make an exchange with him. But if you refuse an exchange, you are in reality retailing to sell commodities. Yet that we should sell commodities is what the Protectionist above all things desires.
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