RECIPROCITY THE ESSENCE OF FREE TRADE 185 



less constantly occurs, I have only to notice his singular 

 attempt to put me in the wrong by giving a new and un- 

 justifiable meaning to one of the plainest words in the 

 English language. He says that I am quite mistaken in 

 considering u free trade " to be essentially mutual to mean, 

 in fact, what the component words mean free commerce, 

 free exchange, free buying and selling. On the contrary, 

 says Mr. Lowe, it means free buying only, though selling 

 may be ever so much restricted. But surely buying alone 

 is not " trade," but only one half of " trade." Just as imports 

 cannot exist without exports of equal value, so I have always 

 considered that buying cannot long go on without selling, 

 and that the two together constitute trade. Mr. Lowe, 

 however, says I am historically wrong, but he does not give 

 his authorities ; and without very conclusive proof I cannot 

 admit that the English language as well as the English 

 commercial system, was revolutionised by the free-trade 

 agitation. 1 



One of the most important of my arguments that 

 reciprocal import duties are just and politic, in order to 

 secure" stability and healthy growth " to our manufactures 

 Mr. Lowe, with more ingenuity than ingenuousness, 

 converts into a plea on my part for stagnation arid freedom 

 from competition ; and he maintains that the power of 

 foreign governments to alter their import duties and 

 bounties at pleasure, with the certainty that we shall take 

 no active steps to neutralise their policy, is a healthy in- 

 centive to activity and enterprise ! 



The remainder of Mr. Lowe's arguments and sarcasms 

 may pass for what they are worth ; but, while so many of 

 our manufacturers, and that large proportion of our popu- 

 lation w r ho are dependent directly or indirectly on manu- 

 facturing industries, are suffering from the unfair compe- 

 tition brought upon them by foreign protection, the 

 allegation that these form an insignificant class, and may be 

 properly spoken of as " particular trades " whose prosperity 

 is of little importance to the rest of the community in 



1 In Chambers's Dictionary Trade is defined as Buying and Setting, 

 commerce ; and this latter word as interchange of merchandise on a large 

 scale. 



