THE HOME MARKET 287 



time. But this must have been the case, with or 

 without the legislation of 1846. With agriculture, 

 however, the position was reversed. By that legis- 

 lation it was brought into open competition with 

 other nations, who in their turn were unrivalled in 

 the production of the staple articles of the agricultural 

 industry. 



The British farmer, having practically nothing to 

 export, was soon undersold in the only market open 

 to him — that is, the home market. Land speedily fell 

 in value, and the capital invested in it began rapidly 

 to disappear. Thus agriculture, the premier industry 

 of the world, the root of a nation's welfare, while 

 prosperous in every other country, became a fast- 

 decaying business in our own. 



Things went well with the manufacturing classes 

 for years, during which vast fortunes were made. 

 But other nations, ridiculing our policy, began to 

 protect their manufactures as well as their agriculture. 

 By the ever-increasing foreign tariffs, the manufactur- 

 ing classes of this country, in their turn, are being 

 brought face to face with a state of things quite 

 different from that which existed sixty years ago. 



From the latter part of the eighteenth century to 

 the seventies of last century was the golden age of 

 the landlords. From about 1844 to 1880 was the 

 golden era of the manufacturer. It remains to be 

 seen whether or not our commercial classes did not 

 unnecessarily sacrifice a certain constant and — as it 

 might have been made — an ever-increasing home 

 market, for a foreign trade which they would have 

 had without such sacrifice, and would have kept as 

 long as they are likely to keep it now. It remains 

 to be seen whether, as our fiscal policy caused the 



