The same fact has been reproduced under analogous circumstances.
Contrary to all expectation, protection has frequently resulted in low prices, and free trade in high prices.

Hence there has been a deal of perplexity in the discussion, the protectionists saying to their adversaries: "These low prices that you talk about so much are the result of our system;" and the free traders replying: "Those high prices which you find so profitable are the consequence of free trade." There evidently is a misunderstanding, an illusion, which must be dispelled.

This I will endeavor to do.
Suppose two isolated nations, each composed of a million inhabitants; admit that, other things being equal, one nation had exactly twice as much of everything as the other--twice as much wheat, wine, iron, fuel, books, clothing, furniture, etc.

It will be conceded that one will have twice as much wealth as the other.
There is, however, no reason for the statement that the _absolute prices_ are different in the two nations.

They possibly may be higher in the wealthiest nation.