Perhaps there are in this room, I am sure there are in the country, many persons who hold a superstitious traditionary belief that, somehow or other, our vast trade is to be attributed to what we have done in this way, that it is thus we have opened markets and advanced commerce, that English greatness depends upon the extent of English conquests and English military renown. But I am inclined to think that, with the exception of Australia, there is not a single dependency of the Crown which, if we come to reckon what it has cost in war and protection, would not be found to be a positive loss to the people of this country. Take the United States, with which we have such an enormous and constantly increasing trade. The wise statesmen of the last generation, men whom your school histories tell you were statesmen, serving under a monarch who they tell you was a patriotic monarch, spent £130,000,000 of the fruits of the industry of the people in a vain--happily a vain--endeavour to retain the colonies of the United States in subjection to the Monarchy of England. Add up the interest of that £130,000,000 for all this time, and how long do you think it will be before there will be a profit on the trade with the United States which will repay the enormous sum we invested in a war to retain those States as colonies of this Empire? It never will be paid off. Wherever you turn, you will find that the opening of markets, developing of new countries, introducing cotton cloth with cannon balls, are vain, foolish, and wretched excuses for wars, and ought not to be listened to for a moment by any man who understands the multiplication table or who can do the simplest sum in arithmetic. Since the 'Glorious Revolution', since the enthronization of the great Norman territorial families, they have spent in wars, and we have worked for, about £2,000,000,000. The interest on that is £100,000,000 per annum, which alone, to say nothing of the principal sum, is three or four times as much as the whole amount of your annual export trade from that time to this. Therefore, if war has provided you with a trade, it has been at an enormous cost; but I think it is by no means doubtful that your trade would have been no less in amount and no less profitable had peace and justice been inscribed on your flag instead of conquest and the love of military renown. But even in this year, 1858--we have got a long way into the century--we find that within the last seven years our public debt has greatly increased. Whatever be the increase of our population, of our machinery, of our industry, of our wealth, still our national debt goes on increasing. Although we have not a foot more territory to conserve, or an enemy in the world who dreams of attacking us, we find that our annual military expenses during the last twenty years have risen from £12,000,000 to £22,000,000.