In a regime of Free Trade and free economic intercourse it would be of little consequence that iron lay on one side of a political frontier, and labour, coal, and blast furnaces on the other. But as it is, men have devised ways to impoverish themselves and one another; and prefer collective animosities to individual happiness.

How long will it be necessary to pay City men so entirely out of proportion to what other servants of society commonly receive for performing social services not less useful or difficult?

The expected never happens; it is the unexpected always.

The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all.

Markets can remain irrational longer than you can remain solvent.

The glory of the nation you love is a desirable end, — but generally to be obtained at your neighbor's expense.

The old saying holds. Owe your banker �1000 and you are at his mercy; owe him �1 million and the position is reversed.