Let me be permitted to exemplify my idea. Suppose that several Parisian speculators should determine to devote themselves to the production of oranges. They know that the oranges of Portugal can be sold in Paris at ten centimes, whilst on account of the boxes, hot-houses, etc., which are necessary to ward against the severity of our climate, it is impossible to raise them at less than a franc apiece. They accordingly demand a duty of ninety centimes upon Portugal oranges. With the help of this duty, say they, the _conditions of production_ will be equalized. The legislative body, yielding as usual to this argument, imposes a duty of ninety centimes on each foreign orange. Now I say that the _relative conditions of production_ are in no wise changed. The law can take nothing from the heat of the sun in Lisbon, nor from the severity of the frosts in Paris. Oranges continuing to mature themselves _naturally_ on the banks of the Tagus, and artificially upon those of the Seine, must continue to require for their production much more labor on the latter than the former. The law can only equalize the _conditions of sale_. It is evident that while the Portuguese sell their oranges at a franc apiece, the ninety centimes which go to pay the tax are taken from the French consumer. Now look at the whimsicality of the result. Upon each Portuguese orange, the country loses nothing; for the ninety centimes which the consumer pays to satisfy the tax, enter into the treasury. There is improper distribution, but no loss. Upon each French orange consumed, there will be about ninety centimes lost; for while the buyer very certainly loses them, the seller just as certainly does not gain them, for even according to the hypothesis, he will receive only the price of production. I will leave it to the protectionists to draw their conclusion. IV. I have laid some stress upon this distinction between the conditions of production and those of sale, which perhaps the prohibitionists may consider as paradoxical, because it leads me on to what they will consider as a still stranger paradox. This is: If you really wish to equalize the facilities of production, leave trade free. This may surprise the protectionists; but let me entreat them to listen, if it be only through curiosity, to the end of my argument. It shall not be long. I will now take it up where we left off.