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CHAPTER I.

INTERNATIONAL TRADE.

BY AARON L. CHAPIN, D.D.

PRESIDENT CHAPIN of Beloit College, has well

stated in his "First Principles of Political Economy," the arguments for and against Protection. I will give them

in full.

The Theory of Protection distinctly stated is, that, in order to promote home industry, the importation of certain articles, from countries where they can be produced cheaper than at home, should be prohibited or restricted by heavy duties.

In direct opposition to this,

The Theory of Free Trade affirms that a nation's wealth and prosperity are best promoted by maintaining the utmost freedom for the exchange of all commodities among its own people, and with the people of other countries.

The mere statement of the principles suggests two conflicting economic systems. In practical legislation two corresponding policies have been in conflict through all the history of our nation. There seems no place for compromise: truth and wisdom must lie on one side or the other.

In the discussion of each department of our science, freedom appears as the natural law of industry and trade. But on the face of it the theory of protection involves an interference with freedom; an interference which affects all of the four departments,-production, consumption, distri

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