It may be questionable whether, if the experiment of free trade had succeeded, Elihu would have obtained the countenance of so potent an auxiliary as Cobden. Our powers of arithmetic are too limited to enable us, at this moment, to recall the precise amount of additional annual wealth which the member for the West Riding, and the wiseacres of _The Economist_, confidently predicted as the necessary gain to the nation; it was something, the bare mention of which was enough to cause a Pactolus to distil from the chops of a Chancellor of the Exchequer, especially if he belonged to the Whig persuasion, and was, therefore, unaccustomed to the miracle of a bursting revenue. But as no such miracle ensued; and as, on the contrary, Sir Charles Wood was put to his wit's end--no very formidable stretch--to diminish a horrible deficit by the sale of rope-ends, rusty metal, and other material which was classed under the head of government stores, it was clearly high time for our nimble Cobden to shift his ground. Accordingly he fell foul of the army, which he would fain have insisted on disbanding; and this move, of course, brought him within the range of the orbit already occupied by the eccentric Elihu. It is not very easy to attain to a distinct understanding of the means which the Peace Association proposed to adopt, for carrying out this benevolent scheme. Most of the gentlemen who have already figured at their debates are so excessively muddleheaded, that it seems impossible to extract from their speeches the vestige of a distinct idea. This much, however, after diligent study, we have gathered, that it is proposed to substitute arbitration in place of war, and to render that mode of arrangement almost necessary by a general European disarmament. Nothing could tally better with the views of Cobden. A higher principle than that of mere retrenchment is thus brought to bear upon his darling scheme of wiping off the army and the navy; and we must needs confess that, to a considerable proportion of the population of modern Europe, the scheme must be extremely palatable. Standing armies, we are told, are of no earthly use in the time of peace, and their expense is obviously undeniable. If peace could be made universal and perpetual, there would be an end of standing armies. The best means for securing perpetual peace is to do away with standing armies, because without standing armies there would be no facilities for war. This is the sort of argument which we are now asked to accept; but, unfortunately, we demur both to the premises and the conclusion. Indeed, in a matter of this kind, we utterly repudiate the aid of logic, even were it a great deal more scientifically employed. That of the free-traders is, if possible, worse than their arithmetic, though, a year or two ago, they were ready to have staked their existence on the infallibility of the latter.