The Sun.
London, England, 1828-11-18 00:00:00

purchase of land, the high price of stock
and of laud would greatly lower his returns.
When profits in trade are very low, he has the
less inducement
.to invest his money in that
Way ; btit they Whist always be considerably
higher than the return from the State Annuities
or land, because no man would embark money
in trade; 'Which is subject to casualties, who
could not obtain more in that way than. from
land or tho funds, rib Ats in trade are low in
This country, but they must be considerably
higher than the market rate of interest. The
moment they approximate the market rate of in-
terest, capital is withdrawn to the saferinvestment;
which immediately yields a diminished return.
,Whatis daily tittered about the mischief oecaSiontid
by free trade. is superlative nonsense. Unfortu-
nately tit& 1; far from being sufficiently free. The
productiveness of trade is measured by its im-
ports, and here our restrictive laws operate most
mischievously. Trading cannot be beneficial
only to one side. We cannot trade with a
ptoi)le who have nothing to , sell in return. If,
for instance, we trade With an agricultural
1144.'e, in return for our
people, we can Only
goods, agricultural produce, or the goods which
have been obtained elsewhere for that produce.
By interdicting the direct return for our goods,
we only diminish our owh profits, and close
markets against ourselves. When production
does not keep place in the countries with which
we trade with our Own, the consequence is di-
minished returns; and where there are no re-
strictions on population, direct tir indirect, the
consequence of the diminished returns will be felt

.
most severely the reduction of wages.. Wages
'lave fallen considerably in several places of late
years, but the extent is, we believe, very much
exaggerated. We are exceedingly sceptical as
to many of the statements we see on this subject.
Every where we see new buildings; the stock of
Cattle is iLereasing, and the, quantity of food' ob-
tained from the soil' is constantly increasing.
No man raises what will 'not be consumed ; and
as there is a deMand for all this food, and
there is no falling off in the quantity of liquors
consumed, and people are dressed as well as
formerly, the fair inference is, that we are every
year becoming richer, though not so rapidly as
might be wished. • A nation toiling and moiling
as we do cannot be in a desperate'condition, for
what is wealth but the produce of labour? And
though one branch of industry may be diseased,
it is ridiculous to suppose that a whole nation
can be toiling to no purpose. We hear of the
diseased branch,, while those who are thriving
hold their tongues, and there arc always a num-
ber of people in the world who love to believe
the world going to rack and ruin. There has
been lately agreat deal of discussion about the
profits of the Silk Trade. It strikes us, that the
wages of the silk-weavers must have been lowered
from the influx of workmen from the cotton or
some other trade, rather than foreign importation.
If the wages of cotton weavers were higher than
silk weavers, it is impossible that in MancheSter,
Macclesfield, &c. the silk weavers should not be-
take themselves to cotton ; and again, if silk were
higher than cotton, that cotton Weavers should
not betake themselves to silk. Weavers can
easily be drawn from one branch of trade to an-
other ; and we should suppose it impossible that
much difference could long exist between the
wages in two branches, Mr. HuskisSon has
drawn on himself a good deal of the objurgation
which he has experienced by the mode in which
he recommended free trade. According to him
we could safely open our ports to the foreign ma-
nufacturer, because we could produce every thing
cheaper than foreigners. He ought to have
said, we ought to open our ports whether we
produce cheaper or, dearer, because the advan.
.tage of a free trade is in exchanging what cal
be, Keduced cheaper in one country for some.
thing that can be produced cheaper in another,
He confirmed by his inconsistent language Fo.
reign Governments in their absurd doctrines o:

exclusion ; because they at once said, we sha,

not open our ports to importation till, like the
English, we cm manufacture cheaper than other
nations. He fostered the stupid prejudice that
nations ought to be all sellers and not buyers.
—He ought to have distinctly said, importation
ought to be free, whether the foreigner main.
facture cheaper or dearer than we do, subjecting
him merely to the duties imposed on ourselves.
—Morning Chronicle.

POLICE INTELLIGENCE.