Here, you see, is a confession of opinion by a leading Free-Trader, that even the cheapening of food, by which he means the reduction of the wages of labour, will not suffice ultimately to secure us the supremacy of the foreign markets. He is perfectly right. In this insane, and we believe almost entirely unprofitable competition with the rest of the world, we must infallibly be overcome. No cheapness of food can countervail the pressure of our heavy taxation. The cotton-lords, if they could, would fain bring down the price of labour to the Continental level, which doubtless would enable them, for a long time, to prolong the contest; but this they cannot do, if our national engagements are to be fulfilled, and our most valuable institutions maintained. So long as the revenue duties exist, labour cannot be forced down to that point. But, in the mean time, agriculture may be ruined, and the home trade, by which alone you subsist, be palsied. In fact, the present struggle lies between the home trade and the foreign trade. One or other of these must ultimately succumb. The effect of our present commercial system is to paralyse the home trade, by decreasing the value of all kinds of domestic produce; by lowering all incomes, and consequently reducing the amount of the internal business of the country. It has enabled our manufacturers, for the time, to make a show of larger exports than before; but it has not, according to their own acknowledgement, at all enhanced their profits. It may have enabled them to lower their prices, but it has not increased their returns. And no wonder that it should be so. Except in the most miserable and unimportant quarters, our relaxations have been met by augmented tariffs instead of eager reciprocity. The nations of the world have refused to sacrifice their advantages, to renounce their prospects, and to become Free-Traders at the call of Britain. Their statesmen thoroughly understood the motive of the ingenuous offer: they were not to be cozened even by the plausibility of Sir Robert Peel. It is almost melancholy now, when we remember what has actually taken place, to revert to the peroration of that statesman's speech delivered on 16th February 1846. A more lamentable instance of delusion, as to the true feeling and position of other countries, was never perhaps exhibited. Mark his words:--