The times., 1901-03-31
uDeOus Hooks

''The Free-Trade Movement" by G.
Armitage Smith, is a little book which
contains a great deal of interesting in
formation. The author takes up this
movement at the very beginning and fol-
lows II up to the present time, discussing
also its results. His views are, of course,
confined mainly TO English affairs, since
he is writing for an English public; but
he covers that field very thoroughly
The beginning of the chapter on Pro-
lection contains two or three interesting
paragraphs. which are worth quoting. as
showing the authors general argument
and his style of writing. He says of this
system:
Regarded historically and In its or
igin. Protection is not the outcome of
deliberate policy. adopted after care
full weighing of economic arguments.
1t grew out of the restrictions inciden-
tai 10 early forms of society, and the
restraints upon individuals inevitable
in the unsettled conditions existing
long prior to the modern Industrial
era; the jealousy of States during the
period of their formation and consoli-
dation, the growth of the sentiment of
nationality. the need for resources
(treasurel to carry on war. and the
creation, by means of tariffs, OF class
es interested in the maintenance of
restraints upon commerce. all helped
to develop IT. Facts came before
theory. and the principle OF Protection
as beneticent institution was formu-
lated TO explain and support the GUS
toms and practices which had grown
up. Until late in the eighteenth CEN
tury Protection was scarcely question
ed as guiding principle OF states
men; objections were raised to special
restraints on commerce, or on free
dom of Individual action, rather than
to the general principle. The belief
H.. -f..I
ests OF communities sustained the pro-
tectiVe doctrine until Adam Smith
changed the standpoint by maintain
Ing that the enlightened pursuit of In
dividual interests harmoniZed with
the national well-being.
In modern times the defence Of pro-
lection is undertaken either upon eco
nomic, or, more broadly, upon politi-
cal grounds. Protection is advocated
either as promoting some existing
branch of national industry and SO Sc
curing employment for laborers; or as
fostering some new trade, which is eX-
pected ultimately to be a source of
wealth although ii may involve a tenn
porary loss To consumers and tax
payers; or, it is demanded upon patri-
otic grounds, as necessary to make
the nation Independent OF foreigners
that II may be self supporting in the
event of war. Both lines of defence
are open to the charge that they are
based upon imperfect observation of
that the conclusions deduCed are
equally fallacious. In examining more
at length some of the current argu-
ments for Protection. we shall find
that they do not form a harmonious
system, that some of them contradict
others. and that nobody can consis-
tently uphold them ali. For example.
il is urged that protective tariff will
support the home industry by eXclud-
ing the foreign article and yet raise
revenue; that il will keep up prices
benefit the laboring classes, whose
real wages 1t would by that means re-
duce: that IL will prevent fluctuations
I'm trade and prices, by excluding for
eign competition, although 1t thereby
creates monopoly, which is a fire.
ouent cause of fluctuations and high
prices; that while it is desirable to
encourage invention In the interests
of CheapncEs. it Is also beneficial to
keep up prices by tariffs. These and
other paTadOXes appear on survey
of the different arguments in favor of
Protection
The last chapter in the book, that on
Imperial Federation is most interesting
and should receive the attention of every
student of the economic problems of the
day, since it deals with problem which
i'm different form is also confronting
the United States. and whose solution,
IN anv form, must affect the general com
mercial condition of the world. Chicago:
Herbert s. stone & Co $1.25J
women of the Bible is sumptuously
bound and illustrated book, containing
from twelve eminent clergy
men namely. Dr. John w. Chadwick
Rabbi Gustav Gottheil. DR. Lyman Alb
bott. DIR. Henry Van Dyke. DR.. w H. T.
E,arnce Prof Richard Green Moulton
pist,o, Hurst DR. Edward b Coe BiShoD
Doane, Or. Newell Dwight Hills. Bishop
Potter, and Cardinal Gibbons. The Bibli-
cal characters successfully discussed are
Eve. Sarah, Rebekah, Miriam, Deborah,
Ruth, Hannah Jezebel, Esther. Mary
MariaIen Mary and Martha, and the
Virgin Mary.
The style of each chapter necessarily
varies with the spirit OF the commenta-