This, however, is no joking matter. The total failure of the free trade
system to procure any, _even the smallest return_, coupled with the very
serious injury it has inflicted on many of the staple branches of our
industry, has now been completely demonstrated by experience, and is
matter of universal notoriety. If any proof on the subject were required,
it would be furnished by _Porter's Parliamentary Tables_, to which we
earnestly request the attention of our readers. The first exhibits the
effect of the reciprocity system, introduced by Mr Huskisson in Feb. 1823,
in destroying our shipping with the Baltic powers, and quadrupling theirs
with us. The second shows the trifling amount of our exports to these
countries during the five last years, and thereby demonstrates the entire
failure of the attempt to, extend our traffic with them by this gratuitous
destruction of our shipping. The third shows the progress of our whole
exports to Europe during the six years from 1814 to 1820, before the free
trade began, and from 1833 to 1839, after it had been fifteen years in
operation, and proves that it had _declined_ in the latter period as
compared with the former, despite all our gratuitous sacrifices by free
trade to augment our commerce.[12]
[12] See No. CCCXL, _Blackwood's Magazine_, p. 261.
The free traders fully admit, and deeply deplore, as we have shown on a
former occasion, these unfavourable results; but they say that it is to be
hoped they will not continue: that foreign nations must, in the end, come
to see that they are as much interested as we are in enlightened system of
free trade; and that, meantime, it is for our interest to continue the
system; or even though it totally fails in producing any augmentation in
our exports, it is obviously for our advantage to continue it, as it
brings in the immediate benefit of purchasing articles imported at a
cheaper rate. Supposing, say they, we obtain no corresponding advantage
from other states, there is an immense benefit accrues to ourselves from
admitting foreign goods at a nominal duty, from the low price at which
they may be purchased by the British consumer. To that point we shall
advert in the sequel; in the mean time, it may be considered as
demonstrated, that the free trade system has entirely failed in procuring
for us the slightest extension of our foreign exports, or abating in the
slightest degree the jealousy of foreign nations at our maritime and
manufacturing superiority. Nor is there any difficulty in discovering to
what this failure has been owing. It arises from laws inherent in the
nature of things, and which will remain unabated as long as we continue a
great and prosperous nation.
Public-domain text, read in full here on John Shaqi.
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