The free-traders themselves do not aver that we maintain a larger force than is compatible with their magnitude for the occupation of the colonies. "I am quite aware," says Cobden, "that any great reduction in our military establishments _must depend upon a complete change_ in our colonial system; and I consider such a change to be the necessary consequence of our recent commercial policy." We are glad at last to arrive at the truth. That one sentence contains the key to the present crusade against armaments, and it is very well that we should understand and consider it in time. Our readers must not, however, understand the word "change" in the literal sense; the following extract from the Edinburgh tract will put the matter in a clearer light. "The possession of the colonies is supposed to add lustre to the crown; but it may be doubted whether the honour is not purchased at a price considerably beyond its value. The colonies pay no taxes into the exchequer: we keep them, they do not keep us. An Englishman may be told that he belongs to an empire on which the sun never sets; but, as he pays dearly for this in taxation, and gets nothing but sentiment in return, he may be inclined to question the value of that vast dominion on his connexion with which he is congratulated. But if the Englishman makes nothing by the colonial possessions, neither does the colonist. As things are managed, the union is mutually embarrassing, while the expenses we incur for maintaining the colonies are ruinous." Were we right or wrong when we said, two years ago, that the tendency of free trade was a deliberate movement towards the dismemberment of the British empire, and the separation of the colonies from the mother country? Here you have the principle almost openly avowed. The colonies are said to cost us about four millions a-year, and this opens too rich a field for the penny-wise economist to be resisted. Nor are we in the slightest degree surprised at these men availing themselves of the argument. If they are right in their premises, they are also right in their conclusion. If the people of this country are deliberately of opinion that our commercial policy is, henceforward and for ever, to be regulated upon the principles of free trade, the colonies should be left to themselves, and Earl Grey immediately cashiered. This is what Cobden and his followers are aiming at; this is the ultimate result of the measures planned, and proposed, and carried by Sir Robert Peel. It is no figment or false alarm of ours. The free-traders do not take the pains to disguise it: their main argument for the reduction of our forces is the uselessness and expense of the colonies, and they seem prepared to lower the British flag in every quarter of the globe. Our fellow-citizen who has compiled the last Financial tract speaks to the point with a calm philosophy which shows the thoroughness of his conviction: he says, "As foreigners now trade with our colonies on the same terms with