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 its limits than splendid in its scope, which seeks to secure the existence and progress of Greater Britain under the conditions of the time in which we live. Fiscal reformers in this country are as free as at any time to condemn the extravagances and absurdities of American Protection and German agrarianism. Seeking to promote the definite interests of the Empire under definite conditions, they would oppose the abuse of the Protectionist idea as they resist now the perverted application of the Free Trade theory. They are prepared to stand against the falsehood of extremes upon the right hand and the left hand. To say that the tariff principle cannot be introduced without being carried ultimately to excess, is like Mr. Lowe's argument that the ten-pound franchise could not become a seven-pound franchise without precipitating the nation into anarchy.

British fiscal reformers believe, on the contrary, that they are about to establish a new economic model, equally free from the abuses of continental agrarianism and American trusts, which will form yet another example of the practical genius of the English people for constructive compromise, and will result in moderating extreme Protection throughout the world. The foundation principle of that policy will be preference—preference in every market under the flag, at home, in the Colonies, and in the dependencies alike, for those members of the Imperial State who bear its burthens, increase its resources, strengthen its defence, and whose morale and organization, whose sufficiency in numbers and efficiency in spirit, can alone perpetuate its existence. The increase of Imperial trade means the simultaneous increase on both sides of the sea of all our political resources for peace and war; relative advantage for all the members of the State in commerce under the flag is the economic condition vital to the interests of relative power; and nothing can secure the maintenance of the British Empire through the generations lying immediately before us but the progress under preference of those new nations of our race whose strength, wealth, numbers, in some ultimate crisis, may double our own.