In this conflict of opinion it seems to me that there is only one position for the law to take--to allow prices to regulate themselves naturally. But the principle of "let alone" has obstinate enemies. They insist upon legislation without even knowing the desired objects of legislation. It would seem, however, to be the duty of those who wish to create high or low prices artificially, to state, and to substantiate, the reasons of their preference. The burden of proof is upon them. Liberty is always considered beneficial until the contrary is proved, and to allow prices naturally to regulate themselves is liberty. But the _roles_ have been changed. The partisans of high prices have obtained a triumph for their system, and it has fallen to defenders of natural prices to prove the advantages of their system. The argument on both sides is conducted with two words. It is very essential, then, to understand their meaning. It must be granted at the outset that a series of events have happened well calculated to disconcert both sides. In order to produce _high prices_ the protectionists have obtained high tariffs, and still low prices have come to disappoint their expectations. In order to produce _low prices_, free traders have sometimes carried their point, and, to their great astonishment, the result in some instances has been an increase instead of a reduction in prices. For instance, in France, to protect farmers, a law was passed imposing a duty of twenty-two per cent. upon imported wools, and the result has been that native wools have been sold for much lower prices than before the passage of the law. In England a law in behalf of the consumers was passed, exempting foreign wools from duty, and the consequence has been that native wools have sold higher than ever before. And this is not an isolated fact, for the price of wool has no special or peculiar nature which takes it out of the general law governing prices. The same fact has been reproduced under analogous circumstances. Contrary to all expectation, protection has frequently resulted in low prices, and free trade in high prices. Hence there has been a deal of perplexity in the discussion, the protectionists saying to their adversaries: "These low prices that you talk about so much are the result of our system;" and the free traders replying: "Those high prices which you find so profitable are the consequence of free trade." There evidently is a misunderstanding, an illusion, which must be dispelled. This I will endeavor to do. Suppose two isolated nations, each composed of a million inhabitants; admit that, other things being equal, one nation had exactly twice as much of everything as the other--twice as much wheat, wine, iron, fuel, books, clothing, furniture, etc. It will be conceded that one will have twice as much wealth as the other.