ets of the world might
willingly open wide their doors to British traders. Of course, advocates
of free trade reason that the larger the number of buyers the larger the
prices.

"Mr. Searles, whenever America can command, as Great Britain does
to-day, cheap capital, cheap labor, and cheap raw materials, she too
may vociferously advocate free trade, and that other nations shall open
wide their markets for the sale of American products.

"Don't you see, Mr. Searles, that protection and free trade are equally
selfish and not philanthropic principles?"

"Mr. Harris you are right," shouted several of the by-standers.

But Hugh Searles did not reply. Possibly because it was late or, it may
be, he did not wish to further antagonize Colonel Harris with whom he
hoped in the morning to drive a good bargain, and it may be that he hoped
some time in America to operate mills himself and make money under a
protective tariff.

Both Searles and Harris retired for the night with an agreement to meet
at nine o'clock in the morning and talk over business. Searles rose with
the sun, and after eggs, bacon, and tea, he walked to the Battery and
back, before nine, the appointed hour for his first business conference
with Reuben Harris.

A good sleep had refreshed Colonel Harris and at breakfast he appeared in
a joking mood. While he smoked, he glanced at the _Tribune_ and again
examined Searles's letter of introduction from Messrs. Guerney & Barring.
At nine o'clock promptly, Mr. Searles came and Colonel Harris exhibited
to him a brief statement of the business of the Harrisville Iron & Steel
Co., extending over the last ten years, and showing the company's annual
profits.

"A very good business your company did, and you made large profits,
Colonel Harris," said Searles. "And am I to understand that you have made
in your statement a proper allowance for depreciation of values in
buildings and machinery, also for all losses and cost of insurance, and
that after these deductions are made the company's net profits annually
amounted to an average of over one hundred thousand pounds, or a half
million dollars?"

"Yes," replied the colonel.

And Mr. Searles remarked, "Colonel Harris, if your arguments last evening
did not fully convert me to the decided advantage which Americans gain by
protection, this statement of the Harrisville Iron & Steel Co. does. A
year ago, some Americans in London called our attention to your
profitable plant,