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Updated: May 22, 2025
The traditional British policy in 1763 was that of the so-called Mercantile System, which involved a thoroughgoing application of the principle of protection to the British shipowner, manufacturer, and corn-grower against any competition.
The farmers must be run down and ruined in order to repair the effects of excessive credit and over-trading among the manufacturers; the corn-grower must smart for the sins of the cotton-spinner.
For some length of time the corn-grower puts a courageous face on the difficulties which beset him, and struggles on, hoping for better days. After awhile, however, seeing that his capital is diminishing, because he has been, as it were, eating it, seeing that there is no prospect of immediate relief, whatever may happen in the future, he is driven to one of two courses.
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