"Already English inventors had made valuable inventions in machinery for the manufacture of iron, cotton, woolen and other goods, which further cheapened labor and the product of labor.
"England with cheap capital and cheap labor, now had two of the four things needed to enable her to go forward to larger trade with the world. The third requisite, cheap and abundant raw material, she also secured. Material, not furnished from her own mines and soils, was brought in plentiful supply at nominal freights, or as ballast, by her vessels, whose sails are spread on every sea.
"For three centuries Great Britain has vigorously and profitably pursued Sir Walter Raleigh's wise policy: 'Whosoever commands the sea, commands the trade, whosoever commands the trade, commands the riches of the world, and consequently the world itself.'
"On the ceiling of the reading-room of the Liverpool Cotton Exchange is painted the pregnant words:—'O Lord, how manifold are thy works, in wisdom hast thou made them all; the earth is full of thy riches.' Under divine inspiration, therefore, English capital seeks investment everywhere, and with cheap capital, cheap labor, and cheap raw materials, she finds herself able to compete successfully with the world. It is possibly pardonable then that the British manufacturer and politician should seek earnestly the fourth requisite, viz., a large market abroad. Hence the necessity of free trade.
"To advocate publicly that other nations should adopt free trade, that England might have an increased number of buyers, and consequently greater profit on her products, perhaps would not be judicious; so the principle of free trade for the world at large must be sugar-coated, to be acceptable. Therefore your philanthropic and alert Richard Cobden, and John Bright, and your skilled writers, both talked and wrote much about the 'brotherhood of mankind,' hoping that the markets of the world might willingly open wide their doors to British traders. Of course, advocates of free trade reason that the larger the number of buyers the larger the prices.
"Mr. Searles, whenever America can command, as Great Britain does to-day, cheap capital, cheap labor, and cheap raw materials, she too may vociferously advocate free trade, and that other nations shall open wide their markets for the sale of American products.
"Don't you see, Mr. Searles, that protection and free trade are equally selfish and not philanthropic principles?"
"Mr. Harris you are right," shouted several of the by-standers.
But Hugh Searles did not reply. Possibly because it was late or, it may be, he did not wish to further antagonize Colonel Harris with whom he hoped in the morning to drive a good bargain, and it may be that he hoped some time in America to operate mills himself and make money under a protective tariff.
Both Searles and Harris retired for the night with an agreement to meet at nine o'clock in the morning and talk over business. Searles rose with the sun, and after eggs, bacon, and tea, he walked to the Battery and back, before nine, the appointed hour for his first business conference with Reuben Harris.