It cannot be denied that a state of great national prosperity is quite consistent and compatible with legislation in favour of the protection of native industry. That proposition, years ago, was denied; but with the experience we have had of France and the United States of America—the two most flourishing communities probably in existence—it is now incontestable. Well, my lords, many years ago—nearly 40—this country, which no one can say for a moment did not flourish with the old system of protection, deemed it necessary to revise the principles upon which its commerce was conducted...The scheme that was adopted was this—that we were to fight hostile tariffs with free imports. I was among those who looked upon that policy with fear. I believed it to be one very perilous.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "It cannot be denied that a state of great national prosperity is quite consistent and compatible with legislation in favour of the protection of native industry. That proposition, years ago, was denied; but with the experience we have had of France and the United States of America—the two most flourishing communities probably in existence—it is now incontestable. Well, my lords, many years ago—nearly 40—this country, which no one can say for a moment did not flourish with the old system of protection, deemed it necessary to revise the principles upon which its commerce was conducted...The scheme that was adopted was this—that we were to fight hostile tariffs with free imports. I was among those who looked upon that policy with fear. I believed it to be one very perilous." in the context of "Speech in the House of Lords on the agricultural depression (29 April 1879), reported in The Times (30 April 1879), p. 8" to mean that wisdom is timeless.