Summary

Various Blackwood's Edinburgh Magazine…

If we are not so to persevere in our folly, there is no alternative left but to build up our commercial system anew upon wiser and sounder principles. It cannot be expected that we shall ever again possess a monopoly of the manufactures of the world. We must be contented with that share which our skill, and energy, and undeniable resources can command; and if we wish still to retain possession of the vast Colonial Empire which has long been our pride and boast, we must foster, stimulate, and protect the industry of the colonists as sedulously and anxiously as our own.
Source: Gutenberg

Various Blackwood's Edinburgh Magazine…

But raw material we must have, else our machinery is of no use. We have had so long a monopoly of cotton-spinning that we have accustomed ourselves, spite of nature, and spite of fact, to believe that our whole destiny was that of cotton-spinning. We ignore all history in favour of that particular shrub; and, pinning our faith to export tables—concocted by the weakest and most contemptible of charlatans—we make no hesitation in avowing that the prosperity and destiny of Great Britain is indissolubly entwined with our monopoly of cotton twist!
Source: Gutenberg

Various Blackwood's Edinburgh Magazine…

In vain did our manufacturers and chambers of commerce try to demonstrate to the Yankees that they were not only committing a foolish but a most unnatural action—in vain did they assert, as a fundamental doctrine of ethics, that Britain ought to have the manufacturing monopoly of the world; and as a fundamental principle of economy, that it was far more for the advantage of a nation which produced the raw material to forego its manufacture, than to rear up within itself a new and lucrative branch of industry.
Source: Gutenberg

Get perspective with Kwize: daily news enlightened by great literature