Index

INDEX. American Republic, po~sibilitie8 of, 328w Balance of trade~ 112. origin of the iaea, 123. Bountie~ 82, 89, 97, 100. Briggs, Thomas, 324. Bright, John, 277. Buckle, 327. Capital, not the oppressor of 1&bor, 275; no conflict between capital and labor, 306; con~ fusions in regard to, 306. Carey, H. C., 9, 79. Coal and iron monopolies, 178, 309. Cobden, Richard, 274, 324. Cobden Club~ opposed to true free trade, 14. Competition, functions and. ef fects, 306. Concentration, causes of tendency to, 165. Cooperative stores, 67. Copyright, international, 205. De Tocqueville, 189. Distribution, effects of increased production on, 256. Drawbacks,· 84. Duties, export and import, com pared, 115. English estates in America, 119, 275. , Evarts,Willip,In M., 131. Exchange, international, gov.. erned by comparative cost of production, 147. F...xportduties, objections to, 116. Exports, due to other things than exchange, 117.

" Fair traders," 149. Fortification of our coasts, 328. Fourier, Charles, 64. Free trade, a general interest, 12; not a British invention, 13 ; natural trade, 14; British, 14; in the United States, 15; in Ire land, 17; in the United States, causes which have prejudiced working~men against, 18, 224, 230; and socialism, 300; inade quacyof the usual argument for, 224, 230; movement in Eng land, 233, 291,324; true, 277; why its advocacy has been so halting, 291; means peace, 328. Greeley, Horace, 56, 63, 93, 94, 109, 147, 176, 177, 206. Gronlund, Laurence, 303. Hoyt, Henry M., 242. Hyndman, H. M., 303. Import duties, fan on consumers, 71; claim that they are paid by foreigners, 85. Imports, in a profitable trade should exceed exports, 116; do not always imply exports, 117. 333 334 INDEX. Physiocrats, 14, 289, 291. Political economy, simplicity of, 8; method of, 25; mercantile system of, 128.

Production, what it embraces, 60; cost of, not determined by wages, 137; advantages for, 14; factors of, 172; increase of, does not benefit all, 232. Property in land, 165, 173, 267, 326; how instituted in Grea,t Britain, 293. Protection, reasserting itself in Great Britain, 3, 103, 149; ends praiseworthy, 5; general ac ceptance, 11; influences it en lists, 12; not American, 13, 42; in the case of Ireland, 17; causes that dispose working men in its favor, 19, 242; its spirit that of enmity, 13, 32, 327; its corrupting tendencies, 34, 76, 91; what it prevents, 45; a world suited to, 52; its genesis, 69, 75, 128; is boy cotting of ourselves, 105, 150; its real beneficiaries, 166; ef fect on prices, 87; effect on profits, 87, 166; effect upon other countries, 150; effeet 011 land values, 174; first asked for the establishment of new industries, 94; difference be tween protectionist writers and popular pleas, 98; derives strength from confusions of thought arising from the use of money, 128; effects on American industry, 181; in jurious to the development of manufactures, 153, 166,181; tends to unjust distribution, 238; home-market argument, 103; balance - of - trade argu ment, 112; high-wages argu ment, 135; arguments drawn from advantages or disadvan tages. 144; abolition of, would stimulate industry, 180. 217: Labor, efficiency varies with wages, 138; value the measure of embOdied, 109, 137; relative not a.bsolute cost of, determines exchanges, 147; the true stan dard of value, 198; not pro tected by tariffs, 204; condi tions becoming harder, 230, 258; of itself helpless, 247; cause of its impoverishment, 267.

Laborer, full meaning of the term, 68. Land, value of, increases as wages fall, 142; effects of private ownership of, 165, 172, 267; the passive factor in produc tion, 173; monopoly of timber and mineral lands, 171; influ ence of price of, on wages, 213 ; monopoly of, gives control of labor, 259, 276; value of, 272; how equal rights to, may be asserted, 278; necessity of se cure possession, 279. Landowner, not a producer, 173. Ma,chinery, e:ttects of, 253. Malthus,9. Manufactures, natural develop IDp.nt of, 153; localization of, 158; large demand necessary to, 160. Marx, Karl, 303. Middlemen, 64. Mill, John Stuart, 9, 86. Mining royalties. 177. Money, confusions arising from use of, 123; flu:ctuations in the value of, 198. Navigation Laws, effects of, 193. Individualism,303. Octroi, 64. Interest, rate· of, as reason for Over-production, 232. protection, 144. Invention, effects of labor-saving, 263.

Irelan d, tariffs and industry of, 17 ; American remittances to, 118. Iront. effect of the duty on, 150, 11'1.

INDEX. 335 plea for gradual abolition, 217; effect on wages, 230; cannot be abolished in the United States on the same lines as in Great 'Britain, 233; and wages, ,195; cannot protect labor, 202; real strength of, 242; how it makes work, 243; cannot check con centrating tendencies, 265 ; strengthened by opponents, 252; its relation to monopoly of land, 320. Protective theory, if true, then universally true, 28; opposed to natural perceptions and im pulses, 36, 59; arbitrary and shifting cbaracter of the pro tective unit, 37; inconsistencies of, 37, 92;. applies to smaller even more than to larger di visions, 40; cannot be put in practice, 900 Public debts, 220. Quesnay, 14, 291. Revenue, Federal, possible sources of, 322. Rogers, Prof. Thorold,' 239. Sailors, character of, 189. Savages, their rude methods due to isolation, 161. Scully, William, American es tates of, 119. Shipping, American, 186.

Slavery, two forms of, 270; in fluence of American, on public opinion, 295'. Smith, Adam, 8, 14, 89, 106, 291. Smith, E. Po, 79. Socialism, relations of free trade to, 300. Spencer, Herbert, 281. Sumner, Prof. W. G., 250.' Tariff '. question, its .importance, 3 ; not safely to be left to spe cialists, 6; not recondite, 7; not yet thoroughly discussed, 7 ; cannot be understood without going further, 9, 224; paradox to which it leads, 253. Tariffs, origin of, 69; first Amer ican, 15; are restrictions, not on foreigners, but on the peo ple that impose them, 45, 150; for revenue, 69; for protection, 80; frequent modifications of, 170; Act of 1883, typical blun der in, 91. Taxation, indirect, a farming of revenue, 76. Taxes, direct and indirect, con sidered, 70; on ostentation, 287; on land values, 287; Federal, 323. Thompson, Prof. Ro E., 37, 56, 63, 79, 98, 131, 190, 2430 Tobacco and cigars, taxes on, 70.

Trade, nature and function of, 45; a mode of production, 197. Trades-unions, influence on com petition, 201, 209; can do little, 302. Value, the measure of embodied labor, 109, 137. Wages, a' high standard of, a proper concernment of the state, 5; assumption that they are higher in the United States because of tariff, 23; not the de termining factor in cost of pro duction, 137; rate of, as related to land values, 142,209 j effect of protection on, 195; tendency to a common level, 199; governed by competition in labor-mar ket, not in goods-market, 199; do not increase with employers' profits, 207jin widest occupa tions, determine general rate of, 211; effects of abolition of protection on, 230. We~lth, increase of, does not benefit all classes, 231. Wells, D. A., 168. Work, treated by protectionists as an end, 243 ; how this feeling arises, 247.