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Rh of some professors of political economy, it is a kind of economic mysticism.

If, however, the United States could be cut off from all the rest of the world as regards trade and industry, then at least it should be plain that whatever material prosperity they could gain would be just what they, with their energy, enterprise, and capital, are able to extract from such soil and climate as nature has given to us here. What would be the difference if, then, there were no tax barriers? Certainly none whatever. The wealth which the American people get they must produce by applying their labor and capital to the natural advantages which they possess. With foreign trade open to them, they will not make use of it unless they find an advantage in it; that is, unless American labor and capital can attain more wealth through exchange than without it. The task of American producers will still be to attain the greatest possible wealth by expending their labor and capital on American soil, either directly, or with an intermediate step of exchange. Wages are only a part of the product of the country; if then, trade increased the amount of commodities at the disposition of the people, it would increase the amount of each share in the distribution. This is the simplest common sense of the matter, stripped of all technicalities, and to this the whole discussion must again and again return.

If now we begin to reduce and abolish the taxes which were laid during the war, we shall simply begin to free the American people from a clog on their energies and a waste of their industrial strength. Every step in this direction is an emancipation under which we may be sure that the national energy which is set free will spring up with the quickest response. The guarantee of this is in the character of the people, and in the natural advantages which they possess. Whatever chances we have, we have in the nature of the case; the tariff could not give us any; it could only