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for understanding the controversy between protection and free trade." This is an important truth, first expressed, I think, by Proudhon. It is precisely because Mr. Thompson does not understand the money question that he is a protectionist. Supposing that State control of money is a foregone conclusion, he sees as a logical result of this false premise that the State must also control the balance of trade. That his premise may be doubted does not seem to have occurred to him. "The most extreme free trader," he says, "opposes free trade in money." Evidently he is unaware that the extremity of free trade is not to be found in the New York Evening Post. The Anarchists are the extreme free traders; and they, to a man, favor free trade in money,—most of them, in fact, recognizing it as a necessary condition of free trade in products. For, as Mr. Thompson truly says, it is "the height of folly for a country to exchange industrial power for industrial products." In the absence of a tariff, the tendency would be to just that sort of exchange, provided the State should continue to deprive all products, save one or two, of the monetary function, and therefore of industrial power. Mr. Thompson, supposing this restriction of the monetary function to be necessary and wise, clings very sensibly to the tariff. He would have the State hem in industrial power and bar out industrial products. Of two wrongs he tries to make a right. The simpler way, involving no wrong at all, is to give industrial power to industrial products by endowing them with the monetary function, and then strike down all commercial barriers whatsoever.—Liberty, February 2, 1889.