animosities. Exclusive trade stimulates and aggravates those
animosities. I do not by any means maintain that this argument is by
itself conclusive against the adoption of a policy of Protection, if, on
other grounds, the adoption of such a policy is deemed desirable; but it
is one aspect of the question which, when the whole issue is under
consideration, should not be left out of account.

[Footnote 59: Subsequently published in _The Nineteenth Century and
After_ for September 1910.]

[Footnote 60: _Life of Cobden_, Morley, vol. i. p. 231.]

[Footnote 61: Sir Robert Peel, as is well known, did not fall into this
error, and even Mr. Cobden appears to have recognised so early as 1849
that his original forecasts on this point were too optimistic. Speaking
on January 10, 1849, he said: "At the last stage of the Anti-Corn Law
Agitation, our opponents were driven to this position: 'Free Trade is a
very good thing, but you cannot have it until other countries adopt it
too.' And I used to say: 'If Free Trade be a good thing for us, we will
have it; let others take it if it be a good thing for them; if not, let
them do without it.'"]

[Footnote 62: Hirst, _Life of Friedrich List_, p. 134.]

[Footnote 63: Essay on the Influence of Commerce on International
Conflicts; F. Greenwood, _Ency. Brit._ (Tenth Edition).]

[Footnote 64: In connection with this branch of the question, I wish to
draw attention to the fact that Professor Shield Nicholson, in his
recent brilliant work, _A Project of Empire_, has conclusively shown