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First, by raising the price of all foreign goods, and of all sorts of manufactures, it necessarily sinks the real value of the surplus produce of its own land, with which, or, what comes to the same thing, with the price of which, it purchases those foreign goods and manufactures.
On the other hand, when matters point to any definitely confiscatory proposal, to the public ownership and collective control of land, for example, or state mining and manufactures, or the nationalisation of the so-called public-house or extended municipal enterprise, or even to an increase of the taxation of property, then the Conservative Party presents a nearly adamantine bar.
Carl Perousse, one of the most prominent among the political notabilities of Europe, had begun his career by small peddling transactions in iron and timber manufactures; he came of a very plebeian stock, and had received only a desultory sort of education, picked up here and there in cheap provincial schools. But he had a restless, domineering spirit of ambition.
From this period dates the industrial revolution which gradually abolished domestic industries, separated mill-owners and mill-hands into almost hostile classes, undermined the system of apprenticeship, and brought about a large migration of manufactures from centres with abundant water-power to centres in close proximity to coal-fields.
The Laissez-faire Theory.* A scarcely less complete change than that which had occurred in manufactures, in agriculture, and in social life as based upon these, was that which was in progress at the same time in the realm of ideas, especially as applied to questions of economic and social life.
Dame Margaret spoke seriously; she was merely giving expression to the common belief in relics entertained, not only by ignorant peasants but by the highest nobility and the great mass of the population, a belief encouraged by the priests, who thus secured a sure market for their own manufactures.
Among these people, it seems, that it is far from being thought disgraceful, for the higher orders to engage in domestic concerns and useful manufactures, "nor is it the least disparagement for a chief to be found in the midst of his workmen labouring with his own hands; but it would be reckoned a great disgrace not to shew superior skill."
Acting upon this principle, France in the 17th, England, America, Germany and Austria in the 18th Century abolished such kind of taxation, the Customs tariff remaining, which is a levy on imports at the first port of entry. Raw materials from abroad are, however, exempt from Customs duty in order to provide cheap material for home manufactures.
Sixthly, He would persuade us, that "if we sell five shillings worth of our goods or manufactures for two shillings and fourpence worth of copper, although the copper were melted down, and that we could get five shillings in gold or silver for the said goods, yet to take the said two shillings and fourpence in copper would be greatly for our advantage."
They took the whole trade into their own hands; and their returns proving successful, they divided themselves into staplers and merchant adventurers; the former residing constantly at one place, the latter trying their fortunes in other towns and states abroad with cloth and other manufactures.
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