Conversations On the Principal Subjects of Political Economy Microform
Conversations On the Principal Subjects of Political Economy Microform
Elder, William, 1806-1885
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Up to the very last days of her established supremacy, she charged on silks 25 to 40 per cent. ; on woollens 15 to 20, and on cottons 10 to 20 per cent. Until about 1830 she was not safe against the rivalry of the continent in the production of these goods. In general and in particulars this is true of her policy : she never repealed a protective duty by act of Parliament until long after it had been effectually repealed by her acquired success in cheapening her products to the extent that she ...could undersell the like goods in the world's market, and so bar them out of her own; and she has not to this day given up the defence of her home market against the products of other nations — of this more here- after. D. Protection has an American history of something approach- ing a century, which one would think ought to have matured the domestic industries quite as much as five centuries of the earlier struggle in which England was engaged with India, in the matter of cottons, with Persia in the finer woollens, and with France, which for the later thirty years of the strife, maintained, accord- ing to McCulloch, a steady defence, amounting in effect to absolute prohibition of all competing imports.
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