Within the last six years, says Sir Charles Wood, the nation has remitted _seven and a half_ millions of annual taxation: since the peace, says Lord John Russell, more than _thirty-nine millions_ of annual taxes have been removed. Highly satisfactory this, no doubt—but what does it prove? Simply that we have pushed the abolition of indirect taxation too far. We have gone on, year after year, lowering tariffs, for the purpose of stimulating foreign trade. We have thereby unquestionably increased our imports, but we have failed in giving any thing like a corresponding buoyancy to our exports. _Why_ we did this is not very difficult of comprehension, if we look attentively to the state of party which has subsisted for the last few years in this country. Free-trade, in so far as it lessens the cost of production, is clearly the interest of the master-manufacturer who exports for the foreign market; but, we repeat, it is the interest of no one else in the community. Free-trade in certain articles,—that is, in raw material introduced to this country for the purpose of being manufactured, sold at home, or exported—is just and commendable. Free-trade in what are called the necessaries of life, such as corn and cattle, does not tend to the wealth of the country; but, for the present, we shall leave that subject in abeyance. Free-trade in luxuries and in manufactured goods, whenever these latter displace the home labourer in the home market, we hold to be utterly injurious, and we shall presently state our reasons. The Manchester school have adopted, preached, and insisted upon free trade in _all_ these branches. It was their interest to push the cotton trade to its utmost possible limits, and to undersell all competitors in every accessible market. Hence their favourite doctrine of cheapness, which in appearance is so plausible, but which actually is so fallacious, and the pertinacity with which they have continued to preach it up. Hence the League, in the formation of which they displayed such undoubted energy, and the immense sums which they lavished for the popular promulgation of their creed. To conciliate these men, swollen to a formidable number, and maintaining their opinions with extreme plausibility, and no ordinary share of talent, became an important object to the leaders who were then at the head of the two great parties of the state. It is in vain to deny that a large body of the middle classes were concerned in this movement, and, to gain their votes and support, the unholy race for power began.