As a system for modern adoption "discrimination" is objectionable for three reasons. One is that it provides at best for keeping our ships in trades between home and foreign ports only; it does not provide for trade between foreign ports. Next it is a system for supporting ships that are confessedly inferior to those already in the trades--it places a premium upon inefficiency. Last of all it is a system that must excite all foreign governments to retaliation; and that those governments will be eager to retaliate, and that they will find ways enough for doing so, is beyond doubt. In connection with this statement it is necessary to keep in mind that we shall soon cease to export wheat in any form, and the growth of population is so great that we shall soon cease to export other, perhaps all other, food products. Before inviting retaliation we must look ahead. Indirect discrimination has been proposed. Under this the ships of any country were to be permitted to bring in without discrimination goods produced under their flag; but goods brought from any other country were to be subjected to a discriminating tax. Any analysis of our imports, however, shows that if British goods were taxed when brought here in any but British ships, all such goods would be forced into British ships at once, to the great advantage of the British shipping. They could not at present, nor for years to come, be forced into American cargo carriers. As the system would in like manner help German shipping, the policy would but make our task the harder. Before considering the policy of paying direct subsidies a glance at the oft-repeated assertion that our shipping is "our one unprotected industry" seems necessary. What does "protection" provide for any industry, or what does it pretend to provide? Simply the home market--this and nothing more, at best. This is done by laying a tariff upon imports. But the American shipping is now and always has been protected that far--absolutely protected, in fact, by prohibition. The importation of ships has been forbidden, and the use of foreign ships in the "home market" has been reserved to home-built ships for nearly 100 years. If "protection" could enable any industry to expand from the "home market" to the foreign, then the coasting trade industry should have expanded long since over all the world. Unhappily, however, the profit found in well-protected industries does but tend to make the beneficiaries contented, and willing to let well enough alone.