, 1879-07-08
THE COBDEN CLUB.

speech by Mr.. Horace White, Of Chicago.
Tile Golden Club held ts annual dinner at
Greenwich, EnR., June Fl. THE Marquis OF
R[pon, In Inviting tic co.nnany to drink to the
health Of foreign and coloutal friends who wcro
present OIL tho occasion, Paid: "Wc wcIcotuc
two distinguished representatives of tho Great
Republic upon tic other RldU OF tfr Atlantic:
We have a,nong t,s Mr.. Samuel Il. Rueglcs, rcp-
rescnt!ns tue Chamber OF Commerce. u New
York; ind do not think can give lin bet
tor wish Of welcome than TIN; 1t may hc grauted
To him. at tho end o[ A long and useful 1ifu de-
yutctl 10 statistical Mnl economic science, to
witnrss the triumph III Ills OWL country OF sound
economic princlplrs. [Chccrs.] Ills younger
compauIop, Mr. Horace White. Of Chicago, Is
one ot the su,atl but carpcat hand Of American
Frco.Tradera tu whom In trutl, The tuturo be.
longs" After u few words from Bit. Rugglcs
Mr.. Horace White satd:
/, an, frequently asked why Free Trade makes
30 littln haadway III the United Sln.ea. TIla
true answer conceive to bu this: ti,uf ws have
never been made 10 feel, us you Hcrc nucu made
to fell, lha rcMl anguish Of proteettyu leglslA.
tion. rIeur, hcar.l We l,avu had no hungry
mfll!ons thuudcrinE ut tho doors Of the Legis-
turs lise your famous Antl-CorM Law League.
[Chcers.l Our country ts too large. tuo tl!u1y
populated per ettnaru mile, tno full Of uatlonal
resources, to feel seusIb1y md acntely the effects
VI batl nscal legislation, 4nl, hnd almost said,
Of bud legislation OF any kind. Covering nearly
sixty degrecs oE Longitude u.hA twenty-five OF
latitude. alll embracing an endless variety ot
nyer greater area, perl,aps, t,lan ca,, b. found
elsewhere IN tho world. Fortunately. tue Con
st,tutio1l prohibits tho States frou, 'uvyh.g u-
ties upon rroAucts entcr!1g them from
mako no doubt wo ahnu!h haye bud as n,Any
internal tari1s ~ Germany WIS Inflicted with
beforu tho days Of The zolIyereIu, autl fur more
than Englnnd is afflicted With now at t!le hands
Of hor own colonies. 5lloar. l,rar:l We'll, II "l
very wonderfully endowed with nat,irll re-
sources, und nct,ally does eu1oy freq trAde over
a very wide extent uf country. Consequently,
1'rudc with. othcr uatians. lLauguter.l Bastsut'n
stlnue truth tlIut Two ,l,nI two sllaku lour fl
political econotuy ns III arithmetic ~ about tlle
last thnE buttons ever learn ~ their proEreas
dom. II ry*r, learn It exeept BY bitter expsr.-
enco. think tint England herself learned tho
lesson of FREQ TradU through tho stomach
rather than through tho head. lChecrs and
! meut, too, viii como. Our manufacturing caua-
bllitics aro far H.. excess OF our manu-
featuring wants. They have becn ~ for
years. This result is ti'at our MANU-
They ara living OF their OWE y'tals aud those
Of their neghIors. Laughter. AN erctllply
informed. for INSTANCE, that tn sotue uf tlle iron
h steer lEAuce, Ahu c1Veclat!y IN sIt atcel-Tall
trade, portion Of tho nltlls aud furnaces nru
kept l.ilo by agreement with the rest. lhat IL
tu saY, tho nills aud furnaces which aro rli,Il,l.i
pny 10 many luIlutB per tun Of their product Il,
tnos0 Wblrll arc nut ru,IfIg.--n very wastuful
nlcthOA pf UmpuYnE surplus rapstal Invested
u! iron and steel Industry. (flear, hGar. OF
tourbe the price " which steel railI can bc sold
nnuer tlcsu conditions must puy, not only fur
tue rails which arc Male, but ulsu for uihers
which nro not made. llcneu 1t was, probatlly,
\ ti'At m important American railway company d
iuw wtekA aRo found 1t advantageous to ,Muku
avnatrast for sone Wy tons 81 steel talls In
E'ein,Itl, TO be dcliyerrd over the top Of our
Gxof9itant tariff. Aud here would reIllark
lIat England nteu be fn no haste tn urge ua to
ah!'aol pFoteettya duties. So lo.e 10 We usu-
lect vopler' aud pity !rvn, and cl.alrs.l4 al,tl yu
wu feaEn YOU thu unuiaputed 1Ilastrfs vi thu
world's eo'i'l!lerce. do not say that TREAT
!iEttaln would not reap advantages rom our
abandonment OF protective duties, but dt, suy
t.lus when Wu abih.l0n protective dmilrx Il trcnt
Britain must Ineet her llrss SERIOUS co,n
| and Important rlYnt W y manufacturing nuwrr.
al uut beorc. hnyg not been m lilis st,ot., -.
| ter susr | havu been in England, l un, bound
to acknowledge il.at you oxtel Us iu tliu cxts,,t
aud magnitude OF your manufacturing arld
shipping, u much "a We rxrrl yuu 10 the c1tuDt
unQ magnitude Of Our agriculture. Whcsu va