buys, others
can cry the same after him, when he sells. If he differs from many of
his countrymen, it is only in this: he knows that he loses by this game
more than he gains, and they do not; if they did know it, the game would
soon cease.

Nor do I boast of having first given this thing its true name. More than
sixty years ago, Adam Smith said:

"When manufacturers meet it may be expected that a conspiracy will be
planned against the pockets of the public." Can we be astonished at this
when the public pay no attention to it?

An assembly of manufacturers deliberate officially under the name of
_Industrial League_. What goes on there, and what is decided upon?

I give a very brief summary of the proceedings of one meeting:

"A Ship-builder. Our mercantile marine is at the last gasp (warlike
digression). It is not surprising. I cannot build without iron. I can
get it at ten francs _in the world's market_; but, through the law, the
managers of the French forges compel me to pay them fifteen francs. Thus
they take five francs from me. I ask freedom to buy where I please.

"An Iron Manufacturer. _In the world's market_ I can obtain
transportation for twenty francs. The ship-builder, through the law,
requires thirty. Thus he _takes_ ten francs from me. He plunders me; I
plunder him. It is all for the best.

"A Public Official. The conclusion of the ship-builder's argument is
highly imprudent. Oh, let us cultivate the touching union which makes
our strength; if we relax an iota from the theory of protection,
good-bye to the whole of it.

"The Ship-builder. But, for us, protection is a failure. I repeat that
the shipping is nearly gone.

"A Sailor. Very well, let us raise the discriminating duties against
goods imported in foreign bottoms, and let the ship-builder, who now
takes thirty francs from the public, hereafter take forty.

"A Minister. The government will push to its extreme limits the
admirable mechanism of these discriminating duties, but I fear that it
will not answer the purpose.

"A Government Employe. You seem to be bothered about a very little
matter. Is there any safety but in the bounty? If the consumer is
willing, the tax-payer is no less so. Let us pile on the taxes, and let
the ship-builder be satisfied. I propose a bounty of five francs, to be
taken from the public revenues, to be paid to the ship-builder for each
quintal of iron that he uses.

"Several Voices. Seconded, seconded.

"A Far