ness fact when I say that the profits secured to 
the manufacturer in the home market through 
prices kept high by protection alone enable him 
to sell even his small surplus of goods in the for- 
eign market. Remove that, and our exports of 
manufactured articles would cease. Already Can- 
ada has a law against our dumping surplus man- 
ufactures in their markets. On an equal basis 
we could sell abroad only that small line of ma- 
chinery which we make better than any other peo- 
ples. And the imitative Chinese and Japanese, 
as well as the workmen of Germany who are now 
educated in their technical schools, are constantly 
reducing the demand for our goods. We should 
never be able to make a much better showing than 
the figure we now cut in international commerce. 
Rather we will be more than fortunate to hold 
our own. 
The relative advantage enjoyed in the past by 
reason of our possession of vast stores of unused 
raw material is disappearing. The time is ap- 
proaching when we will be still less able to manu- 
facture in competition with other peoples; when 
tariff walls could not be built high enough to keep 
out the intruder without crushing the life out of 
our own people. It is a matter of fact familiar 
to all of you that the progressive exhaustion of 
our forests has multiplied the prices of lumber 
within the past few years. Every farmer who 
has built a house or barn or even a fence, unless 
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