second, liberty; third, liberty. [Hear, hear!] Though these are not merely the same liberty, as I shall show you.  First, there must be liberty to follow those laws of business which experience has developed, without imposts or restrictions or governmental intrusions.  Business simply wants to be let alone. [Hear, hear!] Then, secondly, there must be liberty to distribute and exchange products of industry in any market without burdensome tariffs, without imposts, and with-out vexatious regulations.  There must be these two liberties—­liberty to create wealth, as the makers of it think best, according to the light and experience which business has given them; and then liberty to distribute what they have created without unnecessary vexatious burdens.

The comprehensive law of the ideal industrial condition of the word is free manufacture and free trade. [Hear, hear!  A voice:  “The Morrill tariff.”  Another voice:  “Monroe.”] I have said there were three elements of liberty.  The third is the necessity of an intelligent and free race of customers.  There must be freedom among producers; there must be freedom among the distributors; there must be freedom among the customers.  It may not have occurred to you that it makes any difference what one’s customers are, but it does in all regular and prolonged business.  The condition of the customer determines how much he will buy, determines of what sort he will buy.  Poor and ignorant people buy little and that of the poorest kind.  The richest and the intelligent, having the more means to buy, buy the most, and always buy the best.  Here, then, are the three liberties:  liberty of the producer, liberty of the distributor, and liberty of the consumer.  The first two need no discussion; they have been long thoroughly and brilliantly illustrated by the political economists of Great Britain and by her eminent statesmen; but it seems to me that enough attention has not been directed to the third; and, with your patience, I will dwell upon that for a moment, before proceeding to other topics.

It is a necessity of every manufacturing and commercial people that their customers should be very wealthy and intelligent.  Let us put the subject before you in the familiar light of your own local experience.  To whom do the tradesmen of Liverpool sell the most goods at the highest profit?  To the ignorant and poor, or to the educated and prosperous? [A voice:  “To the Southerners.”  Laughter.] The poor man buys simply for his body; he buys food, he buys clothing, he buys fuel, he buys lodging.  His rule is to buy the least and the cheapest that he can.  He goes to the store as seldom as he can; he brings away as little as he can; and he buys for the least he can. [Much laughter.] Poverty is not a misfortune to the poor only who suffer it, but it is more or less a misfortune to all with whom he deals.  On the other hand, a man well off—­how is it with him?  He buys in far greater quantity.  He can afford to do it; he has the money to pay for