It cannot be denied that a state of great national prosperity is quite consistent and compatible with legislation in favour of the protection of native industry. That proposition, years ago, was denied; but with the experience we have had of France and the United States of America-the two most flourishing communities probably in existence-it is now incontestable. Well, my lords, many years ago-nearly 40-this country, which no one can say for a moment did not flourish with the old system of protection, deemed it necessary to revise the principles upon which its commerce was conducted...The scheme that was adopted was this-that we were to fight hostile tariffs with free imports. I was among those who looked upon that policy with fear. I believed it to be one very perilous.