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THE NEW PROTECTIONISM

prove Defence? And are not safer and better economic defences available? These are the questions to be answered.

Let it be admitted that, if a nation has to choose between Opulence and Defence, it will do well to prefer the latter. But we must first have evidence that the opposition exists and that the choice is necessary. Regarded prima facie, Opulence is favourable, not adverse, to Defence. Poverty is not strength. Money is the sinews of war, as we, better than any other country, ought to know. If, therefore, we are to follow a course which reduces Opulence, we must be clear that this prima facie damage is more than offset by other items of Defence.

What are the dangers after the war against which a tariff will provide? Needless to dwell upon the preposterous story of the huge stocks of goods (£300,000,000 in value, an adventurous statistician calculates!) which German manufacturers and merchants have already stored for "dumping" on the markets of this country and of France

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