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" "[What] is the effect of payment for imports by interest on securities? Is it not the effect that such payment does not promote employment of labour, and that, therefore, although the wealth of the country so paid may not be less in aggregate, the national wealth will be worse in the sense that it will tend to cease being a manufacturing and producing nation and will become instead a nation of consumers, chiefly rich men and their dependents?
Joseph Chamberlain (8 July 1836 – 2 July 1914) was a British statesman who was first a radical Liberal, then a Liberal Unionist after opposing home rule for Ireland, and eventually served as a leading imperialist in coalition with the Conservatives. He split both major British parties in the course of his career. He was the father, by different marriages, of Nobel Peace Prize winner Austen Chamberlain and of Prime Minister Neville Chamberlain.
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Take the case of Spain. I think in the case of Spain, and I am certain in the case of Holland, that there is more acquired wealth in those countries today than there was in the palmiest times of their history; but is that all? In spite of the growth of their wealth they have fallen from their high estate. The sceptre they once wielded so proudly has passed into other hands and can never return to them. (Hear, hear.) They may be richer, but they are poorer in what constitutes the greatness of a nation, and they count for nothing in the future opinion of the world. Is it wished that we should follow in the same lines? ("No, no.") But of what are we proud? Of our wealth? I think that is a contemptible form of pride. (Cheers.) Are we proud of our power? Are we proud of the use we may make of that power in order to influence the civilisation of the world? Do we desire to be, as we have been in the past, one of the greatest of nations? Do we wish our voice to be heard in Europe? (Cheers.) Then, if so, do not let us be misled by those who would teach us that we can afford to stand where we are and yet wallow in comparative luxury that may, indeed, be greater than any we have enjoyed before. (Cheers.)
I say to Ireland what the Liberals or the Republicans of the North said to the Southern States of America—The union must be preserved. You cannot and shall not destroy it. Within these limits there is nothing which you may not ask and hope to obtain—equal laws, equal justice, equal opportunities, equal prosperity.
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Banking is not the creator of our prosperity, but is the creation of it. It is not the cause of our wealth, but is the consequence of our wealth; and if the industrial energy and development which has been going on for so many years in this country were to be hindered or relaxed, then finance, and all that finance means, will follow trade to the countries which are more successful than ourselves.