And as the trade which we now think of as an incalculable good, is in that age a formidable evil and destructive calamity; so war and conquest, which we commonly and justly see to be now evils, are in that age often singular benefits and great advantages.
In this quote, Bagehot contrasts the perceived benefits of trade with the historical context where war was sometimes advantageous.
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These anomalies, in a hundred instances, mark the old boundaries of a constitutional struggle.
Just so the lines of our Constitution were framed in old eras of sparse population, few wants, and simple habits; and we adhere in seeming to their shape, though civilisation has come with its dangers, complications, and enjoyments.
Subject to this saving remark, however, I not only admit, but maintain, that our Constitution is full of curious oddities, which are impeding and mischievous, and ought to be struck out.
At last it strikes you that they grew up, house by house, on the devious tracks of the old green lanes; and if you follow on to the existing fields, you may often find the change half complete.
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