"Look at your condition with reference to the Brazils. Every one recollects the glowing accounts of the late Vice-president of the Board of Trade with respect to the Brazilian trade--that trade for which you sacrificed your own colonies. There is an increase in the trade with the Brazils of 26,500,000 of yards in 1846 over 1845; and 18,500,000 yards in 1847 over 1845; and this increase has so completely glutted that market, that goods are selling at Rio and Bahia at cost price. It is stated in the _Mercantile Journal_, that 'It is truly alarming to think what may be the result of a continuance of imports, not only in the face of a very limited inquiry, but at a period of the year when trade is almost always at a stand. Why cargo after cargo of goods should be sent hither, is an enigma we cannot solve. Some few vessels have yet to arrive; and although trade may probably revive in the beginning of 1849, what will become of the goods received and to be received? This market cannot consume them. Stores, warehouses, and the customhouse are full to repletion; and if imports continue upon the same scale as heretofore, and sales have to be forced, we may yet have to witness the phenomenon of all descriptions of piece goods being purchased here below the prime cost in the country of production!' Such is the state of matters in these markets; and I do not see that your position in Europe is better. Russia is still hermetically sealed, and Prussia is not yet stricken. I know that there are some who, at this moment, think that it is a matter of no consequence how much we may export; who say that foreigners will not give their productions for nothing, and that, therefore, we must just manage things in the most favourable way we can for ourselves. There is no doubt that foreigners will not give us their goods without some exchange for them; but the question which the people of this country are looking at is, to know exactly what are the terms of exchange which it is beneficial for us to adopt. That is the whole question. You may glut markets, as I have shown you have succeeded in doing; but the only effect of your system, of your attempting to struggle against those hostile tariffs, by opening your ports, is that you exchange more of your labour every year and every month for a less quantity of foreign labour; that you render British labour or native industry less efficient; that you degrade British labour--necessarily diminish profits, and, therefore, must lower wages; while the first philosophers have shown that you will finally effect a change in the distribution of the precious metals that must be pernicious to this country. It is for these reasons that all practical