Sift the matter as closely as you will--the more closely the better--and you can arrive at no other conclusion than this, that in the long run all taxation must necessarily be levied from produce. If so, what is the inference? Clearly this, that you cannot permanently levy taxation except upon a scale commensurate to the value of produce. If the value of production is lowered, the power of taxation must decrease in the same ratio. Cheap bread then ceases to advantage the consumer; for that amount of taxation which was formerly levied from the production of corn in this country, must necessarily, since taxes have a fixed money value, be raised from something else--that is, from some other product--if any can be found adequate to sustain the burden. Towards this consummation we must gradually tend by the operation of an inevitable law, unless the eyes of our statesmen, and also of the constituencies of Britain, are opened to the extreme folly of the course which we are just now pursuing. In pure theory no one can object to Free Trade. It is a simple rule of nature, and a fundamental one of commerce, the free exchange of superfluities among nations. But taxation alters the whole question. We are not now, as before the Revolution of 1688, free from debt as a nation, and at little annual cost for the maintenance of our establishments. By an arrangement, in which the present generation certainly had no share, we have taken upon us the debts not only of our fathers, but of our ancestors of the third and fourth generation, and have become bound to pay the annual interest of the expenses of wars, the very name of which is not familiar in our mouths. The annual amount of taxation necessary for that purpose has heightened the price and value of all commodities in Britain, and consequently, by rendering living more expensive, has increased the cost of our establishments. How, then, is it possible, under such circumstances, to have free trade? You may have it, doubtless, in one article, or in many--that is, you may have free importations, but that is not free trade; nor can it exist until you have abolished the last farthing of customs duties at the ports. Well, then, let us suppose this done; let us assume that every article of foreign produce is admitted duty-free: the question still remains, how are you to raise the fifty-five millions for the public revenue, and a still further enormous sum for local taxation, including the maintenance of the established churches, the poor and county rates, and all the other necessary charges? It obviously cannot be done from capital, without gradually, but surely, making capital disappear altogether. It must be done from income; and income, as we have seen, is entirely dependent upon the value of produce. Agricultural production, estimated at the former prices, was calculated to amount to £250,000,000 annually. That can no longer be calculated upon. £91,000,000, according to Mr