The workingmen. excellent and welleducated as they are. still share the delusion that protection and high wages are synonymous terms. Undoubtedly they are in apparent wages. and these largely raise the cost of production. but tiy certainly are not in purchasing powers. Factories are growing. and as the timmnust inevitably coins when they pass the capacity for home demand. then the enormous supply oi labor. by natural growth and by immigration. must. when that labor is contiied to domestic markets. reduce wages and limit employment. The protectionists press for an increased army and a new navy. and these are gulfs into which any quantity of surplus can be throw v. Bit tlie mercantile comamunity. ashamed athavinglost their shipping. wish tocover the seas with merchant ships under the American flag.
Keywords matched
immigration