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THE NEW PROTECTIONISM

channels, and performs the other economic miracles claimed for it by its advocates. These notions are doubtless still cherished by "true believers," but they are no longer needed for missionary work among "the heathen." Free Traders, or indifferents, are to be converted by quite a different appeal. That appeal is skilfully addressed to them in the admission of the great prophet of Free Trade, Adam Smith himself, that "Defence is much more important than Opulence." In other words, we are adjured to admit that mere quantity of wealth, mere volume of trade, mere cheapness, may be rightly sacrificed to the higher considerations of national or Imperial strength and security.

Now the truth of this general statement is indisputable. The emergencies of the war have furnished various illustrations of proper and necessary interferences with liberty of trades in the higher interest of national security. It has been deemed desirable to restrict or prohibit certain imports, so as to reduce the consumption of luxuries,

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