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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More from Walter Bagehot
Thirdly, we see why so few nations have made rapid advance, and how many have become stationary.
We have thus a whole group of ancient republics of non-Aryan race, and one which, being more ancient than the classical republics, could not have borrowed from or imitated them.
The nation then selected the English policy, but the Crown chose the English Ministers.
He gave an excellent moral example to his contemporaries, but he is an instance of those whose good dies with them, while their evil lives after them.
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