obliged to discharge them altogether, and to shut up his mill. They crowd in hundreds round him—a melancholy spectacle—men, women, and children imploring him for work and food. What is his answer? “All my capital lies locked up in yonder warehouses, and I have exhausted my credit likewise. The foreigner can buy no more of the goods you make because our laws prohibit his paying for them in the only thing he has to sell—his corn, the very food you want....” The hon. member does not seem to be aware of the fact that to buy anything from the foreigner we must sell to him something of equal value—that for every quarter of foreign corn or every piece of foreign silk imported we must expect to pay for it an equal value of goods the produce of our own manufacturers, and that British or native industry is as much employed in the one case as in the other, the only difference being (and a great difference it is) that by the free exchange we get more of what we want, or of a better quality, in return for our industry, than if we attempted to produce it at home. And this is just the benefit which commerce confers. The hon. member does not seem to be aware that the principle he declaims against as a cold dogma of a stern political economy is the one sole vivifying principle of all commerce, the stimulus to all improvement, the mainspring of civilisation—the principle, namely, of obtaining the largest and best result at the least cost; in other words, to get the most you can of what you want for your money or your labour. But I can hardly wonder at the opinions held by the hon. member, when I see him sitting on the same bench with the hon. member for Knaresborough, who abhors machinery as the root of all evil. It is a fitting alliance; in fact, it is the same fallacy in a different form. The notion that it is better to buy dear than to buy cheap is the same as that it is better to spend much labour than little to produce the same result. The idea is that the more of labour and capital anything costs to obtain it the better. So stated, it seems incredible that any man should entertain the idea. And yet this is the notion which lies at the bottom of all the declamations against machinery for economising labour and against the mercantile principle of economising capital. In both cases an increase of produce is obtained at a less cost, the very circumstance which alone raised the condition of civilised man above that of the savage. PEEL’S DEFENCE OF HIS METHOD (1846). =Source.=—_Memoirs by Sir R. Peel_, vol. ii., p. 318. (London: 1858.)