43. Hence, once more, starting from the protectionist’s hypothesis, and assuming his own doctrine, we find that he cannot create an industry. He only fixes one industry as a parasite upon another, and just as certainly as he has intervened in the matter at all, just so certainly has he forced labor and capital into less favorable employment than they would have sought if he had let them alone. When we ask which “channels” those are which are to be “favored or created by law,” we find that they are, by the hypothesis, and by the whole logic of the protectionist system, _the industries which do not pay_. The protectionists propose to make the country rich by laws which shall favor or create these industries, but these industries can only waste capital, so that if they are the source of wealth, _waste is the source of wealth_. Hence the protectionist’s assumption that by his system he could correct our errors and lead us to greater prosperity than we would have obtained under liberty, has failed again, and we find that he wastes what power we do possess. (_F_) EXAMINATION OF THE PROPOSAL TO DEVELOP OUR NATURAL RESOURCES. 44. “But,” says the protectionist, “do you mean to say that, if we have an iron deposit in our soil, it is not wise for us to open and work it?” “You mean, no doubt,” I reply, “open and work it _under protective help and stimulus_; for, if there is an iron deposit, the United States does not own it. Some man owns it. If he wants to open and work it, we have nothing to do but wish him God-speed.” “Very well,” he says, “understand it that he needs protection.” Let us examine this case, then, and still we will do it assuming the truth of the protectionist doctrine. Let us see where we shall come out. The man who has discovered iron (on the protectionist doctrine), when there is no tax, does not collect tools and laborers and go to work. He goes to Washington. He visits the statesman, and a dialogue takes place. Iron man.--“Mr. Statesman, I have found an iron deposit on my farm.” Statesman.--“Have you, indeed? That is good news. Our country is richer by one new natural resource than we have supposed.” Iron man.--“Yes, and I now want to begin mining iron.” Statesman.--“Very well, go on. We shall be glad to hear that you are prospering and getting rich.” Iron man.--“Yes, of course. But I am now earning my living by tilling the surface of the ground, and I am afraid that I cannot make as much at mining as at farming.” Statesman.--“That is indeed another matter. Look into that carefully and do not leave a better industry for a worse.”