Page:The New Protectionism.djvu/126

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THE NEW PROTECTIONISM

new projects whose soundness has been attested by expert inquiry, is a proposition which is already commending itself to enlightened financiers. What part the joint-stock banks may take in such an institution, what part the Government, is a matter for discussion. But the utility, even the necessity, of some such organization of credit, if our commercial and investing classes are to compete on equal terms with those of Germany, is generally admitted.

When, then, we inquire what the weapons are with which Germany has made her great "invasions" in the world markets and international finance, we find that they are weapons of organization forged by brains, will, and industry, and are within our grasp if we also have the brains and will and industry to forge them. If we have not, the cowardly protection of a tariff will not serve us; for, instead of acting as a stimulus to efficiency and enterprise, it will be a screen for slackness and incompetence.

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