- Extreme depression takes place.
- The usual healing courses have to be followed.
- After some years of suffering things settle down pretty much as they were.
All this is based on the sudden opening of foreign ports. A gradual opening would, of course, modify the process, but the ultimate result would not be different. One of the results which would most probably happen is, that our population might be increased by two or three millions more than it otherwise would be. But then several questions arise, such as:—"Would the nation then be absolutely or comparatively better off?"
Free Trade introduced into Protectionist countries would disorganise their industries—ruin some of them—and cause a general displacement of capital and labour. Effects the converse of those described as happening with us would take place with them. At last a basis would be found. Then would arise everywhere a real and keen competition with us. Is it quite certain we should come out of it victorious? Take such industries as these: Our cotton and wool manufactures, our iron manufactures, our ocean-carrying trade.
The United States grow cotton, and in Alabama this cotton is adjacent to the iron and coal which are produced there and in the neighbouring states. Would our cotton lords and ironmasters view with equanimity the contest with our cousins which would commence on the morrow of the opening of their ports? It might turn out that these cousins might find out some way of making cotton goods and iron as cheap as, or cheaper than, we can. If the competition of foreigners be keen now, notwithstanding the weight they carry in the shape of enhanced cost of production, arising out of Protectionist tariffs, what would it be should the weight be removed? What would become of our shipbuilding and ocean-carrying trade? What would become of our trade with the States? What would become of us in neutral markets? What would become of us in our own markets?
At present, as regards cheapness of production, we stand supreme everywhere in all these things. Protection, in this
