When Mr. Cobden preached his doctrine he believed, as he had at that time considerable reason to suppose, that while foreign countries would supply us with our foods and raw materials we should remain the workshop of the world and should send them in exchange our manufactures. But that is exactly what we have not done. On the contrary...we are sending less and less of our manufactures to them, and they are sending more and more of their manufactures to us...Our existence as a nation depends upon our manufacturing capacity and production.