Sir R. PEEL: ... I fairly avow to you that in making this great reduction upon the import of articles, the produce and manufacture of foreign countries, I have no guarantee to give you that other countries will immediately follow our example. I give you that advantage in the argument. Wearied with our long and unavailing efforts to enter into satisfactory commercial treaties with other nations, we have resolved at length to consult our own interests, and not to punish those other countries for the wrong they do us in continuing their high duties upon the importation of our products and manufactures, by continuing high duties ourselves, encouraging unlawful trade. We have had no communication with any Foreign Government upon the subject of these reductions. We cannot promise that France will immediately make a corresponding reduction in her tariff. I cannot promise that Russia will prove her gratitude to us for our reduction of duty upon her tallow, by any diminution of her duties. You may, therefore, say, in opposition to the present plan, What is this superfluous liberality, that you are going to do away with all these duties, and yet you expect nothing in return? I may, perhaps, be told that many foreign countries, since the former relaxation of duties on our part—and that would be perfectly consistent with the fact—foreign countries which have benefited by our relaxations, have not followed our example; nay, have not only not followed our example, but have actually applied to the importation of British goods higher rates of duties than formerly. I quite admit it. I give you all the benefit of that argument. I rely upon that fact, as conclusive proof of the policy we are pursuing. It is a fact, that other countries have not followed our example, and have levied higher duties in some cases upon our goods. But what has been the result upon the amount of your exports? You have defied the regulations of these countries. Your export trade is greatly increased. Now why is that so? Partly because of your acting without wishing to avail yourselves of their assistance; partly because of the smuggler, not engaged by you, in so many continental countries, whom the strict regulations and the triple duties, which are to prevent any ingress of foreign goods, have raised up; and partly, perhaps, because these very precautions against the ingress of your commodities are a burden, and the taxation increasing the cost of production disqualify the foreigner from competing with you. But your exports, whatever be the tariffs of other countries, or however apparent the ingratitude with which they have treated you—your export trade has been constantly increasing. By the remission of your duties upon raw materials—by inciting your skill and industry—by competition with foreign goods, you have defied your competitors in foreign markets, and you have even been enabled to exclude them. Notwithstanding their hostile tariffs, the declared value