It cannot be denied that a state of great national prosperity is quite consistent and compatible with legislation in favour of the protection of native industry. That proposition, years ago, was denied; but with the experience we have had of France and the United States of America-the two most flourishing communities probably in existence-it is now incontestable. Well, my lords, many years ago-nearly 40-this country, which no one can say for a moment did not flourish with the old system of protection, deemed it necessary to revise the principles upon which its commerce was conducted...The scheme that was adopted was this-that we were to fight hostile tariffs with free imports. I was among those who looked upon that policy with fear. I believed it to be one very perilous. ...reciprocity is barter. I always understood that barter was the last effort of civilization that it was exactly that state of human exchange that separated civilization from savagery; and if reciprocity is only barter, I fear that would hardly help us out of our difficulty. My noble friend read some extracts from the speeches of those who had the misfortune to be in Parliament at that time, and he honoured me by reading an extract from the speech I then made in the other House of Parliament. That was a speech in favour of reciprocity, and indicated the means by which reciprocity could be obtained. That is to say-I do not want to enter into the discussion whether the principle was right or wrong, but it was acknowledged in public life, favoured and pursued by many statesmen who conceived that by the negotiation of a treaty of commerce, by reciprocal exchange and the lowering of duties, the products of the two negotiating countries would find a freer access and consumption in the two countries than they formerly possessed. But when he taunts me with his quotation of some musty phrases of mine 40 years ago, I must remind him that we had elements then on which treaties of reciprocity could be negotiated. At that time, although the great changes of Sir Robert Peel had taken place, there were 168 articles in the tariff which were materials by which you could have negotiated, if that was a wise and desirable policy, commercial treaties of reciprocity. What is the number you now have in the tariff? Twenty-two. Those who talk of negotiating treaties of reciprocity...have they the materials for negotiating treaties of reciprocity? You have lost the opportunity. I do not want to enter into the argument at the present moment; but England cannot pursue that policy.

Policy·Economy·Trade